Zacks: Brokerages Set $47.00 Price Target for Camden National Co. (CAC)

Shares of Camden National Co. (NASDAQ:CAC) have been assigned a consensus broker rating score of 2.00 (Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. Camden National’s rating score has declined by 33.3% from 90 days ago as a result of a number of analysts’ upgrades and downgrades.

Analysts have set a one year consensus target price of $47.00 for the company and are forecasting that the company will post $0.69 EPS for the current quarter, according to Zacks. Zacks has also given Camden National an industry rank of 164 out of 265 based on the ratings given to its competitors.

A number of research analysts have recently commented on the company. BidaskClub cut Camden National from a “sell” rating to a “strong sell” rating in a research note on Friday, September 8th. Keefe, Bruyette & Woods cut Camden National from an “outperform” rating to a “market perform” rating in a research note on Wednesday, November 1st.

In other Camden National news, Director John W. Holmes bought 1,000 shares of Camden National stock in a transaction on Monday, September 11th. The stock was acquired at an average price of $38.95 per share, with a total value of $38,950.00. Following the acquisition, the director now owns 19,756 shares in the company, valued at $769,496.20. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Edmund M. Hayden sold 2,340 shares of Camden National stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $45.56, for a total value of $106,610.40. Following the completion of the sale, the executive vice president now directly owns 7,958 shares of the company’s stock, valued at approximately $362,566.48. The disclosure for this sale can be found here. 2.34% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the stock. BNP Paribas Arbitrage SA grew its holdings in shares of Camden National by 479.2% in the second quarter. BNP Paribas Arbitrage SA now owns 2,340 shares of the financial services provider’s stock worth $100,000 after acquiring an additional 1,936 shares during the period. Atlantic Trust LLC bought a new stake in Camden National during the second quarter valued at about $136,000. Legal & General Group Plc lifted its position in shares of Camden National by 4.2% in the second quarter. Legal & General Group Plc now owns 3,817 shares of the financial services provider’s stock valued at $165,000 after acquiring an additional 153 shares in the last quarter. Citigroup Inc. lifted its position in shares of Camden National by 696.7% in the second quarter. Citigroup Inc. now owns 4,772 shares of the financial services provider’s stock valued at $205,000 after acquiring an additional 4,173 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in shares of Camden National in the third quarter valued at about $208,000. 63.44% of the stock is owned by institutional investors.

Camden National (CAC) traded down $0.66 during midday trading on Friday, reaching $43.60. The company’s stock had a trading volume of 21,753 shares, compared to its average volume of 29,828. Camden National has a 1-year low of $37.10 and a 1-year high of $47.41. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.17. The stock has a market cap of $686.74, a PE ratio of 16.27 and a beta of 0.79.

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Camden National Company Profile

Camden National Corporation is a bank holding company. The Company is a diversified financial services provider. The primary business of the Company and its subsidiary, Camden National Bank (the Bank), is to attract deposits from, and to extend loans to, consumer, institutional, municipal, non-profit and commercial customers.

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