Camden National Co. (CAC) Expected to Announce Earnings of $0.69 Per Share

Wall Street brokerages expect that Camden National Co. (NASDAQ:CAC) will announce earnings per share of $0.69 for the current quarter, Zacks reports. Zero analysts have issued estimates for Camden National’s earnings. Camden National posted earnings per share of $0.70 during the same quarter last year, which indicates a negative year-over-year growth rate of 1.4%. The company is expected to announce its next quarterly earnings report before the market opens on Tuesday, January 30th.

According to Zacks, analysts expect that Camden National will report full-year earnings of $2.68 per share for the current year. For the next fiscal year, analysts anticipate that the company will post earnings of $2.85 per share. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Camden National.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, October 31st. The financial services provider reported $0.72 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.03. Camden National had a net margin of 24.70% and a return on equity of 10.56%.

CAC has been the subject of several recent analyst reports. Keefe, Bruyette & Woods cut shares of Camden National from an “outperform” rating to a “market perform” rating in a research report on Wednesday, November 1st. BidaskClub cut shares of Camden National from a “buy” rating to a “hold” rating in a research report on Thursday, November 9th.

In other news, EVP Joanne T. Campbell sold 2,271 shares of Camden National stock in a transaction dated Tuesday, November 28th. The shares were sold at an average price of $44.05, for a total transaction of $100,037.55. Following the completion of the transaction, the executive vice president now directly owns 17,916 shares in the company, valued at $789,199.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Edmund M. Hayden sold 2,340 shares of Camden National stock in a transaction dated Thursday, November 30th. The shares were sold at an average price of $45.56, for a total transaction of $106,610.40. Following the transaction, the executive vice president now owns 7,958 shares of the company’s stock, valued at $362,566.48. The disclosure for this sale can be found here. Company insiders own 2.34% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of CAC. Dimensional Fund Advisors LP lifted its position in shares of Camden National by 3.4% during the third quarter. Dimensional Fund Advisors LP now owns 701,020 shares of the financial services provider’s stock valued at $30,593,000 after purchasing an additional 23,161 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Camden National by 2.9% during the second quarter. Vanguard Group Inc. now owns 658,842 shares of the financial services provider’s stock valued at $28,271,000 after purchasing an additional 18,271 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Camden National by 11.8% during the second quarter. Renaissance Technologies LLC now owns 396,149 shares of the financial services provider’s stock valued at $16,999,000 after purchasing an additional 41,700 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Camden National by 3.5% during the second quarter. Bank of New York Mellon Corp now owns 290,469 shares of the financial services provider’s stock valued at $12,464,000 after purchasing an additional 9,879 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Camden National by 5.3% during the second quarter. State Street Corp now owns 290,238 shares of the financial services provider’s stock valued at $12,456,000 after purchasing an additional 14,565 shares in the last quarter. Hedge funds and other institutional investors own 63.44% of the company’s stock.

Camden National (NASDAQ CAC) opened at $43.41 on Monday. The stock has a market cap of $673.55, a price-to-earnings ratio of 15.96 and a beta of 0.79. Camden National has a 52 week low of $37.10 and a 52 week high of $47.41. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.79 and a current ratio of 0.79.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Monday, January 15th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, January 11th. This is a boost from Camden National’s previous quarterly dividend of $0.23. This represents a $1.00 annualized dividend and a dividend yield of 2.30%. Camden National’s dividend payout ratio is 36.76%.

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About Camden National

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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