Camden National Corporation (NASDAQ:CAC) Receives Average Recommendation of “Hold” from Analysts

Camden National Corporation (NASDAQ:CAC) has received a consensus rating of “Hold” from the six ratings firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued a report on the stock in the last year is $52.25.

A number of equities research analysts recently weighed in on CAC shares. Raymond James Financial reaffirmed an “outperform” rating and set a $56.00 price target on shares of Camden National in a report on Wednesday, April 29th. National Bank Financial set a $50.00 price target on shares of Camden National in a report on Wednesday, April 29th. Weiss Ratings raised shares of Camden National from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, February 19th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday, April 29th.

Camden National Price Performance

CAC opened at $51.24 on Wednesday. The company has a fifty day simple moving average of $49.36 and a 200 day simple moving average of $46.96. The firm has a market cap of $866.98 million, a price-to-earnings ratio of 10.90 and a beta of 0.56. Camden National has a twelve month low of $35.00 and a twelve month high of $53.71. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.03. The business had revenue of $64.34 million during the quarter, compared to analyst estimates of $65.57 million. Camden National had a net margin of 21.32% and a return on equity of 11.78%. Equities research analysts expect that Camden National will post 5.39 EPS for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th were given a $0.42 dividend. The ex-dividend date of this dividend was Wednesday, April 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.3%. Camden National’s payout ratio is presently 35.74%.

Institutional Investors Weigh In On Camden National

Several hedge funds and other institutional investors have recently modified their holdings of CAC. AQR Capital Management LLC increased its position in shares of Camden National by 151.1% in the 1st quarter. AQR Capital Management LLC now owns 24,455 shares of the financial services provider’s stock worth $990,000 after purchasing an additional 14,715 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Camden National by 20.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,925 shares of the financial services provider’s stock worth $402,000 after purchasing an additional 1,661 shares during the last quarter. Empowered Funds LLC increased its position in shares of Camden National by 8.4% in the 1st quarter. Empowered Funds LLC now owns 43,043 shares of the financial services provider’s stock worth $1,742,000 after purchasing an additional 3,318 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Camden National in the 1st quarter worth about $1,019,000. Finally, Legal & General Group Plc increased its position in shares of Camden National by 8.5% in the 2nd quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider’s stock worth $738,000 after purchasing an additional 1,423 shares during the last quarter. Institutional investors own 77.41% of the company’s stock.

About Camden National

Camden National Corporation is a bank holding company headquartered in Camden, Maine. Through its primary subsidiary, Camden National Bank, the company provides a full range of community banking services to individuals and businesses. Its branch network spans much of the State of Maine, with a concentration in the midcoast, central and southern regions.

The company’s offerings include deposit products such as checking, savings and money market accounts, along with consumer and commercial lending services.