Camden National (NASDAQ:CAC) Sees Unusually-High Trading Volume – Here’s Why

Shares of Camden National Corporation (NASDAQ:CAC) saw strong trading volume on Thursday . 157,849 shares were traded during mid-day trading, an increase of 61% from the previous session’s volume of 98,307 shares.The stock last traded at $51.6540 and had previously closed at $51.29.

Wall Street Analyst Weigh In

Several research analysts have commented on CAC shares. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. Raymond James Financial reaffirmed an “outperform” rating and set a $56.00 target price on shares of Camden National in a research note on Wednesday, April 29th. National Bank Financial set a $50.00 price target on shares of Camden National in a research report on Wednesday, April 29th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $52.25.

Camden National Stock Performance

The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a market cap of $870.95 million, a PE ratio of 10.96 and a beta of 0.56. The stock has a 50 day moving average price of $49.89 and a 200 day moving average price of $47.56.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.26 by $0.03. The company had revenue of $64.34 million for the quarter, compared to analysts’ expectations of $65.57 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%. Sell-side analysts predict that Camden National Corporation will post 5.39 EPS for the current fiscal year.

Camden National Dividend Announcement

The firm 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 dividend on an annualized basis and a dividend yield of 3.3%. Camden National’s dividend payout ratio is currently 35.74%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. Amundi bought a new stake in Camden National during the first quarter worth about $216,000. Empowered Funds LLC increased its stake in shares of Camden National by 322.3% during the first quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock valued at $3,305,000 after purchasing an additional 53,154 shares in the last quarter. Quantinno Capital Management LP increased its stake in shares of Camden National by 57.7% during the first quarter. Quantinno Capital Management LP now owns 12,443 shares of the financial services provider’s stock valued at $590,000 after purchasing an additional 4,554 shares in the last quarter. Dean Capital Management increased its stake in shares of Camden National by 57.7% during the first quarter. Dean Capital Management now owns 61,881 shares of the financial services provider’s stock valued at $2,936,000 after purchasing an additional 22,630 shares in the last quarter. Finally, Sei Investments Co. lifted its holdings in shares of Camden National by 85.5% during the first quarter. Sei Investments Co. now owns 17,665 shares of the financial services provider’s stock valued at $838,000 after purchasing an additional 8,143 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors.

Camden National Company Profile

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.