Camden National (NASDAQ:CAC) Sets New 52-Week High – Still a Buy?

Camden National Corporation (NASDAQ:CAC) shares reached a new 52-week high on Thursday . The stock traded as high as $53.78 and last traded at $52.9340, with a volume of 7222 shares traded. The stock had previously closed at $52.78.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 price objective on shares of Camden National in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods raised their target price on shares of Camden National from $47.00 to $50.00 and gave the stock a “market perform” rating in a report on Wednesday, April 29th. Weiss Ratings reissued a “buy (b)” rating on shares of Camden National in a report on Tuesday, June 9th. Finally, National Bank Financial set a $50.00 price target on Camden National in a 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 data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $52.25.

Camden National Price 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 business’s 50-day simple moving average is $50.10 and its two-hundred day simple moving average is $47.94. The firm has a market cap of $919.26 million, a price-to-earnings ratio of 11.56 and a beta of 0.56.

Camden National (NASDAQ:CAC) last posted its earnings results on Tuesday, April 28th. The financial services provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.26 by $0.03. Camden National had a net margin of 21.32% and a return on equity of 11.78%. The company had revenue of $64.34 million during the quarter, compared to the consensus estimate of $65.57 million. As a group, research analysts expect that Camden National Corporation will post 5.39 EPS for the current fiscal year.

Camden National Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Stockholders of record on Wednesday, April 15th were issued 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 3.1%. Camden National’s dividend payout ratio is presently 35.74%.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. AQR Capital Management LLC increased its stake in 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 period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in 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 acquiring an additional 1,661 shares during the last quarter. Empowered Funds LLC grew its holdings in 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 acquiring an additional 3,318 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Camden National in the first quarter valued at about $1,019,000. Finally, Legal & General Group Plc increased its position in shares of Camden National by 8.5% in the second quarter. Legal & General Group Plc now owns 18,178 shares of the financial services provider’s stock valued at $738,000 after acquiring an additional 1,423 shares during the period. 77.41% of the stock is owned by hedge funds and other institutional investors.

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.