Short Interest in Camden National Co. (NASDAQ:CAC) Grows By 26.0%

Camden National Co. (NASDAQ:CAC) was the recipient of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 579,900 shares, a growth of 26.0% from the September 15th total of 460,100 shares. Based on an average daily trading volume, of 61,100 shares, the days-to-cover ratio is presently 9.5 days. Currently, 4.2% of the company’s shares are short sold.

Camden National Stock Performance

Shares of NASDAQ CAC traded up $1.26 during trading on Friday, reaching $41.42. The stock had a trading volume of 54,568 shares, compared to its average volume of 50,088. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.82. The stock has a market cap of $605.02 million, a PE ratio of 13.76 and a beta of 0.72. Camden National has a one year low of $26.52 and a one year high of $43.44. The firm’s 50 day moving average price is $38.75 and its two-hundred day moving average price is $35.01.

Camden National (NASDAQ:CAC) last posted its earnings results on Tuesday, July 30th. The financial services provider reported $0.81 EPS for the quarter, beating the consensus estimate of $0.71 by $0.10. Camden National had a return on equity of 10.36% and a net margin of 16.01%. The company had revenue of $72.81 million during the quarter, compared to analyst estimates of $41.07 million. During the same period in the prior year, the company earned $0.85 earnings per share. On average, research analysts forecast that Camden National will post 3.34 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Tuesday, October 15th will be paid a $0.42 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $1.68 annualized dividend and a dividend yield of 4.06%. Camden National’s payout ratio is 55.81%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Camden National from $40.00 to $41.00 and gave the stock a “market perform” rating in a research report on Wednesday, September 11th. Stephens increased their price objective on shares of Camden National from $35.00 to $42.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Finally, StockNews.com began coverage on shares of Camden National in a report on Monday, October 7th. They set a “hold” rating on the stock.

Institutional Investors Weigh In On Camden National

Several institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. bought a new stake in Camden National during the second quarter worth approximately $73,000. BNP Paribas Financial Markets increased its position in shares of Camden National by 89.3% during the 1st quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock valued at $237,000 after purchasing an additional 3,330 shares during the period. SG Americas Securities LLC raised its stake in shares of Camden National by 58.1% in the 3rd quarter. SG Americas Securities LLC now owns 7,077 shares of the financial services provider’s stock worth $292,000 after buying an additional 2,602 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of Camden National in the second quarter valued at $349,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in Camden National by 43.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 16,271 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 4,907 shares during the period. Institutional investors and hedge funds own 77.41% of the company’s stock.

Camden National Company Profile

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.