Camden National (NASDAQ:CAC) Reaches New 12-Month High – Still a Buy?

Camden National Co. (NASDAQ:CAC) hit a new 52-week high during trading on Wednesday . The company traded as high as $43.50 and last traded at $42.75, with a volume of 18722 shares. The stock had previously closed at $42.19.

Analyst Ratings Changes

CAC has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target 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 target price 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 Tuesday. They set a “hold” rating on the stock.

Camden National Stock Performance

The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The stock has a market cap of $622.55 million, a P/E ratio of 14.23 and a beta of 0.72. The firm’s 50-day moving average is $38.94 and its two-hundred day moving average is $35.14.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.71 by $0.10. The business had revenue of $72.81 million for the quarter, compared to the consensus estimate of $41.07 million. Camden National had a net margin of 16.01% and a return on equity of 10.36%. During the same quarter last year, the firm earned $0.85 EPS. As a group, research analysts expect that Camden National Co. will post 3.34 EPS for the current year.

Camden National Announces Dividend

The business 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 dividend of $0.42 per share. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.94%. Camden National’s dividend payout ratio (DPR) is presently 55.81%.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CAC. Rhumbline Advisers grew its holdings in Camden National by 1.4% during the second quarter. Rhumbline Advisers now owns 23,077 shares of the financial services provider’s stock valued at $762,000 after purchasing an additional 319 shares during the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in Camden National in the 2nd quarter valued at $73,000. Empowered Funds LLC raised its holdings in Camden National by 7.9% in the 1st quarter. Empowered Funds LLC now owns 33,496 shares of the financial services provider’s stock worth $1,123,000 after acquiring an additional 2,450 shares during the period. SG Americas Securities LLC lifted its position in Camden National by 58.1% during the 3rd quarter. SG Americas Securities LLC now owns 7,077 shares of the financial services provider’s stock worth $292,000 after acquiring an additional 2,602 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in Camden National by 89.3% during the first quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock valued at $237,000 after acquiring an additional 3,330 shares during the period. 77.41% of the stock is owned by institutional investors.

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.