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

Camden National Co. (NASDAQ:CAC)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $45.63 and last traded at $45.63, with a volume of 308 shares traded. The stock had previously closed at $43.09.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CAC shares. Keefe, Bruyette & Woods boosted their price objective on Camden National from $40.00 to $41.00 and gave the stock a “market perform” rating in a research note on Wednesday, September 11th. StockNews.com began coverage on shares of Camden National in a research report on Friday. They set a “hold” rating on the stock. Finally, Stephens raised 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.

Camden National Stock Down 5.1 %

The stock has a market capitalization of $685.66 million, a price-to-earnings ratio of 14.71 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.81. The business has a fifty day moving average of $40.57 and a 200 day moving average of $36.52.

Camden National (NASDAQ:CAC) last announced its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.11. The business had revenue of $75.13 million during the quarter, compared to analysts’ expectations of $43.90 million. Camden National had a net margin of 16.47% and a return on equity of 10.09%. During the same period last year, the business earned $0.96 earnings per share. As a group, equities analysts predict that Camden National Co. will post 3.45 earnings per share for the current year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.42 per share. The ex-dividend date of this dividend was Tuesday, October 15th. This represents a $1.68 dividend on an annualized basis and a yield of 3.57%. Camden National’s dividend payout ratio (DPR) is presently 52.50%.

Institutional Trading of Camden National

Several hedge funds have recently modified their holdings of CAC. Rhumbline Advisers boosted its position in shares of Camden National by 1.4% during the 2nd quarter. Rhumbline Advisers now owns 23,077 shares of the financial services provider’s stock worth $762,000 after acquiring an additional 319 shares in the last quarter. US Bancorp DE increased its holdings in shares of Camden National by 2.9% in the 3rd quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock valued at $461,000 after acquiring an additional 319 shares during the period. Apollon Wealth Management LLC raised its holdings in shares of Camden National by 3.0% in the third quarter. Apollon Wealth Management LLC now owns 30,435 shares of the financial services provider’s stock valued at $1,258,000 after buying an additional 900 shares during the last quarter. Coston McIsaac & Partners raised its stake in Camden National by 18.6% during the 3rd quarter. Coston McIsaac & Partners now owns 11,621 shares of the financial services provider’s stock valued at $480,000 after acquiring an additional 1,819 shares during the last quarter. Finally, Empowered Funds LLC raised its stake in shares of Camden National by 5.2% during the third quarter. Empowered Funds LLC now owns 37,892 shares of the financial services provider’s stock worth $1,566,000 after purchasing an additional 1,876 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.

About Camden National

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.