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

Camden National Corporation (NASDAQ:CAC) reached a new 52-week high during trading on Thursday . The stock traded as high as $46.76 and last traded at $46.4250, with a volume of 4417 shares changing hands. The stock had previously closed at $45.93.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CAC. National Bankshares set a $45.00 target price on shares of Camden National in a research report on Wednesday, October 29th. Janney Montgomery Scott raised shares of Camden National to a “hold” rating in a report on Wednesday, October 22nd. Keefe, Bruyette & Woods lifted their price objective on shares of Camden National from $44.00 to $45.00 and gave the company a “market perform” rating in a research note on Wednesday, October 29th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Camden National in a report on Monday. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Camden National presently has a consensus rating of “Hold” and a consensus price target of $46.75.

Camden National Stock Up 1.2%

The company has a 50 day moving average of $39.73 and a 200-day moving average of $39.88. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.81 and a quick ratio of 0.81. The company has a market cap of $786.87 million, a P/E ratio of 13.25 and a beta of 0.66.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, October 28th. The financial services provider reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.01. The firm had revenue of $116.67 million for the quarter, compared to analysts’ expectations of $63.20 million. Camden National had a return on equity of 10.76% and a net margin of 16.24%. On average, equities analysts predict that Camden National Corporation will post 4.25 earnings per share for the current year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 30th. Shareholders of record on Thursday, January 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Thursday, January 15th. Camden National’s payout ratio is currently 47.86%.

Institutional Trading of Camden National

A number of hedge funds have recently made changes to their positions in the stock. Advisory Services Network LLC purchased a new stake in Camden National during the third quarter valued at about $58,000. Mercer Global Advisors Inc. ADV purchased a new position in shares of Camden National during the third quarter worth approximately $205,000. Millennium Management LLC lifted its holdings in shares of Camden National by 6.5% in the 3rd quarter. Millennium Management LLC now owns 58,200 shares of the financial services provider’s stock worth $2,246,000 after acquiring an additional 3,567 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Camden National by 57.1% in the 3rd quarter. Bank of America Corp DE now owns 35,747 shares of the financial services provider’s stock valued at $1,379,000 after purchasing an additional 12,996 shares in the last quarter. Finally, Aquatic Capital Management LLC boosted its stake in shares of Camden National by 33.5% in the 3rd quarter. Aquatic Capital Management LLC now owns 3,153 shares of the financial services provider’s stock valued at $122,000 after purchasing an additional 791 shares in the last quarter. 77.41% of the stock is owned by institutional investors.

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.