Camden National (NASDAQ:CAC) Sees Large Volume Increase – Time to Buy?

Shares of Camden National Corporation (NASDAQ:CAC) saw strong trading volume on Thursday . Approximately 73,455 shares were traded during trading, a decline of 27% from the previous session’s volume of 100,494 shares.The stock last traded at $55.9960 and had previously closed at $56.58.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Camden National from $50.00 to $55.00 and gave the stock a “market perform” rating in a research report on Thursday, July 30th. Raymond James Financial raised their target price on shares of Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a research note on Tuesday, June 9th. Finally, National Bank Financial set a $55.00 price target on shares of Camden National in a research report on Thursday, July 30th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Camden National has an average rating of “Hold” and a consensus target price of $55.25.

Camden National Trading Down 0.4%

The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.82 and a current ratio of 0.82. The firm has a fifty day moving average price of $55.85 and a 200 day moving average price of $51.25. The company has a market cap of $957.55 million, a price-to-earnings ratio of 10.85 and a beta of 0.55.

Camden National (NASDAQ:CAC) last issued its earnings results on Tuesday, July 28th. The financial services provider reported $1.35 earnings per share for the quarter, topping analysts’ consensus estimates of $1.29 by $0.06. Camden National had a net margin of 23.64% and a return on equity of 12.59%. The business had revenue of $67.41 million for the quarter, compared to the consensus estimate of $66.41 million. As a group, equities analysts predict that Camden National Corporation will post 5.43 EPS for the current fiscal year.

Camden National Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a dividend of $0.42 per share. The ex-dividend date was Wednesday, July 15th. This represents a $1.68 annualized dividend and a dividend yield of 3.0%. Camden National’s payout ratio is currently 32.18%.

Institutional Investors Weigh In On Camden National

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Camden National during the second quarter worth about $96,659,000. Franklin Resources Inc. raised its stake in Camden National by 7.8% in the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock valued at $60,177,000 after buying an additional 113,221 shares during the period. California State Teachers Retirement System raised its stake in Camden National by 5,287.8% in the second quarter. California State Teachers Retirement System now owns 878,581 shares of the financial services provider’s stock valued at $47,637,000 after buying an additional 862,274 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Camden National by 1.0% in the first quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock valued at $39,400,000 after buying an additional 8,205 shares during the last quarter. Finally, State Street Corp lifted its position in shares of Camden National by 0.4% in the fourth quarter. State Street Corp now owns 475,268 shares of the financial services provider’s stock valued at $20,617,000 after buying an additional 1,852 shares during the last quarter. 77.41% of the stock is currently owned by institutional investors and hedge funds.

Camden National Company Profile

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.