Camden National (NASDAQ:CAC) Sees Strong Trading Volume – What’s Next?

Camden National Corporation (NASDAQ:CAC) shares saw strong trading volume on Thursday . 157,849 shares traded hands during mid-day trading, an increase of 61% from the previous session’s volume of 98,307 shares.The stock last traded at $51.6540 and had previously closed at $51.29.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b)” rating on shares of Camden National in a research report on Tuesday, June 9th. Raymond James Financial reiterated an “outperform” rating and issued a $56.00 target price on shares of Camden National in a research report on Wednesday, April 29th. Keefe, Bruyette & Woods lifted their target price on shares of Camden National from $47.00 to $50.00 and gave the company a “market perform” rating in a research report on Wednesday, April 29th. Finally, National Bank Financial set a $50.00 target price on shares of Camden National in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $52.25.

Camden National Trading Up 0.5%

The firm has a market cap of $872.40 million, a price-to-earnings ratio of 10.98 and a beta of 0.56. The company’s 50-day moving average price is $49.82 and its 200-day moving average price is $47.45. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.03. The firm had revenue of $64.34 million for the quarter, compared to analyst estimates of $65.57 million. Camden National had a net margin of 21.32% and a return on equity of 11.78%. Equities analysts expect that Camden National Corporation will post 5.39 EPS for the current fiscal year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 30th. Investors of record on Wednesday, April 15th were given a dividend of $0.42 per share. The ex-dividend date was Wednesday, April 15th. This represents a $1.68 dividend on an annualized basis and a yield of 3.3%. Camden National’s payout ratio is presently 35.74%.

Hedge Funds Weigh In On Camden National

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Franklin Resources Inc. boosted its position in Camden National by 7.8% during the third quarter. Franklin Resources Inc. now owns 1,559,400 shares of the financial services provider’s stock worth $60,177,000 after acquiring an additional 113,221 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Camden National by 1.0% during the first quarter. Dimensional Fund Advisors LP now owns 830,350 shares of the financial services provider’s stock worth $39,400,000 after acquiring an additional 8,205 shares during the last quarter. State Street Corp increased its stake in shares of Camden National by 0.4% in the 4th quarter. State Street Corp now owns 475,268 shares of the financial services provider’s stock worth $20,617,000 after acquiring an additional 1,852 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Camden National by 4.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 311,170 shares of the financial services provider’s stock worth $12,008,000 after acquiring an additional 13,849 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of Camden National by 70.4% in the 4th quarter. Wellington Management Group LLP now owns 220,382 shares of the financial services provider’s stock worth $9,560,000 after acquiring an additional 91,018 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.