Camden National (NASDAQ:CAC) Hits New 52-Week 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 $43.75 and last traded at $43.23, with a volume of 6709 shares. The stock had previously closed at $42.20.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Stephens upped their price objective on shares of Camden National from $35.00 to $42.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Keefe, Bruyette & Woods increased their price target 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. Finally, StockNews.com started coverage on Camden National in a report on Wednesday, October 23rd. They set a “hold” rating on the stock.

Camden National Stock Performance

The company’s fifty day moving average price is $39.90 and its two-hundred day moving average price is $35.89. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.82. The firm has a market capitalization of $626.06 million, a PE ratio of 14.28 and a beta of 0.72.

Camden National (NASDAQ:CAC) last posted its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $0.81 earnings per share for the quarter, topping analysts’ consensus estimates of $0.71 by $0.10. The company 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 posted $0.85 earnings per share. As a group, equities analysts expect that Camden National Co. will post 3.34 earnings per share for the current year.

Camden National Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date is Tuesday, October 15th. Camden National’s dividend payout ratio (DPR) is presently 55.81%.

Hedge Funds Weigh In On Camden National

Large investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. acquired a new stake in Camden National during the 2nd quarter worth approximately $73,000. BNP Paribas Financial Markets increased its position in shares of Camden National by 89.3% in the first quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider’s stock worth $237,000 after acquiring an additional 3,330 shares in the last quarter. SG Americas Securities LLC raised its stake in shares of Camden National by 58.1% in the 3rd quarter. SG Americas Securities LLC now owns 7,077 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 2,602 shares during the period. Inspire Investing LLC acquired a new position in shares of Camden National during the 2nd quarter valued at $349,000. Finally, US Bancorp DE boosted its position in Camden National by 2.9% during the 3rd quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock worth $461,000 after purchasing an additional 319 shares during the period. 77.41% of the stock is currently owned by hedge funds and other 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.