Camden National (NASDAQ:CAC) Sees Strong Trading Volume – Here’s Why

Camden National Corporation (NASDAQ:CAC) shares saw an uptick in trading volume on Thursday . Approximately 66,783 shares were traded during trading, a decline of 35% from the previous session’s volume of 102,191 shares.The stock last traded at $53.5560 and had previously closed at $52.88.

Analyst Ratings Changes

CAC has been the topic of several recent research reports. Weiss Ratings restated a “buy (b)” rating on shares of Camden National in a research report on Tuesday, June 9th. Raymond James Financial increased their price objective on Camden National from $56.00 to $58.00 and gave the company an “outperform” rating in a research report on Wednesday, July 1st. Keefe, Bruyette & Woods raised their price objective on Camden National from $47.00 to $50.00 and gave the stock a “market perform” rating in a research note on Wednesday, April 29th. Finally, National Bank Financial set a $50.00 target price on Camden National in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Camden National presently has a consensus rating of “Hold” and an average price target of $52.75.

Camden National Price Performance

The company has a market cap of $904.97 million, a PE ratio of 11.36 and a beta of 0.55. The stock has a fifty day moving average price of $50.80 and a 200-day moving average price of $48.50. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.82 and a quick ratio of 0.82.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.26 by $0.03. The business had revenue of $64.34 million for the quarter, compared to the consensus estimate of $65.57 million. Camden National had a return on equity of 11.78% and a net margin of 21.32%. On average, equities analysts expect that Camden National Corporation will post 5.37 earnings per share for the current year.

Camden National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 31st. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.42 per share. The ex-dividend date is Wednesday, July 15th. This represents a $1.68 dividend on an annualized basis and a yield of 3.1%. Camden National’s dividend payout ratio (DPR) is presently 35.74%.

Hedge Funds Weigh In On Camden National

A number of large investors have recently made changes to their positions in CAC. UBS Group AG increased its stake in Camden National by 47.2% in the 4th quarter. UBS Group AG now owns 58,395 shares of the financial services provider’s stock valued at $2,533,000 after buying an additional 18,722 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Camden National by 2,802.5% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 64,348 shares of the financial services provider’s stock valued at $2,791,000 after buying an additional 62,131 shares during the period. Sheets Smith Wealth Management acquired a new stake in shares of Camden National during the 1st quarter valued at $679,000. JPMorgan Chase & Co. grew its holdings in shares of Camden National by 4.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 311,170 shares of the financial services provider’s stock valued at $12,008,000 after acquiring an additional 13,849 shares in the last quarter. Finally, Dean Capital Management grew its holdings in shares of Camden National by 106.4% during the 4th quarter. Dean Capital Management now owns 39,251 shares of the financial services provider’s stock valued at $1,703,000 after acquiring an additional 20,233 shares in the last quarter. Institutional investors and hedge funds own 77.41% of the company’s stock.

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.