Camden National (NASDAQ:CAC) Sees Large Volume Increase – Here’s Why

Camden National Corporation (NASDAQ:CAC) shares saw unusually-strong trading volume on Friday . Approximately 56,009 shares traded hands during mid-day trading, a decline of 45% from the previous session’s volume of 101,010 shares.The stock last traded at $57.16 and had previously closed at $56.50.

Analyst Upgrades and Downgrades

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

Camden National Stock Performance

The company has a market cap of $951.64 million, a PE ratio of 10.79 and a beta of 0.55. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average of $55.27 and a 200-day moving average of $50.98.

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

Camden National Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 31st. Stockholders of record on Wednesday, July 15th were paid a $0.42 dividend. 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 dividend payout ratio is presently 32.18%.

Institutional Trading of Camden National

Several institutional investors and hedge funds have recently made changes to their positions in the company. Empowered Funds LLC lifted its holdings in Camden National by 322.3% during the first quarter. Empowered Funds LLC now owns 69,644 shares of the financial services provider’s stock worth $3,305,000 after acquiring an additional 53,154 shares during the period. Dean Capital Management grew its stake in Camden National by 57.7% in the 1st quarter. Dean Capital Management now owns 61,881 shares of the financial services provider’s stock valued at $2,936,000 after purchasing an additional 22,630 shares during the period. UBS Group AG grew 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 purchasing an additional 18,722 shares during the period. Sheets Smith Wealth Management purchased a new stake in shares of Camden National during the 1st quarter valued at $679,000. Finally, Globeflex Capital L P increased its position in shares of Camden National by 35.5% during the 1st quarter. Globeflex Capital L P now owns 39,232 shares of the financial services provider’s stock valued at $1,862,000 after purchasing an additional 10,284 shares during the last quarter. Hedge funds and other institutional investors 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.