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

Shares of Camden National Corporation (NASDAQ:CAC) saw unusually-high trading volume on Thursday . Approximately 73,455 shares traded hands during mid-day 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.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on CAC shares. National Bank Financial set a $55.00 target price on shares of Camden National in a research note on Thursday, July 30th. Raymond James Financial upped 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 raised their target price on Camden National from $50.00 to $55.00 and gave the company a “market perform” rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $55.25.

Camden National Stock Performance

The stock has a market cap of $945.22 million, a P/E ratio of 10.71 and a beta of 0.55. The company has a fifty day moving average price of $55.64 and a 200 day moving average price of $51.17. 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 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 return on equity of 12.59% and a net margin of 23.64%.The company had revenue of $67.41 million for the quarter, compared to analyst estimates of $66.41 million. On average, equities analysts expect that Camden National Corporation will post 5.43 EPS for the current year.

Camden National Announces Dividend

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in CAC. Los Angeles Capital Management LLC increased its position in shares of Camden National by 1.8% during the fourth quarter. Los Angeles Capital Management LLC now owns 15,982 shares of the financial services provider’s stock worth $693,000 after acquiring an additional 284 shares in the last quarter. Sheets Smith Wealth Management raised its holdings in shares of Camden National by 2.5% in the 2nd quarter. Sheets Smith Wealth Management now owns 14,683 shares of the financial services provider’s stock worth $796,000 after acquiring an additional 363 shares during the last quarter. Quantbot Technologies LP lifted its position in Camden National by 11.9% in the 3rd quarter. Quantbot Technologies LP now owns 3,545 shares of the financial services provider’s stock valued at $137,000 after acquiring an additional 378 shares in the last quarter. Intech Investment Management LLC lifted its position in Camden National by 6.1% in the 3rd quarter. Intech Investment Management LLC now owns 7,282 shares of the financial services provider’s stock valued at $281,000 after acquiring an additional 421 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Camden National by 106.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 878 shares of the financial services provider’s stock valued at $42,000 after purchasing an additional 452 shares during the last quarter. 77.41% of the stock is owned by institutional investors.

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.