Camden National (CAC) Upgraded by BidaskClub to Buy

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BidaskClub upgraded shares of Camden National (NASDAQ:CAC) from a hold rating to a buy rating in a report published on Friday morning.

A number of other equities research analysts also recently commented on CAC. Zacks Investment Research raised Camden National from a strong sell rating to a hold rating in a report on Tuesday, July 3rd. Piper Jaffray Companies reaffirmed a buy rating and set a $51.50 target price on shares of Camden National in a report on Friday, August 3rd. Finally, ValuEngine downgraded Camden National from a hold rating to a sell rating in a report on Tuesday, October 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $49.50.

NASDAQ CAC traded up $0.39 during trading on Friday, hitting $42.14. The company’s stock had a trading volume of 66,926 shares, compared to its average volume of 25,546. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.80 and a current ratio of 0.80. The company has a market cap of $676.63 million, a PE ratio of 15.44 and a beta of 0.61. Camden National has a fifty-two week low of $40.25 and a fifty-two week high of $47.86.

Camden National (NASDAQ:CAC) last issued its quarterly earnings results on Tuesday, July 31st. The financial services provider reported $0.78 earnings per share for the quarter, missing the consensus estimate of $0.82 by ($0.04). The business had revenue of $38.98 million during the quarter, compared to analyst estimates of $39.40 million. Camden National had a return on equity of 11.64% and a net margin of 18.39%. On average, sell-side analysts predict that Camden National will post 3.3 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 31st. Investors of record on Monday, October 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Friday, October 12th. Camden National’s dividend payout ratio (DPR) is 43.96%.

Several institutional investors have recently added to or reduced their stakes in CAC. California Public Employees Retirement System lifted its holdings in shares of Camden National by 22.3% during the first quarter. California Public Employees Retirement System now owns 37,424 shares of the financial services provider’s stock worth $1,665,000 after purchasing an additional 6,824 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Camden National by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 748,035 shares of the financial services provider’s stock valued at $33,288,000 after acquiring an additional 25,217 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Camden National by 39.8% in the first quarter. The Manufacturers Life Insurance Company now owns 283,888 shares of the financial services provider’s stock valued at $12,633,000 after acquiring an additional 80,775 shares during the period. Amundi Pioneer Asset Management Inc. lifted its holdings in Camden National by 1.8% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 68,515 shares of the financial services provider’s stock valued at $3,049,000 after acquiring an additional 1,201 shares during the period. Finally, Millennium Management LLC acquired a new position in Camden National in the first quarter valued at approximately $205,000. 63.29% of the stock is owned by hedge funds and other institutional investors.

Camden National Company Profile

Camden National Corporation operates as the holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. It offers various deposit products, including demand, checking, saving, and money market accounts; and time deposits.

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