Camden National (CAC) Raised to “Buy” at BidaskClub

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Camden National (NASDAQ:CAC) was upgraded by equities research analysts at BidaskClub from a “hold” rating to a “buy” rating in a research note issued on Wednesday, BidAskClub reports.

Several other equities research analysts also recently issued reports on the company. ValuEngine raised Camden National from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Zacks Investment Research raised Camden National from a “hold” rating to a “strong-buy” rating and set a $47.00 price objective for the company in a research note on Friday, February 1st.

Shares of NASDAQ CAC opened at $45.35 on Wednesday. Camden National has a 12 month low of $33.49 and a 12 month high of $47.86. The firm has a market cap of $697.77 million, a PE ratio of 13.38 and a beta of 0.80. The company has a debt-to-equity ratio of 0.16, a current ratio of 0.81 and a quick ratio of 0.81.

Camden National (NASDAQ:CAC) last announced its earnings results on Tuesday, April 30th. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.80 by $0.12. The business had revenue of $41.28 million during the quarter, compared to the consensus estimate of $40.30 million. Camden National had a return on equity of 12.98% and a net margin of 27.70%. On average, research analysts anticipate that Camden National will post 3.55 earnings per share for the current fiscal year.

In other news, CFO Deborah A. Jordan bought 867 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were bought at an average cost of $32.73 per share, with a total value of $28,376.91. Following the transaction, the chief financial officer now directly owns 55,500 shares in the company, valued at approximately $1,816,515. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory A. Dufour sold 1,250 shares of the company’s stock in a transaction dated Friday, March 8th. The stock was sold at an average price of $43.50, for a total value of $54,375.00. Following the completion of the transaction, the chief executive officer now directly owns 88,675 shares in the company, valued at $3,857,362.50. The disclosure for this sale can be found here. Over the last three months, insiders purchased 2,715 shares of company stock valued at $88,862. Company insiders own 2.04% of the company’s stock.

A number of hedge funds have recently modified their holdings of CAC. BlackRock Inc. increased its holdings in shares of Camden National by 3.1% during the 4th quarter. BlackRock Inc. now owns 1,172,060 shares of the financial services provider’s stock valued at $42,159,000 after acquiring an additional 35,576 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Camden National by 181.0% in the 4th quarter. Commonwealth Equity Services LLC now owns 116,453 shares of the financial services provider’s stock valued at $4,188,000 after buying an additional 75,006 shares during the last quarter. Credit Suisse AG grew its holdings in Camden National by 11.6% in the 3rd quarter. Credit Suisse AG now owns 26,745 shares of the financial services provider’s stock valued at $1,162,000 after buying an additional 2,772 shares during the last quarter. Ipswich Investment Management Co. Inc. acquired a new stake in Camden National in the 4th quarter valued at approximately $126,000. Finally, Vanguard Group Inc grew its holdings in Camden National by 0.7% in the 3rd quarter. Vanguard Group Inc now owns 695,987 shares of the financial services provider’s stock valued at $30,234,000 after buying an additional 4,849 shares during the last quarter. 67.36% of the stock is currently owned by 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, as well as certificates of deposit.

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