Camden National (NASDAQ:CAC) Reaches New 52-Week High at $40.00

Camden National Co. (NASDAQ:CAC) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.00 and last traded at $39.79, with a volume of 53622 shares changing hands. The stock had previously closed at $37.82.

Analysts Set New Price Targets

Separately, StockNews.com upgraded Camden National from a “sell” rating to a “hold” rating in a research note on Saturday, June 1st.

Camden National Price Performance

The firm has a market cap of $588.78 million, a P/E ratio of 13.39 and a beta of 0.74. The company has a current ratio of 0.81, a quick ratio of 0.81 and a debt-to-equity ratio of 0.09. The business has a 50-day moving average of $33.41 and a two-hundred day moving average of $32.97.

Camden National (NASDAQ:CAC) last issued its quarterly earnings data on Tuesday, April 30th. The financial services provider reported $0.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.72 by $0.14. The business had revenue of $41.60 million for the quarter, compared to analyst estimates of $41.72 million. Camden National had a return on equity of 10.66% and a net margin of 16.56%. On average, sell-side analysts anticipate that Camden National Co. will post 3.13 earnings per share for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 4.17%. The ex-dividend date is Monday, July 15th. Camden National’s payout ratio is presently 55.81%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. raised its stake in Camden National by 12.3% during the 4th quarter. Franklin Resources Inc. now owns 1,236,840 shares of the financial services provider’s stock worth $46,542,000 after buying an additional 135,944 shares during the period. Dimensional Fund Advisors LP raised its stake in Camden National by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 775,647 shares of the financial services provider’s stock worth $29,189,000 after buying an additional 8,046 shares during the period. Vanguard Group Inc. raised its stake in Camden National by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 747,018 shares of the financial services provider’s stock worth $21,081,000 after buying an additional 6,807 shares during the period. ProShare Advisors LLC raised its stake in Camden National by 13.2% during the 1st quarter. ProShare Advisors LLC now owns 239,468 shares of the financial services provider’s stock worth $8,027,000 after buying an additional 28,007 shares during the period. Finally, Clean Yield Group raised its stake in Camden National by 18.4% during the 2nd quarter. Clean Yield Group now owns 109,441 shares of the financial services provider’s stock worth $3,612,000 after buying an additional 17,020 shares during the period. 77.41% of the stock is owned by institutional investors and hedge funds.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides various commercial and consumer banking products and services for consumer, institutional, municipal, non-profit, and commercial customers in Maine, New Hampshire, and Massachusetts. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.