StockNews.com Begins Coverage on Camden National (NASDAQ:CAC)

Research analysts at StockNews.com initiated coverage on shares of Camden National (NASDAQ:CAC) in a research note issued on Friday. The firm set a “hold” rating on the financial services provider’s stock.

A number of other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of Camden National from $43.00 to $48.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Raymond James upgraded shares of Camden National from a “market perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Friday, December 20th.

Camden National Price Performance

Shares of CAC opened at $42.08 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.08. The stock has a market cap of $613.40 million, a PE ratio of 13.15 and a beta of 0.76. Camden National has a 12-month low of $28.62 and a 12-month high of $50.07. The business has a 50-day simple moving average of $45.31 and a two-hundred day simple moving average of $40.43.

Camden National (NASDAQ:CAC) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, topping the consensus estimate of $0.83 by $0.11. The company had revenue of $75.13 million for the quarter, compared to analysts’ expectations of $43.90 million. Camden National had a return on equity of 9.95% and a net margin of 16.47%. During the same period in the previous year, the business posted $0.96 earnings per share. Analysts anticipate that Camden National will post 3.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CAC. Dimensional Fund Advisors LP boosted its holdings in Camden National by 3.3% in the second quarter. Dimensional Fund Advisors LP now owns 836,521 shares of the financial services provider’s stock worth $27,605,000 after acquiring an additional 26,450 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Camden National by 1.2% during the third quarter. Geode Capital Management LLC now owns 344,448 shares of the financial services provider’s stock worth $14,236,000 after purchasing an additional 4,067 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Camden National by 53.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 283,911 shares of the financial services provider’s stock worth $11,731,000 after purchasing an additional 99,097 shares in the last quarter. Renaissance Technologies LLC grew its position in Camden National by 1.3% in the 2nd quarter. Renaissance Technologies LLC now owns 282,200 shares of the financial services provider’s stock valued at $9,313,000 after purchasing an additional 3,600 shares during the period. Finally, LSV Asset Management increased its stake in Camden National by 8.4% during the 2nd quarter. LSV Asset Management now owns 238,595 shares of the financial services provider’s stock valued at $7,874,000 after purchasing an additional 18,517 shares in the last quarter. 77.41% of the stock is owned by institutional investors.

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.