Camden National (NASDAQ:CAC) Upgraded by Raymond James to “Outperform” Rating

Raymond James upgraded shares of Camden National (NASDAQ:CAC) from a market perform rating to an outperform rating in a research report report published on Friday morning, Marketbeat Ratings reports. Raymond James currently has $50.00 price target on the financial services provider’s stock.

CAC has been the topic of a number of other research reports. Keefe, Bruyette & Woods raised their target price on Camden National from $43.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. StockNews.com started coverage on shares of Camden National in a research report on Wednesday, December 18th. They issued a “hold” rating on the stock.

Camden National Trading Up 2.7 %

CAC opened at $43.42 on Friday. Camden National has a fifty-two week low of $28.62 and a fifty-two week high of $50.07. The company has a market cap of $632.93 million, a price-to-earnings ratio of 13.57 and a beta of 0.75. The company has a debt-to-equity ratio of 0.08, a current ratio of 0.82 and a quick ratio of 0.82. The firm has a 50 day simple moving average of $45.07 and a 200 day simple moving average of $39.78.

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

Camden National Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Wednesday, January 15th will be issued a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $1.68 annualized dividend and a yield of 3.87%. Camden National’s dividend payout ratio is presently 52.50%.

Hedge Funds Weigh In On Camden National

Several institutional investors and hedge funds have recently modified their holdings of CAC. Bank of New York Mellon Corp lifted its position in Camden National by 4.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 90,944 shares of the financial services provider’s stock valued at $3,001,000 after acquiring an additional 3,937 shares in the last quarter. Signaturefd LLC lifted its holdings in shares of Camden National by 30.9% in the second quarter. Signaturefd LLC now owns 50,491 shares of the financial services provider’s stock valued at $1,666,000 after purchasing an additional 11,924 shares in the last quarter. Hantz Financial Services Inc. acquired a new position in shares of Camden National during the second quarter worth about $757,000. Rhumbline Advisers grew its holdings in shares of Camden National by 1.4% during the second quarter. Rhumbline Advisers now owns 23,077 shares of the financial services provider’s stock worth $762,000 after buying an additional 319 shares in the last quarter. Finally, LSV Asset Management raised its position in Camden National by 8.4% in the 2nd quarter. LSV Asset Management now owns 238,595 shares of the financial services provider’s stock valued at $7,874,000 after buying an additional 18,517 shares during the last quarter. 77.41% of the stock is currently 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.