Raymond James Reaffirms “Outperform” Rating for Camden National (NASDAQ:CAC)

Raymond James reaffirmed their outperform rating on shares of Camden National (NASDAQ:CAC) in a research note released on Wednesday,Benzinga reports. Raymond James currently has a $53.00 price objective on the financial services provider’s stock, up from their prior price objective of $50.00.

A number of other brokerages also recently issued reports on CAC. Keefe, Bruyette & Woods boosted their price target on Camden National from $48.00 to $50.00 and gave the company a “market perform” rating in a report on Wednesday. StockNews.com began coverage on Camden National in a research note on Monday. They set a “hold” rating on the stock.

Camden National Stock Performance

Shares of CAC stock opened at $45.86 on Wednesday. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.82 and a current ratio of 0.82. 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 capitalization of $668.64 million, a P/E ratio of 14.33 and a beta of 0.76. The stock has a 50 day moving average price of $44.56 and a two-hundred day moving average price of $41.83.

Camden National (NASDAQ:CAC) last announced its quarterly earnings results on Tuesday, January 28th. The financial services provider reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Camden National had a net margin of 16.47% and a return on equity of 9.95%. During the same quarter in the previous year, the company posted $0.85 earnings per share. Analysts expect that Camden National will post 3.49 earnings per share for the current year.

Camden National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Wednesday, January 15th will be paid a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Wednesday, January 15th. Camden National’s payout ratio is currently 52.50%.

Institutional Trading of Camden National

Several large investors have recently bought and sold shares of CAC. US Bancorp DE raised its position in shares of Camden National by 2.9% in the 3rd quarter. US Bancorp DE now owns 11,166 shares of the financial services provider’s stock worth $461,000 after acquiring an additional 319 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Camden National by 0.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 117,995 shares of the financial services provider’s stock worth $4,876,000 after purchasing an additional 674 shares during the period. Apollon Wealth Management LLC grew its stake in Camden National by 3.0% in the third quarter. Apollon Wealth Management LLC now owns 30,435 shares of the financial services provider’s stock worth $1,258,000 after purchasing an additional 900 shares during the period. Coston McIsaac & Partners raised its holdings in Camden National by 11.8% in the fourth quarter. Coston McIsaac & Partners now owns 12,997 shares of the financial services provider’s stock worth $555,000 after purchasing an additional 1,376 shares in the last quarter. Finally, Empowered Funds LLC lifted its position in Camden National by 4.8% during the fourth quarter. Empowered Funds LLC now owns 39,725 shares of the financial services provider’s stock valued at $1,698,000 after buying an additional 1,833 shares during the period. 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.