Raymond James Upgrades Camden National (NASDAQ:CAC) to Outperform

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

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

Camden National Stock Performance

CAC traded up $1.13 on Friday, reaching $43.42. The company had a trading volume of 147,388 shares, compared to its average volume of 51,883. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt-to-equity ratio of 0.08. Camden National has a 1 year low of $28.62 and a 1 year high of $50.07. The stock has a market capitalization of $632.93 million, a PE ratio of 13.57 and a beta of 0.75. The stock has a 50-day moving average price of $45.03 and a 200-day moving average price of $39.59.

Camden National (NASDAQ:CAC - Get Free Report) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.11. The business had revenue of $75.13 million during the quarter, compared to the consensus estimate 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 earned $0.96 EPS. As a group, research analysts forecast that Camden National will post 3.49 EPS for the current fiscal year.

Camden National Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Wednesday, January 15th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.87%. The ex-dividend date is Wednesday, January 15th. Camden National's payout ratio is currently 52.50%.

Hedge Funds Weigh In On Camden National

A number of large investors have recently bought and sold shares of CAC. Kimelman & Baird LLC acquired a new stake in shares of Camden National in the 2nd quarter valued at approximately $4,943,000. Segall Bryant & Hamill LLC acquired a new stake in Camden National in the third quarter valued at $1,729,000. Dimensional Fund Advisors LP boosted its position in shares of Camden National by 3.3% during the 2nd quarter. Dimensional Fund Advisors LP now owns 836,521 shares of the financial services provider's stock worth $27,605,000 after purchasing an additional 26,450 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in shares of Camden National in the 2nd quarter valued at about $757,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Camden National by 194.1% in the third quarter. Assenagon Asset Management S.A. now owns 33,344 shares of the financial services provider's stock valued at $1,378,000 after purchasing an additional 22,007 shares during the period. Hedge funds and other institutional investors own 77.41% of the company's stock.

Camden National Company Profile

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.