Camden National (NASDAQ:CAC) Shares Gap Down - What's Next?

Camden National Co. (NASDAQ:CAC - Get Free Report) shares gapped down prior to trading on Monday . The stock had previously closed at $42.98, but opened at $41.97. Camden National shares last traded at $41.97, with a volume of 1,518 shares.

Analysts Set New Price Targets

A number of analysts have commented on CAC shares. Keefe, Bruyette & Woods upped their price objective on shares of Camden National from $40.00 to $41.00 and gave the company a "market perform" rating in a research note on Wednesday, September 11th. Stephens upped their price target on shares of Camden National from $35.00 to $42.00 and gave the company an "equal weight" rating in a research report on Friday, August 2nd. Finally, StockNews.com assumed coverage on shares of Camden National in a research report on Tuesday, October 15th. They set a "hold" rating on the stock.

Camden National Trading Down 3.4 %

The company has a market cap of $592.31 million, a PE ratio of 13.47 and a beta of 0.72. The company has a debt-to-equity ratio of 0.09, a quick ratio of 0.81 and a current ratio of 0.82. The company has a 50 day simple moving average of $39.41 and a two-hundred day simple moving average of $35.45.

Camden National (NASDAQ:CAC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $0.81 EPS for the quarter, beating analysts' consensus estimates of $0.71 by $0.10. Camden National had a net margin of 16.01% and a return on equity of 10.36%. The firm had revenue of $72.81 million for the quarter, compared to the consensus estimate of $41.07 million. During the same period in the previous year, the firm posted $0.85 earnings per share. Sell-side analysts forecast that Camden National Co. will post 3.34 EPS for the current year.

Camden National Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Tuesday, October 15th will be given a dividend of $0.42 per share. The ex-dividend date is Tuesday, October 15th. This represents a $1.68 dividend on an annualized basis and a yield of 4.14%. Camden National's payout ratio is 55.81%.

Institutional Investors Weigh In On Camden National

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Signaturefd LLC boosted its holdings in Camden National by 2,990.3% in the first quarter. Signaturefd LLC now owns 38,567 shares of the financial services provider's stock worth $1,293,000 after purchasing an additional 37,319 shares in the last quarter. Kimelman & Baird LLC acquired a new position in shares of Camden National during the 2nd quarter valued at about $4,943,000. ProShare Advisors LLC raised its stake in shares of Camden National by 13.2% in the 1st quarter. ProShare Advisors LLC now owns 239,468 shares of the financial services provider's stock valued at $8,027,000 after acquiring an additional 28,007 shares in the last quarter. Hantz Financial Services Inc. acquired a new stake in Camden National in the 2nd quarter worth approximately $757,000. Finally, BNP Paribas Financial Markets boosted its position in Camden National by 89.3% during the first quarter. BNP Paribas Financial Markets now owns 7,060 shares of the financial services provider's stock worth $237,000 after purchasing an additional 3,330 shares during the period. 77.41% of the stock is owned by hedge funds and other 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.