Camden National (NASDAQ:CAC) Shares Gap Down – Here’s Why

Shares of Camden National Co. (NASDAQ:CAC) gapped down before the market opened 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.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Stephens lifted their target price on Camden National from $35.00 to $42.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. StockNews.com assumed coverage on Camden National in a research note on Wednesday. They issued a “hold” rating on the stock. Finally, Keefe, Bruyette & Woods raised their price target on shares of Camden National from $40.00 to $41.00 and gave the company a “market perform” rating in a report on Wednesday, September 11th.

Camden National Stock Performance

The stock has a 50 day simple moving average of $39.51 and a 200 day simple moving average of $35.52. The company has a quick ratio of 0.81, a current ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a market cap of $599.33 million, a price-to-earnings ratio of 13.63 and a beta of 0.72.

Camden National (NASDAQ:CAC) last issued its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.10. The company had revenue of $72.81 million during the quarter, compared to the consensus estimate of $41.07 million. Camden National had a net margin of 16.01% and a return on equity of 10.36%. During the same quarter last year, the company earned $0.85 earnings per share. As a group, analysts predict that Camden National Co. will post 3.34 EPS for the current year.

Camden National Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Tuesday, October 15th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a dividend yield of 4.09%. The ex-dividend date of this dividend is Tuesday, October 15th. Camden National’s dividend payout ratio (DPR) is 55.81%.

Hedge Funds Weigh In On Camden National

A number of institutional investors have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Camden National in the 2nd quarter valued at about $73,000. BNP Paribas Financial Markets raised its stake 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 valued at $237,000 after buying an additional 3,330 shares in the last quarter. SG Americas Securities LLC raised its stake in Camden National by 58.1% during the third quarter. SG Americas Securities LLC now owns 7,077 shares of the financial services provider’s stock valued at $292,000 after buying an additional 2,602 shares in the last quarter. Inspire Investing LLC bought a new position in Camden National during the 2nd quarter worth approximately $349,000. Finally, Coston McIsaac & Partners grew its position in shares of Camden National by 18.6% in the 3rd quarter. Coston McIsaac & Partners now owns 11,621 shares of the financial services provider’s stock worth $480,000 after acquiring an additional 1,819 shares in the last quarter. 77.41% of the stock is 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.