Zacks: Analysts Expect Camden National Co. (NASDAQ:CAC) to Post $1.16 Earnings Per Share

Brokerages expect Camden National Co. (NASDAQ:CAC) to announce earnings of $1.16 per share for the current fiscal quarter, Zacks reports. Two analysts have provided estimates for Camden National’s earnings, with the lowest EPS estimate coming in at $1.11 and the highest estimate coming in at $1.20. Camden National reported earnings of $0.73 per share in the same quarter last year, which indicates a positive year over year growth rate of 58.9%. The business is scheduled to issue its next earnings results before the market opens on Tuesday, July 27th.

According to Zacks, analysts expect that Camden National will report full-year earnings of $4.39 per share for the current financial year, with EPS estimates ranging from $4.11 to $4.77. For the next year, analysts forecast that the company will post earnings of $4.10 per share, with EPS estimates ranging from $3.65 to $4.80. Zacks’ EPS averages are an average based on a survey of analysts that cover Camden National.

Camden National (NASDAQ:CAC) last released its earnings results on Monday, April 26th. The financial services provider reported $1.31 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.01 by $0.30. Camden National had a net margin of 31.81% and a return on equity of 12.63%. The firm had revenue of $47.58 million during the quarter, compared to analysts’ expectations of $45.83 million.

CAC has been the subject of a number of recent research reports. Zacks Investment Research cut shares of Camden National from a “buy” rating to a “hold” rating in a research note on Tuesday, June 29th. Stephens initiated coverage on shares of Camden National in a research note on Monday, June 21st. They issued an “overweight” rating and a $54.00 price objective for the company. Finally, Raymond James increased their price objective on shares of Camden National from $45.00 to $52.00 and gave the company an “outperform” rating in a research note on Wednesday, April 28th.

Several institutional investors have recently made changes to their positions in CAC. Amundi Pioneer Asset Management Inc. grew its holdings in Camden National by 10.9% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 90,080 shares of the financial services provider’s stock worth $3,758,000 after acquiring an additional 8,825 shares during the last quarter. Camden National Bank grew its holdings in Camden National by 21.6% during the 4th quarter. Camden National Bank now owns 127,476 shares of the financial services provider’s stock worth $4,561,000 after acquiring an additional 22,631 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Camden National by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 140,028 shares of the financial services provider’s stock worth $5,011,000 after acquiring an additional 442 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in Camden National during the 4th quarter worth about $51,000. Finally, Rhumbline Advisers grew its holdings in Camden National by 11.3% during the 4th quarter. Rhumbline Advisers now owns 25,697 shares of the financial services provider’s stock worth $919,000 after acquiring an additional 2,611 shares during the last quarter. Institutional investors and hedge funds own 65.54% of the company’s stock.

Shares of CAC stock traded down $0.73 during mid-day trading on Friday, reaching $44.59. The company’s stock had a trading volume of 223 shares, compared to its average volume of 53,950. Camden National has a 1-year low of $28.32 and a 1-year high of $49.65. The company has a market capitalization of $666.17 million, a P/E ratio of 10.21 and a beta of 1.00. The company has a debt-to-equity ratio of 0.11, a quick ratio of 0.79 and a current ratio of 0.80. The firm’s 50-day moving average is $47.15.

The company also recently announced a quarterly dividend, which will be paid on Friday, July 30th. Investors of record on Thursday, July 15th will be given a dividend of $0.36 per share. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Wednesday, July 14th. Camden National’s dividend payout ratio (DPR) is currently 36.46%.

About Camden National

Camden National Corporation operates as the bank holding company for Camden National Bank that provides commercial and consumer banking products and services to consumer, institutional, municipal, non-profit, and commercial customers. The company accepts checking, savings, time, and brokered deposits, as well as certificates of deposit.

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