Camden National (NASDAQ:CAC) Stock Price Down 7.6% on Disappointing Earnings

Camden National Corporation (NASDAQ:CAC) shares were down 7.6% during mid-day trading on Tuesday following a weaker than expected earnings announcement. The company traded as low as $38.04 and last traded at $38.31. Approximately 32,740 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 75,842 shares. The stock had previously closed at $41.46.

The financial services provider reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.12 by ($0.23). The company had revenue of $69.82 million during the quarter, compared to analysts’ expectations of $61.04 million. Camden National had a net margin of 14.77% and a return on equity of 10.58%.

Camden National Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Tuesday, July 15th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 4.53%. The ex-dividend date of this dividend is Tuesday, July 15th. Camden National’s payout ratio is currently 53.50%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on CAC shares. Wall Street Zen started coverage on shares of Camden National in a research report on Monday, May 19th. They set a “hold” rating on the stock. Keefe, Bruyette & Woods decreased their target price on shares of Camden National from $48.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, May 7th.

Hedge Funds Weigh In On Camden National

Several large investors have recently modified their holdings of CAC. Franklin Resources Inc. increased its position in shares of Camden National by 7.4% during the 4th quarter. Franklin Resources Inc. now owns 1,311,526 shares of the financial services provider’s stock worth $56,055,000 after purchasing an additional 90,485 shares during the last quarter. Vanguard Group Inc. lifted its position in Camden National by 9.7% in the first quarter. Vanguard Group Inc. now owns 874,341 shares of the financial services provider’s stock valued at $35,385,000 after buying an additional 77,106 shares during the last quarter. Wellington Management Group LLP purchased a new position in Camden National during the first quarter worth about $2,160,000. Nuveen LLC acquired a new stake in shares of Camden National during the first quarter valued at about $1,643,000. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Camden National in the 4th quarter valued at approximately $1,727,000. Institutional investors and hedge funds own 77.41% of the company’s stock.

Camden National Stock Down 0.3%

The business’s 50 day moving average price is $40.56 and its 200-day moving average price is $41.16. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.81 and a current ratio of 0.81. The firm has a market capitalization of $626.79 million, a PE ratio of 11.74 and a beta of 0.63.

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.