Zacks: Brokerages Expect Camden National Co. (NASDAQ:CAC) Will Post Quarterly Sales of $47.45 Million

Posted by on Jun 2nd, 2022

Wall Street brokerages forecast that Camden National Co. (NASDAQ:CAC – Get Rating) will post $47.45 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Camden National’s earnings, with estimates ranging from $47.20 million to $47.71 million. Camden National reported sales of $44.85 million during the same quarter last year, which indicates a positive year-over-year growth rate of 5.8%. The company is expected to issue its next earnings report on Monday, January 1st.

On average, analysts expect that Camden National will report full-year sales of $191.75 million for the current financial year, with estimates ranging from $191.60 million to $191.90 million. For the next year, analysts expect that the firm will report sales of $201.45 million, with estimates ranging from $199.89 million to $203.00 million. Zacks’ sales averages are an average based on a survey of research firms that follow Camden National.

Camden National (NASDAQ:CAC – Get Rating) last posted its quarterly earnings results on Tuesday, April 26th. The financial services provider reported $1.14 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.12. Camden National had a return on equity of 12.52% and a net margin of 33.66%. The firm had revenue of $46.19 million for the quarter, compared to analysts’ expectations of $46.09 million. During the same period in the prior year, the business earned $1.32 EPS.

A number of brokerages recently weighed in on CAC. StockNews.com initiated coverage on Camden National in a report on Thursday, March 31st. They set a “hold” rating on the stock. Zacks Investment Research lowered Camden National from a “buy” rating to a “hold” rating in a research report on Tuesday, April 5th.

Shares of NASDAQ:CAC opened at $44.24 on Thursday. The company has a market capitalization of $648.38 million, a PE ratio of 10.01 and a beta of 0.85. The company has a debt-to-equity ratio of 0.09, a current ratio of 0.75 and a quick ratio of 0.75. The business has a fifty day moving average price of $45.49 and a two-hundred day moving average price of $47.57. Camden National has a 1 year low of $41.48 and a 1 year high of $52.16.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 29th. Stockholders of record on Friday, April 15th were given a $0.40 dividend. The ex-dividend date of this dividend was Wednesday, April 13th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.62%. Camden National’s payout ratio is 36.20%.

In other Camden National news, CEO Gregory A. Dufour purchased 1,423 shares of the business’s stock in a transaction that occurred on Thursday, March 10th. The stock was purchased at an average price of $37.43 per share, for a total transaction of $53,262.89. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders purchased a total of 2,219 shares of company stock valued at $84,552 in the last 90 days. 2.66% of the stock is currently owned by company insiders.

Institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its holdings in Camden National by 1.6% during the first quarter. BlackRock Inc. now owns 1,207,144 shares of the financial services provider’s stock worth $56,784,000 after purchasing an additional 18,448 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Camden National by 1.2% during the first quarter. Dimensional Fund Advisors LP now owns 761,452 shares of the financial services provider’s stock worth $35,819,000 after acquiring an additional 9,188 shares during the last quarter. Vanguard Group Inc. boosted its position in Camden National by 2.2% during the first quarter. Vanguard Group Inc. now owns 726,669 shares of the financial services provider’s stock worth $34,183,000 after acquiring an additional 15,892 shares during the last quarter. Franklin Resources Inc. boosted its position in Camden National by 46.5% during the third quarter. Franklin Resources Inc. now owns 460,390 shares of the financial services provider’s stock worth $22,053,000 after acquiring an additional 146,099 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Camden National by 7.4% in the 1st quarter. State Street Corp now owns 399,048 shares of the financial services provider’s stock valued at $18,771,000 after purchasing an additional 27,344 shares during the last quarter. 66.03% of the stock is currently owned by institutional investors and hedge funds.

About Camden National (Get Rating)

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. The company accepts checking, savings, time, and brokered deposits, as well as deposits with the certificate of deposit account registry system.

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