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Camden National Corp. (CAC)
NASDAQ:CAC
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Camden National
(NASDAQ:CAC)
64Neutral
Camden National (CAC) vs. S&P 500 (SPY)
Market Cap
$679.31M
Dividend Yield4.05%
Average Volume (3M)72.77K
Price to Earnings (P/E)11.5
Beta (1Y)1.03
Revenue Growth14.18%
EPS Growth22.19%
CountryUS
Employees600
SectorFinancial
Sector Strength77
IndustryBanking
Share Statistics
EPS (TTM)3.62
Shares Outstanding16,864,810
10 Day Avg. Volume83,233
30 Day Avg. Volume72,773
Financial Highlights & Ratios
PEG Ratio0.52
Price to Book (P/B)N/A
Price to Sales (P/S)3.65
Price to Cash Flow (P/CF)-10.40
P/FCF Ratio14.60
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$50.00Price Target Upside24.01% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Camden National Business Overview & Revenue Model
Company DescriptionCamden National Corporation (CAC) is a publicly traded bank holding company headquartered in Camden, Maine. The company operates primarily through its subsidiary, Camden National Bank, providing a broad range of financial services and products to individuals, businesses, and municipalities. Its offerings include personal and business banking, wealth management, and investment services across its network of branches and ATMs throughout the Northeastern United States.
How the Company Makes MoneyCamden National generates revenue primarily through interest income from loans and investments, and non-interest income from fees and service charges. The bank earns interest income by offering various types of loans, such as commercial, residential, and consumer loans, and by investing in securities. Non-interest income is derived from account service charges, asset management fees, and transaction-based fees. Additionally, the bank benefits from strategic partnerships and a strong community presence, which help in attracting and retaining customers, thereby sustaining and enhancing its revenue streams.
Camden National Financial Statement Overview
Summary
Camden National shows robust revenue growth and operational efficiency, with high margins and solid cash flow. However, increased leverage on the balance sheet could pose a financial risk if not properly managed.Income Statement
Camden National has shown a solid revenue growth trend, with a significant increase from the previous year. The gross profit margin remains strong at 100%, indicating effective cost management. However, the net profit margin decreased slightly due to higher expenses relative to revenue. The EBIT margin is extremely high, showing operational efficiency, but the lack of EBITDA data for the latest year limits comprehensive analysis.72
Positive
Balance Sheet
The company's debt-to-equity ratio has increased, indicating a rise in leverage, which could pose a risk if not managed properly. The return on equity is healthy, showing good returns on shareholder investments. The equity ratio indicates a stable financial structure with reasonable reliance on equity financing.65
Positive
Cash Flow
The free cash flow has grown substantially, reflecting improved cash generation capabilities. However, the operating cash flow to net income ratio has decreased, suggesting potential challenges in converting income into cash. The free cash flow to net income ratio remains consistent, indicating stable cash flow relative to profits.60
Neutral
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 246.87M | 249.56M | 161.20M | 183.79M | 182.86M | 183.04M | Gross Profit |
| 257.40M | 249.56M | 161.20M | 183.79M | 182.86M | 183.04M | EBIT |
| 60.07M | 245.97M | 53.84M | 102.14M | 86.64M | 74.40M | EBITDA |
| 60.44M | 0.00 | 57.80M | 81.16M | 91.00M | 78.91M | Net Income Common Stockholders |
| 46.82M | 53.00M | 43.38M | 61.44M | 69.01M | 59.49M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 176.72M | 656.13M | 703.46M | 699.29M | 1.73B | 1.26B | Total Assets |
| 5.79B | 5.81B | 5.71B | 5.67B | 5.50B | 4.90B | Total Debt |
| 645.83M | 500.62M | 329.28M | 113.06M | 255.94M | 246.77M | Net Debt |
| 469.11M | 438.24M | 229.48M | 37.63M | 35.31M | 101.00M | Total Liabilities |
| 5.29B | 5.27B | 5.22B | 5.22B | 4.96B | 4.37B | Stockholders Equity |
| 501.58M | 531.23M | 495.06M | 451.28M | 541.29M | 529.31M |
| Cash Flow | Free Cash Flow | ||||
| 3.95M | 27.07M | 64.89M | 103.00M | 140.86M | 15.30M | Operating Cash Flow |
| 4.84M | 27.07M | 67.51M | 105.18M | 142.72M | 18.23M | Investing Cash Flow |
| 6.91M | 0.00 | -7.03M | -487.72M | -649.09M | -294.45M | Financing Cash Flow |
| -83.75M | -23.73M | -36.10M | 237.34M | 581.23M | 346.36M |
Camden National Technical Analysis
Negative
40.32
Price Trends
43.53
Negative
44.05
Negative
39.87
Positive
Market Momentum
-0.90
Positive
28.13
Positive
8.17
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAC, the sentiment is Negative. The current price of 40.32 is below the 20-day moving average (MA) of 43.29, below the 50-day MA of 43.53, and above the 200-day MA of 39.87, indicating a neutral trend. The MACD of -0.90 indicates Positive momentum. The RSI at 28.13 is Positive, neither overbought nor oversold. The STOCH value of 8.17 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CAC.
Camden National Risk Analysis
Camden National disclosed 40 risk factors in its most recent earnings report. Camden National reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Camden National Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $7.83B | 14.29 | 15.13% | 2.98% | 7.81% | -2.49% | |
74 Outperform | $8.15B | 11.69 | 8.54% | 3.13% | 5.86% | -10.72% | |
64 Neutral | $679.31M | 11.45 | 10.33% | 4.05% | 14.18% | 22.19% | |
64 Neutral | $1.68B | 14.79 | 16.49% | 2.63% | 11.10% | 3.74% | |
64 Neutral | $13.80B | 10.64 | 9.23% | 4.22% | 17.66% | -7.66% | |
61 Neutral | $512.79M | 18.74 | 6.72% | 1.05% | 14.02% | 5.59% | |
61 Neutral | $5.00B | 22.79 | 14.39% | 2.02% | 18.54% | 12.22% |
* Financial Sector Average
Performance Comparison
CAC
Camden National
40.32
9.20
29.56%
CHCO
City Holding Company
114.54
15.23
15.34%
CFR
Cullen/Frost Bankers
121.84
17.31
16.56%
FFIN
First Financial Bankshares
34.98
4.02
12.98%
HIFS
Hingham Institution For Savings
234.02
68.16
41.09%
WBS
Webster Financial
48.72
1.64
3.48%
Camden National Earnings Call Summary
Earnings Call Date: Jan 28, 2025 | % Change Since: -9.27% | Next Earnings Date: Apr 29, 2025
Earnings Call Sentiment Positive
The earnings call highlighted Camden National's successful merger with Northway Financial, strong net income growth, and expanded net interest margin. Despite flat loan growth and expected deposit outflows, the call emphasized positive financial metrics and strategic advancements.Highlights
Successful Merger with Northway Financial
Camden National closed its merger with Northway Financial, expanding its presence in New Hampshire. The combined institution now has total assets of approximately $7 billion and 73 branches.
Strong Financial Performance
Reported GAAP net income of $14.7 million for Q4 2024, a 12% increase from Q3 2024. Excluding merger costs, net income was $15.1 million, up 9% from Q3 2024.
Net Interest Margin Expansion
Net interest margin grew by 11 basis points compared to the third quarter, driven by lower deposit costs and strong operating results.
Growth in Wealth Management
Assets under administration increased by 12% to $2.1 billion as of December 31, 2024, reflecting strong momentum in fee income.
Excellent Asset Quality
Non-accrual loans totaled $4.8 million, representing 12 basis points of total loans, indicating strong asset quality maintenance.
Lowlights
Flat Loan Growth
Total loans remained flat at $4.1 billion at the end of 2024, with some larger commercial loans being paid off, affecting growth.
Seasonal Deposit Outflows Expected
A large customer deposited $62 million in Q4, which is expected to leave in Q1 2025, indicating potential deposit volatility.
Company Guidance
During Camden National Corporation's fourth quarter 2024 earnings call, significant guidance was provided, emphasizing the company's strong financial performance and strategic developments. The merger with Northway Financial, completed on January 2, 2025, resulted in a combined institution with approximately $7 billion in total assets and 73 branches. The fourth quarter reported a GAAP net income of $14.7 million and earnings per share (EPS) of $1.00, marking increases of 12% and 11%, respectively, from the previous quarter. Excluding merger-related costs, net income was $15.1 million with an EPS of $1.03. The net interest margin expanded by 11 basis points quarter-over-quarter, reaching 2.57%, supported by proactive deposit cost management following recent Federal Reserve rate cuts. Notably, the high yield savings product attracted $201 million in deposits by year-end. Asset quality remained robust, with non-accrual loans at 12 basis points of total loans and a tangible common equity ratio of 7.64%. Additionally, the company's assets under administration grew by 12% to $2.1 billion, underscoring strong momentum in fee income from wealth management and brokerage services. The strategic focus on digital enhancements, including process automation which processed 1.7 million transactions in December, positions the bank for continued growth and efficiency improvements.Camden National Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Camden National Expands Board with New Appointment
Positive
Feb 26, 2025
On February 25, 2025, Camden National Corporation expanded its Board of Directors to 12 members and appointed Raina Maxwell, a seasoned customer experience and financial expert, to the board. Maxwell, who brings over 13 years of experience from L.L.Bean, Inc., will also serve on Camden National Bank’s Board and its Credit Committee, contributing to the company’s strategic growth and innovation efforts.
M&A TransactionsBusiness Operations and Strategy
Camden National Completes Acquisition of Northway Financial
Positive
Jan 29, 2025
Camden National Corporation completed the acquisition of Northway Financial, Inc. on January 2, 2025, in an all-stock transaction valued at $96.5 million. This merger enhances Camden National’s market presence in New Hampshire, promising significant earnings accretion and operational synergies, which are expected to bolster its growth strategy and stakeholder value.
Executive/Board ChangesM&A Transactions
Camden National Expands with Key Acquisition and Leadership
Positive
Jan 2, 2025
Camden National Corporation completed its acquisition of Northway Financial, Inc., merging Northway Bank into Camden National Bank to enhance its presence in New Hampshire and solidify its position as a leading bank in northern New England. Concurrently, Larry K. Haynes was appointed to Camden National’s Board of Directors, bringing expertise from his previous role at Northway to support Camden National’s strategic growth and strengthen its governance framework.
M&A TransactionsBusiness Operations and Strategy
Camden National Receives Approval for Northway Merger
Positive
Dec 20, 2024
Camden National Corporation announced the receipt of regulatory approvals for its merger with Northway Financial, Inc., with the transaction expected to close by January 2, 2025. This merger, following the approval from Northway shareholders, will expand Camden National’s market reach into New Hampshire and enhance services for customers, with account conversions planned for mid-March 2025.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.