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Camden National
(NASDAQ:CAC)
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Rating:73Outperform
Price Target:
$64.00
â–²(12.95% Upside)
Action:Reiterated
Date:09/30/26
CAC’s score is driven primarily by solid financial performance—strong profitability and a meaningful TTM rebound in operating and free cash flow—supported by constructive earnings-call tone and guidance for modest margin improvement. Valuation is also favorable (P/E ~11 with a ~2.93% yield). Offsetting factors include only neutral technical momentum, modestly negative TTM revenue, and the ongoing consideration of meaningful (though improving) leverage.
Positive Factors
Strong profitability and cash conversion
Healthy TTM margins and free cash flow equal to roughly 94% of net income show strong earnings conversion. This supports internal funding, resilience, and capacity to sustain investment or shareholder returns over the next several quarters.
Negative Factors
Revenue growth has cooled
The recent TTM revenue decline indicates that prior growth has lost momentum, even though profitability remains healthy. If the slowdown persists, it could constrain operating leverage, limit balance-sheet expansion, and make future earnings growth more dependent on margin improvement.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong profitability and cash conversion
Healthy TTM margins and free cash flow equal to roughly 94% of net income show strong earnings conversion. This supports internal funding, resilience, and capacity to sustain investment or shareholder returns over the next several quarters.
Read all positive factors
Camden National (CAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$948.77M
Dividend Yield2.99%
Average Volume (3M)91.20K
Price to Earnings (P/E)10.9
Beta (1Y)0.81
Revenue Growth12.80%
EPS Growth65.27%
CountryUS
Employees683
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)5.24
Shares Outstanding16,897,049
10 Day Avg. Volume104,883
30 Day Avg. Volume91,205
Financial Highlights & Ratios
PEG Ratio1.86
Price to Book (P/B)1.05
Price to Sales (P/S)1.99
P/FCF Ratio12.55
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$57.67Price Target Upside1.78% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)5.4
Revenue Forecast (FY)$269.91M
Camden National Business Overview & Revenue Model
Company Description
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 t...
How the Company Makes Money
Camden National generates earnings primarily through banking spread income and fee-based services. The core revenue driver is net interest income: the bank earns interest and related income on interest-earning assets (notably commercial loans, com...
Camden National Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Positive
The call emphasized multiple record and improving performance metrics (record net income and EPS, fee income up 21% QoQ, loan pipeline +45% QoQ, HELOC +23% YoY, strong credit metrics and capital accretion). Management acknowledged rising operating expenses, some mark/BOLI income volatility, a moderate increase in provisions, and plans for measured loan growth and selective M&A. Overall the positives — including revenue growth, profitability, balance sheet strength, and tangible book value expansion — materially outweigh the manageable challenges.Positive Updates
Record Quarterly Net Income and EPS
Reported record net income of $23.0 million and record diluted EPS of $1.35 for Q2 2026, both up 5% versus Q1 2026; first six months net income totaled $44.9 million and diluted EPS $2.64.
Negative Updates
Rising Noninterest Expense
Noninterest expense totaled $37.4 million, up 5% QoQ, driven by annual salary increases, timing of director equity grants, and recognition events; management projects Q3 noninterest expense of $37.0–$38.0 million.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Net Income and EPS
Reported record net income of $23.0 million and record diluted EPS of $1.35 for Q2 2026, both up 5% versus Q1 2026; first six months net income totaled $44.9 million and diluted EPS $2.64.
Read all positive updates
Company Guidance
Management guided to modest margin improvement in Q3—forecasting additional NIM expansion of roughly 5–10 basis points off a Q2 NIM of 3.26% (core NIM 2.97%, net fair‑value accretion income $4.0M) driven by seasonal deposit inflows and reinvestment of lower‑yielding assets; Q2 net interest income was $52.9M. They gave ranges for Q3 noninterest income of $13.5–$14.0M (Q2 noninterest income $14.5M) and noninterest expense of $37–$38M (Q2 expense $37.4M), and said loan growth should be measured in Q3 despite a committed loan pipeline up 45% QoQ to $185.7M. For context, Q2 produced record net income of $23.0M ($1.35 diluted EPS), YTD net income $44.9M ($2.64 EPS), total assets $7.0B, deposits $5.6B (loan‑to‑deposit 90%), loans +1% QoQ (3% annualized), HELOCs +23% YoY with average funding time down to 14 days, allowance for credit losses 0.91% of loans (ACL coverage 3.8x NPLs), NPLs 24 bps, ROTAE 18.47% and a non‑GAAP efficiency ratio of 53.2%.Camden National Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
67
Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 346.14M | 367.34M | 289.72M | 250.32M | 208.89M | 193.91M |
| Gross Profit | 233.35M | 230.62M | 172.11M | 156.07M | 179.29M | 186.05M |
| EBITDA | 98.00M | 91.54M | 69.33M | 57.80M | 81.16M | 91.00M |
| Net Income | 88.66M | 65.16M | 53.00M | 43.38M | 61.44M | 69.01M |
Balance Sheet | ||||||
| Total Assets | 6.95B | 6.97B | 5.81B | 5.71B | 5.67B | 5.50B |
| Cash, Cash Equivalents and Short-Term Investments | 99.90M | 1.03B | 792.76M | 725.61M | 771.30M | 1.73B |
| Total Debt | 571.05M | 644.29M | 544.95M | 529.94M | 309.51M | 255.94M |
| Total Liabilities | 6.23B | 6.28B | 5.27B | 5.22B | 5.22B | 4.96B |
| Stockholders Equity | 725.93M | 696.56M | 531.23M | 495.06M | 451.28M | 541.29M |
Cash Flow | ||||||
| Free Cash Flow | 102.52M | 58.20M | 55.36M | 64.89M | 103.00M | 140.86M |
| Operating Cash Flow | 108.01M | 63.91M | 60.93M | 67.51M | 105.18M | 142.72M |
| Investing Cash Flow | -38.53M | -56.41M | 30.33M | -7.03M | -487.72M | -649.09M |
| Financing Cash Flow | -83.39M | -124.97M | 23.90M | -36.10M | 237.34M | 581.23M |
Camden National Technical Analysis
Neutral
56.66
Price Trends
57.25
Negative
54.17
Positive
50.35
Positive
Market Momentum
-0.03
Positive
42.89
Neutral
44.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CAC, the sentiment is Neutral. The current price of 56.66 is below the 20-day moving average (MA) of 57.33, below the 50-day MA of 57.25, and above the 200-day MA of 50.35, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 42.89 is Neutral, neither overbought nor oversold. The STOCH value of 44.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CAC.
Camden National Risk Analysis
Camden National disclosed 38 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $803.90M | 8.81 | 14.46% | 2.86% | -0.52% | 98.41% | |
75 Outperform | $784.75M | 10.18 | 14.12% | 3.11% | 0.24% | 12.12% | |
74 Outperform | $905.73M | 11.48 | 8.02% | 2.63% | 20.29% | 19.48% | |
73 Outperform | $948.77M | 10.85 | 12.62% | 2.99% | 12.80% | 65.27% | |
68 Neutral | $990.07M | 11.93 | 15.15% | 3.14% | 17.81% | 11.94% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% |
* Financial Sector Average
CAC
Camden National
56.15
18.94
50.91%
MPB
Mid Penn Bancorp
35.75
7.91
28.39%
ORRF
Orrstown Financial Services
40.87
7.92
24.06%
IBCP
Independent Bank
35.35
5.35
17.83%
MCBS
MetroCity Bankshares
34.40
7.66
28.66%
Camden National Corporate Events
Dividends
Camden National Declares Quarterly Dividend for Q3 2026
Positive
Sep 29, 2026
On September 29, 2026, Camden National Corporation announced that its board of directors declared a quarterly dividend of $0.42 per share for the third quarter of 2026. The dividend will be paid on October 30, 2026 to shareholders of record as of ...
Business Operations and StrategyExecutive/Board Changes
Camden National realigns leadership to bolster commercial banking
Positive
Jul 6, 2026
On June 30, 2026, Camden National Corporation named Katherine W. Brunelle executive vice president and chief credit officer, effective July 1, 2026, succeeding Ryan A. Smith, who moved into the role of executive vice president, commercial banking....
Business Operations and StrategyDividends
Camden National Declares Quarterly Dividend, Signals Ongoing Stability
Positive
Jun 30, 2026
On June 30, 2026, Camden National Corporation’s board declared a quarterly cash dividend of $0.42 per share, reflecting the company’s ongoing capital return strategy to shareholders. Based on the June 29, 2026 closing price of $53.96 p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.