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Camden National (CAC) Surges 6.2%: Is This an Indication of Further Gains?

Zacks Equity Research
·2-min read

Camden National CAC shares rallied 6.2% in the last trading session to close at $50.95. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 2.7% loss over the past four weeks.

Camden National witnessed a rise in share price for the second consecutive day. The performance of banks has been decent in the first quarter of 2022. Moreover, investors are gaining confidence in the sector on expectations of the interest rate hikes this year. This has possibly led to the bullish investor sentiments, which drove Camden National higher.

This bank is expected to post quarterly earnings of $1.01 per share in its upcoming report, which represents a year-over-year change of -23.5%. Revenues are expected to be $46.09 million, down 3.1% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

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For Camden National, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on CAC going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

Camden National is a member of the Zacks Banks - Northeast industry. One other stock in the same industry, Community Bank System CBU, finished the last trading session 3.5% higher at $73.40. CBU has returned -1% over the past month.

For Community Bank , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.75. This represents a change of -22.7% from what the company reported a year ago. Community Bank currently has a Zacks Rank of #3 (Hold).


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Zacks Investment Research