Camden National (CAC, Financial) reported notable financial results for the first quarter. As of March 31, loans 30-89 days overdue constituted just 0.07% of total loans, while the annualized net charge-offs reached 0.08% of average loans. The company's Allowance for Credit Losses (ACL) on loans increased to 0.96%, up from 0.87% at the end of last year. This 9 basis points rise was attributed to loans acquired from Northway and changes in the macroeconomic perspective. At the end of March, the ACL was 6.4 times the total non-performing loans, compared to 5.5 times at the end of December 2024.
Camden National's President and CEO, Simon Griffiths, expressed satisfaction with the quarter's performance, highlighting an adjusted net income of $16.0 million. The bank's net interest margin widened to 3.04%, incorporating purchase accounting effects, while the core net interest margin improved by 11 basis points to 2.68%. Griffiths emphasized the potential for future earnings growth, driven by core margin momentum and anticipated cost savings from the acquisition.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 4 analysts, the average target price for Camden National Corp (CAC, Financial) is $50.00 with a high estimate of $53.00 and a low estimate of $47.00. The average target implies an upside of 26.23% from the current price of $39.61. More detailed estimate data can be found on the Camden National Corp (CAC) Forecast page.
Based on the consensus recommendation from 4 brokerage firms, Camden National Corp's (CAC, Financial) average brokerage recommendation is currently 2.8, indicating "Hold" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Camden National Corp (CAC, Financial) in one year is $56.49, suggesting a upside of 42.62% from the current price of $39.61. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Camden National Corp (CAC) Summary page.
