Maine-based regional bank Camden National (NASDAQ:CAC) will be reporting results this Tuesday before market open. Here’s what you need to know.
Camden National Bank beat analysts’ revenue expectations by 4.6% last quarter, reporting revenues of $65.74 million, up 45.6% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ revenue estimates and an impressive beat of analysts’ net interest income estimates.
Is Camden National Bank a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Camden National Bank’s revenue to grow 38.6% year on year to $66.14 million, improving from the 22.7% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $1.32 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Camden National Bank has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Camden National Bank’s peers in the regional banks segment, some have already reported their Q4 results, giving us a hint as to what we can expect. ServisFirst Bancshares delivered year-on-year revenue growth of 20.7%, beating analysts’ expectations by 5%, and Dime Community Bancshares reported revenues up 24.5%, topping estimates by 5.2%. ServisFirst Bancshares traded up 14.6% following the results while Dime Community Bancshares was also up 12.5%.
Read our full analysis of ServisFirst Bancshares’s results here and Dime Community Bancshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 2.6% on average over the last month. Camden National Bank is up 4.7% during the same time and is heading into earnings with an average analyst price target of $47.50 (compared to the current share price of $45.57).
Today’s young investors won’t have read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.