Earnings to watch: Camden National Corporation (CAC) reports Q3 results tomorrow
Maine-based regional bank Camden National (NASDAQ:CAC) will be reporting results this Tuesday before the bell. Here’s what to expect.
Camden National Corporation beat analysts’ revenue expectations last quarter, reporting revenues of $67.64 million, up 8.1% year on year. It was a mixed quarter for the company, with tangible book value per share in line with analysts’ estimates but a slight miss of analysts’ net interest income estimates.
Is Camden National Corporation a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Camden National Corporation’s revenue to grow 3.4% year on year, slowing from the 45.6% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Camden National Corporation rarely misses Wall Street‘s revenue estimates.
Looking at Camden National Corporation’s peers in the regional banks segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Byline Bancorp delivered year-on-year revenue growth of 4.6%, beating analysts’ expectations by 3.7%, and First Citizens BancShares reported flat revenue, topping estimates by 2%. Byline Bancorp traded up 1.1% following the results.
Read our full analysis of Byline Bancorp’s results here and First Citizens BancShares’s results here.
Investors in the regional banks segment have had steady hands going into earnings, with share prices up 1.3% on average over the last month. Camden National Corporation’s stock price was unchanged during the same time and is heading into earnings with an average analyst price target of $59.60 (compared to the current share price of $57.86).
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