Over the past six months, Camden National Bank has been a great trade, beating the S&P 500 by 20.3%. Its stock price has climbed to $55.75, representing a healthy 29.6% increase. This run-up might have investors contemplating their next move.
Is now the time to buy Camden National Bank, or should you be careful about including it in your portfolio? See what our analysts have to say in our full research report, it’s free.
Why Is Camden National Bank Not Exciting?
We’re glad investors have benefited from the price increase, but we’re cautious about Camden National Bank. Here are three reasons we avoid CAC, plus one stock we’d rather own.
1. Net Interest Income Points to Soft Demand
Net interest income commands greater market attention due to its reliability and consistency, whereas one-time fees are often seen as lower-quality revenue that lacks the same dependable characteristics.
Camden National Bank’s net interest income has grown at a 8.6% annualized rate over the last five years, slightly worse than the broader banking industry. Its growth was driven by both an increase in its outstanding loans and net interest margin, which represents how much a bank earns in relation to its outstanding loan book.
2. EPS Barely Growing
We track the long-term change in earnings per share (EPS) because it highlights whether a company’s growth is profitable.
Camden National Bank’s EPS grew at a weak 1.2% compounded annual growth rate over the last five years, lower than its 6.3% annualized revenue growth. This tells us the company became less profitable on a per-share basis as it expanded.
3. Substandard TBVPS Growth Indicates Limited Asset Expansion
We consider tangible book value per share (TBVPS) the most important metric to track for banks. TBVPS represents the real, liquid net worth per share of a bank, excluding intangible assets that have debatable value upon liquidation.
To the detriment of investors, Camden National Bank’s TBVPS grew at a sluggish 4.8% annual clip over the last two years.
Final Judgment
Camden National Bank isn’t a terrible business, but it doesn’t pass our quality test. With its shares outperforming the market lately, the stock trades at 1.2× forward P/B (or $55.75 per share). While this valuation is reasonable, we don’t really see a big opportunity at the moment. We’re fairly confident there are better stocks to buy right now. Let us point you toward one of our all-time favorite software stocks.
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