Cambridge Bancorp (NASDAQ:CATC – Get Valuation) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note released Friday to investors, Zacks.com reports. The brokerage currently has a target price of $98.00 on the bank’s shares. Zacks Investment Research’s price target would suggest a potential upside of 12.93% from the stock’s previous close.
According to Zacks, “Cambridge Bancorp, headquartered in Cambridge, Massachusetts, operates as a holding company of Cambridge Trust Company, which primarily offers various banking services. Its personal banking services include checking and savings accounts, ATM/debit cards, mortgages and home equity, credit cards, personal loans, certificates of deposit and account options. individual pensions, and online banking. The Company’s commercial lending business includes business credit reserve, working capital line of credit, term loans, commercial mortgage loans, SBA guaranteed loans, letters of credit and secured loans. . Cambridge Bancorp also provides commercial real estate, cash management, remote deposit capture, merchant services, healthcare professional programs and credit cards. In addition, it provides investment management, trust administration, estate settlement and financial planning services. “
Separately, Raymond James raised its price target on Cambridge Bancorp shares from $96.00 to $100.00 and gave the company an “outperform” rating in a Wednesday, January 26 research report.
Cambridge Bancorp stock traded down $0.63 on Friday, hitting $86.78. 20,473 shares were traded, against an average volume of 13,635. The stock has a market capitalization of $607.63 million, a PE ratio of 11.31 and a beta of 0.52. Cambridge Bancorp has a 12-month low of $78.39 and a 12-month high of $97.57. The company has a fifty-day moving average price of $84.49 and a two-hundred-day moving average price of $88.90.
Cambridge Bancorp (NASDAQ:CATC – Get Rating) last released its results on Wednesday, April 20. The bank reported earnings per share of $1.89 for the quarter, beating the Zacks consensus estimate of $1.81 by $0.08. Cambridge Bancorp had a net margin of 30.38% and a return on equity of 12.94%. In the same quarter last year, the company posted earnings per share of $1.92. Equity analysts expect Cambridge Bancorp to post an EPS of 7.54 for the current financial year.
Institutional investors and hedge funds have recently changed their positions in the company. SG Americas Securities LLC bought a new position in Cambridge Bancorp during the third quarter worth approximately $380,000. IndexIQ Advisors LLC increased its stake in Cambridge Bancorp by 11.1% during the third quarter. IndexIQ Advisors LLC now owns 5,332 shares of the bank worth $465,000 after purchasing an additional 534 shares during the period. Citigroup Inc. increased its stake in Cambridge Bancorp by 133.6% during the third quarter. Citigroup Inc. now owns 757 shares of the bank worth $67,000 after purchasing an additional 433 shares during the period. The Manufacturers Life Insurance Company increased its stake in Cambridge Bancorp shares by 7.6% in the third quarter. The Manufacturers Life Insurance Company now owns 317,175 shares of the bank valued at $27,912,000 after acquiring 22,437 additional shares in the last quarter. Finally, Mascoma Wealth Management LLC increased its equity stake in Cambridge Bancorp by 18.8% in the fourth quarter. Mascoma Wealth Management LLC now owns 2,375 shares of the bank valued at $222,000 after acquiring 375 additional shares in the last quarter. Hedge funds and other institutional investors hold 51.87% of the company’s shares.
Cambridge Bancorp Company Profile (Get a rating)
Cambridge Bancorp operates as a bank holding company for Cambridge Trust Company which provides corporate and personal banking services, as well as investment management and trust services. The company accepts various deposits, such as individual checking, savings, money market, trust and retirement accounts; and term and demand deposits, and certificates of deposit.
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