Cambridge Bancorp (NASDAQ:CATC – Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report delivered Friday to clients and investors, Zacks.com reports. The brokerage currently has a price target of $96.00 on the bank’s stock. Zacks Investment ResearchThe price target would suggest a potential upside of 14.10% from the stock’s previous close.
According to Zacks, “Cambridge Bancorp, headquartered in Cambridge, Massachusetts, operates as the holding company of Cambridge Trust Company, which primarily offers various banking services. Its personal banking services include checking and savings accounts, automated teller machines /debit cards, mortgages and home equity, credit cards, personal loans, certificates of deposit and individual retirement account options and online banking, credit and secured loans. Cambridge Bancorp also provides commercial real estate, cash management, remote deposit capture, merchant services, healthcare professional programs and credit card services. trust administration, estate settlement and financial planning services. »
Separately, Piper Sandler cut her price target on Cambridge Bancorp to $100.00 in a Friday, May 27 research report.
NASDAQ CATC shares traded at $1.28 during Friday’s midday session, hitting $84.14. The company had a trading volume of 6,098 shares, compared to an average volume of 13,632. Cambridge Bancorp has a 12-month low of $77.62 and a 12-month high of $97.57. The stock’s 50-day moving average is $82.76 and its 200-day moving average is $87.13. The stock has a market capitalization of $589.06 million, a PE ratio of 11.01 and a beta of 0.52.
Cambridge Bancorp (NASDAQ:CATC – Get a rating) last announced its quarterly results on Wednesday, April 20. The bank reported EPS of $1.89 for the quarter, beating the consensus estimate of $1.81 by $0.08. The company posted revenue of $43.22 million in the quarter, compared to $42.93 million expected by analysts. Cambridge Bancorp had a return on equity of 12.67% and a net margin of 30.01%. In the same quarter a year earlier, the company posted EPS of $1.92. Sell-side analysts expect Cambridge Bancorp to post an EPS of 7.76 for the current financial year.
Several hedge funds have recently changed their positions in CATC. Wellington Management Group LLP purchased a new equity stake in Cambridge Bancorp during the first quarter at a value of $3,581,000. The Manufacturers Life Insurance Company increased its holdings of Cambridge Bancorp shares by 12.4% in the first quarter. The Manufacturers Life Insurance Company now owns 360,230 shares of the bank worth $30,620,000 after purchasing 39,717 additional shares in the last quarter. Endeavor Capital Advisors Inc. increased its holdings of Cambridge Bancorp shares by 18.1% in the first quarter. Endeavor Capital Advisors Inc. now owns 185,628 shares of the bank worth $15,778,000 after purchasing an additional 28,487 shares in the last quarter. Schroder Investment Management Group increased its holdings of Cambridge Bancorp shares by 22.2% in the fourth quarter. Schroder Investment Management Group now owns 134,109 shares of the bank worth $12,551,000 after buying 24,368 additional shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings of Cambridge Bancorp shares by 95.4% during the third quarter. Goldman Sachs Group Inc. now owns 44,281 shares of the bank worth $3,897,000 after buying 21,617 additional shares in the last quarter. Institutional investors hold 52.84% 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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