Cambridge Bancorp (NASDAQ:CATC) Upgraded to “Buy” at Zacks Investment Research
Cambridge Bancorp (NASDAQ:CATC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday, Zacks.com reports. The brokerage presently has a $96.00 price target on the bank’s stock. Zacks Investment Research‘s 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 for Cambridge Trust Company, which offers various banking services primarily. 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 services. The company’s commercial lending activities include business credit reserve, working capital line of credit, term loans, commercial mortgage, SBA guaranteed loan, letters of credit, and secured loans. Cambridge Bancorp also provides commercial real estate, cash management, remote deposit capture, merchant services, healthcare professional program, and credit card services. In addition, it offers investment management, trust administration, estate settlement services, and financial planning services. “
Separately, Piper Sandler reduced their price objective on Cambridge Bancorp to $100.00 in a research report on Friday, May 27th.
Shares of NASDAQ CATC traded down $1.28 during mid-day trading on Friday, reaching $84.14. The company had a trading volume of 6,098 shares, compared to its average volume of 13,632. Cambridge Bancorp has a twelve month low of $77.62 and a twelve 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 Rating) last announced its quarterly earnings results on Wednesday, April 20th. The bank reported $1.89 EPS for the quarter, beating the consensus estimate of $1.81 by $0.08. The business had revenue of $43.22 million during the quarter, compared to analysts’ expectations of $42.93 million. Cambridge Bancorp had a return on equity of 12.67% and a net margin of 30.01%. During the same quarter in the previous year, the business posted $1.92 EPS. Sell-side analysts forecast that Cambridge Bancorp will post 7.76 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in CATC. Wellington Management Group LLP bought a new stake in shares of Cambridge Bancorp during the first quarter worth $3,581,000. The Manufacturers Life Insurance Company grew its holdings in shares of Cambridge Bancorp by 12.4% during the first quarter. The Manufacturers Life Insurance Company now owns 360,230 shares of the bank’s stock worth $30,620,000 after purchasing an additional 39,717 shares during the last quarter. Endeavour Capital Advisors Inc. grew its holdings in shares of Cambridge Bancorp by 18.1% during the first quarter. Endeavour Capital Advisors Inc. now owns 185,628 shares of the bank’s stock worth $15,778,000 after purchasing an additional 28,487 shares during the last quarter. Schroder Investment Management Group grew its holdings in shares of Cambridge Bancorp by 22.2% during the fourth quarter. Schroder Investment Management Group now owns 134,109 shares of the bank’s stock worth $12,551,000 after purchasing an additional 24,368 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in shares of Cambridge Bancorp by 95.4% during the third quarter. Goldman Sachs Group Inc. now owns 44,281 shares of the bank’s stock worth $3,897,000 after purchasing an additional 21,617 shares during the last quarter. Institutional investors own 52.84% of the company’s stock.
Cambridge Bancorp Company Profile (Get Rating)
Cambridge Bancorp operates as the bank holding company for Cambridge Trust Company that provides commercial and consumer banking, and investment management and trust services. The company accepts various deposits, such as checking, savings, money market, trust, and individual retirement accounts; and time and demand deposits, and certificates of deposit.
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