Cambridge Bancorp (NASDAQ:CATC) Rating Increased to Buy at Zacks Investment Research

Cambridge Bancorp (NASDAQ:CATCGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, Zacks.com reports. The brokerage presently has a $98.00 target price on the bank’s stock. Zacks Investment Research‘s price objective 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 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, Raymond James upped their price objective on shares of Cambridge Bancorp from $96.00 to $100.00 and gave the company an “outperform” rating in a research report on Wednesday, January 26th.

Cambridge Bancorp stock traded down $0.63 on Friday, reaching $86.78. 20,473 shares of the stock were exchanged, compared to its average volume of 13,635. The stock has a market cap of $607.63 million, a PE ratio of 11.31 and a beta of 0.52. Cambridge Bancorp has a twelve month low of $78.39 and a twelve month high of $97.57. The firm has a fifty day moving average price of $84.49 and a two-hundred day moving average price of $88.90.

Cambridge Bancorp (NASDAQ:CATCGet Rating) last released its earnings results on Wednesday, April 20th. The bank reported $1.89 earnings per share for the quarter, topping 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%. During the same quarter last year, the business posted $1.92 earnings per share. Equities analysts anticipate that Cambridge Bancorp will post 7.54 EPS for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC bought a new position in Cambridge Bancorp during the third quarter worth about $380,000. IndexIQ Advisors LLC lifted its stake in Cambridge Bancorp by 11.1% during the third quarter. IndexIQ Advisors LLC now owns 5,332 shares of the bank’s stock worth $465,000 after purchasing an additional 534 shares during the period. Citigroup Inc. lifted its stake in Cambridge Bancorp by 133.6% during the third quarter. Citigroup Inc. now owns 757 shares of the bank’s stock worth $67,000 after purchasing an additional 433 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Cambridge Bancorp by 7.6% in the third quarter. The Manufacturers Life Insurance Company now owns 317,175 shares of the bank’s stock valued at $27,912,000 after acquiring an additional 22,437 shares during the last quarter. Finally, Mascoma Wealth Management LLC raised its stake in shares of Cambridge Bancorp by 18.8% in the fourth quarter. Mascoma Wealth Management LLC now owns 2,375 shares of the bank’s stock valued at $222,000 after acquiring an additional 375 shares during the last quarter. Hedge funds and other institutional investors own 51.87% 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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