Bar Harbor Bankshares (NYSEAMERICAN:BHB) Stock Passes Above 200 Day Moving Average – Here’s Why

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $35.32 and traded as high as $40.97. Bar Harbor Bankshares shares last traded at $40.63, with a volume of 98,791 shares traded.

Wall Street Analysts Forecast Growth

BHB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods lifted their target price on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a “market perform” rating in a research note on Wednesday, July 22nd. Piper Sandler restated an “overweight” rating and set a $44.00 price target (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday, July 28th. Finally, Zacks Research downgraded shares of Bar Harbor Bankshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Bar Harbor Bankshares has an average rating of “Hold” and an average price target of $41.00.

Bar Harbor Bankshares Price Performance

The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s fifty day simple moving average is $38.20 and its 200-day simple moving average is $35.36. The company has a market capitalization of $681.20 million, a P/E ratio of 13.72 and a beta of 0.60.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.02. Bar Harbor Bankshares had a return on equity of 11.41% and a net margin of 18.46%.The company had revenue of $49.68 million for the quarter, compared to the consensus estimate of $49.32 million. On average, equities analysts forecast that Bar Harbor Bankshares, Inc. will post 3.6 earnings per share for the current fiscal year.

Bar Harbor Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.36 dividend on an annualized basis and a yield of 3.3%. Bar Harbor Bankshares’s dividend payout ratio (DPR) is 47.72%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of BHB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Bar Harbor Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the financial services provider’s stock valued at $264,000 after acquiring an additional 390 shares during the period. Rhumbline Advisers raised its stake in Bar Harbor Bankshares by 1.9% during the 2nd quarter. Rhumbline Advisers now owns 23,420 shares of the financial services provider’s stock valued at $702,000 after purchasing an additional 446 shares during the last quarter. CWM LLC boosted its holdings in Bar Harbor Bankshares by 52.9% in the 4th quarter. CWM LLC now owns 1,778 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 615 shares during the period. Rockland Trust Co. boosted its holdings in Bar Harbor Bankshares by 4.0% in the 2nd quarter. Rockland Trust Co. now owns 18,481 shares of the financial services provider’s stock valued at $698,000 after purchasing an additional 715 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Bar Harbor Bankshares by 0.9% in the 1st quarter. Bank of New York Mellon Corp now owns 83,681 shares of the financial services provider’s stock valued at $2,715,000 after purchasing an additional 753 shares during the period. 54.49% of the stock is currently owned by institutional investors and hedge funds.

Bar Harbor Bankshares Company Profile

Bar Harbor Bankshares, Inc is a bank holding company headquartered in Ellsworth, Maine, and the parent of Bar Harbor Bank & Trust. The company provides a full suite of commercial and consumer banking products and services, including deposit accounts, residential and commercial lending, wealth management, treasury and cash management, and online and mobile banking solutions. Its subsidiary, Bar Harbor Bank & Trust, operates branches across Maine and eastern New Hampshire, serving both individual and business clients with a focus on community banking relationships.

With roots tracing back to the late 19th century, Bar Harbor Bankshares has built its presence along the coast of Maine, extending from Casco Bay to Downeast communities, and into neighboring New Hampshire markets.