Bar Harbor Bankshares (NYSEAMERICAN:BHB) Sets New 12-Month High – Here’s Why

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) shares hit a new 52-week high on Wednesday. The stock traded as high as $42.89 and last traded at $42.08, with a volume of 5,507 shares. The stock had previously closed at $41.16.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on BHB shares. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Bar Harbor Bankshares in a research report on Friday, October 23rd. 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 upgraded Bar Harbor Bankshares from a “strong sell” rating to a “hold” rating in a report on Friday, September 25th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, Bar Harbor Bankshares presently has a consensus rating of “Hold” and an average price target of $41.00.

Bar Harbor Bankshares Stock Up 2.8%

The firm has a 50 day moving average price of $39.55 and a two-hundred day moving average price of $36.48. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $709.87 million, a price-to-earnings ratio of 12.52 and a beta of 0.62.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last announced its earnings results on Thursday, October 22nd. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.04. Bar Harbor Bankshares had a return on equity of 11.69% and a net margin of 20.95%. The business had revenue of $51.49 million for the quarter, compared to analyst estimates of $51.77 million. As a group, sell-side analysts expect that Bar Harbor Bankshares, Inc. will post 3.75 earnings per share for the current year.

Bar Harbor Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Shareholders of record on Thursday, November 19th will be paid a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Thursday, November 19th. Bar Harbor Bankshares’s dividend payout ratio (DPR) is 47.72%.

Institutional Investors Weigh In On Bar Harbor Bankshares

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in shares of Bar Harbor Bankshares in the 2nd quarter valued at approximately $61,092,000. Dimensional Fund Advisors LP boosted its stake in shares of Bar Harbor Bankshares by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 892,121 shares of the financial services provider’s stock valued at $28,949,000 after buying an additional 16,153 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in shares of Bar Harbor Bankshares during the second quarter worth approximately $14,061,000. Renaissance Technologies LLC grew its position in shares of Bar Harbor Bankshares by 52.3% during the first quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock worth $5,980,000 after buying an additional 63,300 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Bar Harbor Bankshares during the second quarter worth approximately $3,291,000. 54.49% of the stock is currently owned by hedge funds and other institutional investors.

Bar Harbor Bankshares Company Profile

Bar Harbor Bankshares (NYSE American: BHB) is a bank holding company for Bar Harbor Bank & Trust, a community banking institution headquartered in Bar Harbor, Maine. The bank traces its roots to 1887 and serves individuals, families, businesses and nonprofit organizations through a network of banking offices and digital channels.

Bar Harbor Bank & Trust provides a range of financial services, including checking and savings accounts, certificates of deposit, consumer and residential lending, commercial loans, cash-management services and online and mobile banking.