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

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB)’s stock price hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $39.95 and last traded at $39.5950, with a volume of 8405 shares traded. The stock had previously closed at $39.02.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods upped their price target on Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a “market perform” rating in a research report on Wednesday, July 22nd. Zacks Research downgraded Bar Harbor Bankshares from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $44.00 price objective (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Bar Harbor Bankshares currently has an average rating of “Hold” and a consensus price target of $41.00.

Bar Harbor Bankshares Stock Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. The stock’s 50 day moving average price is $36.96 and its 200 day moving average price is $34.75. The company has a market capitalization of $664.75 million, a P/E ratio of 13.42 and a beta of 0.60.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. The business had revenue of $49.68 billion during the quarter, compared to the consensus estimate of $49.32 million. Bar Harbor Bankshares had a net margin of 18.46% and a return on equity of 11.51%. As a group, equities analysts expect that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current year.

Bar Harbor Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Thursday, August 20th. Bar Harbor Bankshares’s dividend payout ratio (DPR) is presently 47.72%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in BHB. Dimensional Fund Advisors LP lifted its stake in shares of Bar Harbor Bankshares by 1.8% in 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 purchasing an additional 16,153 shares during the period. Vanguard Group Inc. grew its stake in Bar Harbor Bankshares by 2.6% during the third quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock worth $26,338,000 after purchasing an additional 21,589 shares during the period. Geode Capital Management LLC grew its stake in Bar Harbor Bankshares by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock worth $12,747,000 after purchasing an additional 34,306 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Bar Harbor Bankshares by 11.4% in the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock worth $12,157,000 after purchasing an additional 38,274 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Bar Harbor Bankshares by 52.3% in the first quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock worth $5,980,000 after purchasing an additional 63,300 shares in the last quarter. 54.49% of the stock is owned by institutional investors and hedge funds.

About Bar Harbor Bankshares

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.