Bar Harbor Bankshares (NYSEAMERICAN:BHB) Price Target Raised to $38.00 at Keefe, Bruyette & Woods

Bar Harbor Bankshares (NYSEAMERICAN:BHB) had its price target boosted by equities research analysts at Keefe, Bruyette & Woods from $36.00 to $38.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “market perform” rating on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target indicates a potential downside of 1.14% from the company’s previous close.

Separately, Piper Sandler reaffirmed an “overweight” rating and issued a $41.00 target price (up from $39.00) on shares of Bar Harbor Bankshares in a research report on Friday, June 26th. One analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $39.50.

Bar Harbor Bankshares Stock Up 1.1%

BHB stock traded up $0.41 during midday trading on Wednesday, hitting $38.44. The company’s stock had a trading volume of 79,657 shares, compared to its average volume of 116,044. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. Bar Harbor Bankshares has a twelve month low of $28.06 and a twelve month high of $39.67. The company’s fifty day moving average price is $36.36 and its 200 day moving average price is $34.43. The stock has a market capitalization of $643.49 million, a P/E ratio of 15.68 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 EPS for the quarter, topping the consensus estimate of $0.90 by $0.02. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The firm had revenue of $49.68 million for the quarter, compared to analysts’ expectations of $48.93 million. As a group, equities research analysts predict that Bar Harbor Bankshares will post 3.67 EPS for the current year.

Insider Activity at Bar Harbor Bankshares

In other Bar Harbor Bankshares news, Director Matthew L. Caras bought 760 shares of the stock in a transaction dated Tuesday, April 28th. The shares were bought at an average cost of $34.68 per share, with a total value of $26,356.80. Following the completion of the acquisition, the director owned 22,894 shares of the company’s stock, valued at $793,963.92. This trade represents a 3.43% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 3.37% of the company’s stock.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of large investors have recently added to or reduced their stakes in BHB. Focus Partners Wealth increased its stake in Bar Harbor Bankshares by 459.8% during the 3rd quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock worth $2,768,000 after acquiring an additional 74,638 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Bar Harbor Bankshares by 52.3% during the 1st 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. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Bar Harbor Bankshares during the 4th quarter worth $1,408,000. UBS Group AG increased its position in shares of Bar Harbor Bankshares by 489.9% in the third quarter. UBS Group AG now owns 48,087 shares of the financial services provider’s stock worth $1,465,000 after purchasing an additional 39,935 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of 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 during the period. Institutional investors and hedge funds own 54.49% of the company’s stock.

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.