Bar Harbor Bankshares (NYSEAMERICAN:BHB) Lowered to “Strong Sell” Rating by Zacks Research

Zacks Research cut shares of Bar Harbor Bankshares (NYSEAMERICAN:BHB) from a hold rating to a strong sell rating in a research note published on Tuesday morning,Zacks.com reports.

Several other analysts have also recently weighed in on BHB. Keefe, Bruyette & Woods boosted their price objective on Bar Harbor Bankshares from $36.00 to $38.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. Piper Sandler reaffirmed an “overweight” rating and issued a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday. One equities 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, the company has an average rating of “Hold” and a consensus target price of $41.00.

Bar Harbor Bankshares Stock Down 0.6%

NYSEAMERICAN BHB opened at $39.71 on Tuesday. The stock has a market capitalization of $664.75 million, a P/E ratio of 13.42 and a beta of 0.60. Bar Harbor Bankshares has a 52 week low of $28.06 and a 52 week high of $40.61. 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 has a fifty day moving average of $36.96 and a 200-day moving average of $34.75.

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. The business had revenue of $49.68 billion for the quarter, compared to analyst estimates of $49.32 million. Bar Harbor Bankshares had a return on equity of 11.51% and a net margin of 18.46%. On average, equities research analysts forecast that Bar Harbor Bankshares will post 3.67 EPS for the current year.

Bar Harbor Bankshares Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be paid 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 dividend yield of 3.4%. Bar Harbor Bankshares’s dividend payout ratio is 47.72%.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its stake in Bar Harbor Bankshares by 1.8% in the first 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 period. Vanguard Group Inc. grew its position in shares of Bar Harbor Bankshares by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock worth $26,338,000 after buying an additional 21,589 shares during the period. Geode Capital Management LLC grew its position in shares of Bar Harbor Bankshares by 9.1% during the 4th quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock worth $12,747,000 after buying an additional 34,306 shares during the period. The Manufacturers Life Insurance Company grew its position in shares of Bar Harbor Bankshares by 11.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock worth $12,157,000 after buying an additional 38,274 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of Bar Harbor Bankshares by 52.3% in the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock valued at $5,980,000 after acquiring an additional 63,300 shares during the last quarter. 54.49% of the stock is 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.