Bar Harbor Bankshares (NYSEAMERICAN:BHB) Hits New 12-Month High – What’s Next?

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) reached a new 52-week high during trading on Monday . The stock traded as high as $39.67 and last traded at $38.63, with a volume of 863510 shares trading hands. The stock had previously closed at $39.07.

Analysts Set New Price Targets

Separately, Piper Sandler reaffirmed an “overweight” rating and set a $41.00 target price (up from $39.00) on shares of Bar Harbor Bankshares in a report on Friday. One equities 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.com, Bar Harbor Bankshares currently has a consensus rating of “Hold” and a consensus target price of $37.50.

Bar Harbor Bankshares Trading Down 1.3%

The stock’s 50-day simple moving average is $35.26 and its two-hundred day simple moving average is $33.77. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $645.23 million, a P/E ratio of 15.77 and a beta of 0.61.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.88 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.02. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The company had revenue of $47.29 billion for the quarter, compared to analysts’ expectations of $48.22 million. Equities research analysts expect that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current year.

Bar Harbor Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Investors of record on Thursday, May 21st were given a dividend of $0.34 per share. This is an increase from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a dividend yield of 3.5%. The ex-dividend date was Thursday, May 21st. Bar Harbor Bankshares’s dividend payout ratio (DPR) is 47.72%.

Insider Transactions at Bar Harbor Bankshares

In other Bar Harbor Bankshares news, Director Matthew L. Caras bought 760 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The shares were bought at an average price of $34.68 per share, with a total value of $26,356.80. Following the purchase, 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 3.37% of the company’s stock.

Institutional Investors Weigh In On Bar Harbor Bankshares

Several institutional investors and hedge funds have recently modified their holdings of BHB. Focus Partners Wealth grew its stake in Bar Harbor Bankshares by 459.8% during the third quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock valued at $2,768,000 after acquiring an additional 74,638 shares in the last quarter. Renaissance Technologies LLC lifted its stake in 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 worth $5,980,000 after purchasing an additional 63,300 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Bar Harbor Bankshares during the 4th quarter valued at about $1,408,000. UBS Group AG boosted its holdings in shares of Bar Harbor Bankshares by 489.9% during the 3rd quarter. UBS Group AG now owns 48,087 shares of the financial services provider’s stock valued at $1,465,000 after purchasing an additional 39,935 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Bar Harbor Bankshares by 11.4% during the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock valued at $12,157,000 after purchasing an additional 38,274 shares in the last quarter. Institutional investors 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.