Empowered Funds LLC Purchases New Stake in Bar Harbor Bankshares, Inc. $BHB

Empowered Funds LLC purchased a new stake in shares of Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 72,312 shares of the financial services provider’s stock, valued at approximately $2,731,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new position in shares of Bar Harbor Bankshares in the second quarter valued at $61,092,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Bar Harbor Bankshares during the 2nd quarter worth about $14,061,000. Bank of New York Mellon Corp bought a new stake in shares of Bar Harbor Bankshares during the 2nd quarter worth about $3,291,000. Trust Co. of Vermont bought a new stake in shares of Bar Harbor Bankshares during the 2nd quarter worth about $2,885,000. Finally, Focus Partners Wealth grew its stake in Bar Harbor Bankshares by 459.8% in the 3rd quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock valued at $2,768,000 after buying an additional 74,638 shares during the last quarter. 54.49% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have weighed in on BHB shares. Keefe, Bruyette & Woods increased their price target on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a “market perform” rating in a report on Wednesday, July 22nd. Zacks Research cut Bar Harbor Bankshares from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 28th. Finally, 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 report on Tuesday, July 28th. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $41.00.

Bar Harbor Bankshares Stock Up 2.5%

BHB stock opened at $39.81 on Thursday. Bar Harbor Bankshares, Inc. has a fifty-two week low of $28.11 and a fifty-two week high of $41.08. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $667.61 million, a price-to-earnings ratio of 13.45 and a beta of 0.60. The business’s fifty day moving average price is $38.98 and its two-hundred day moving average price is $35.83.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. Bar Harbor Bankshares had a net margin of 18.46% and a return on equity of 11.41%. The company had revenue of $49.68 million during the quarter, compared to analysts’ expectations of $49.32 million. On average, equities analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.6 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, September 18th. Shareholders of record on Thursday, August 20th will be issued 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 yield of 3.4%. Bar Harbor Bankshares’s payout ratio is currently 47.72%.

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.