Bar Harbor Bankshares (NYSEAMERICAN:BHB) Earns Overweight Rating from Analysts at Piper Sandler

Key Points

• Piper Sandler initiated coverage with an "Overweight" rating and a $38.00 price target, implying roughly a 20.7% upside from the current share price.
• Bar Harbor Bankshares reported a quarter of $0.93 EPS versus $0.89 expected and revenue of $49.37M versus $42.8M expected, with a net margin of 15.13% and a return on equity of 10.73%.
• The company has a market cap of $525.3M, a P/E of 13.68 and a 52-week range of $26.43–$36.05, and institutions own about 54.5% of the stock amid recent notable inflows from firms like Focus Partners and UBS.

Analysts at Piper Sandler initiated coverage on shares of Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) in a research note issued on Monday. The firm set an "overweight" rating and a $38.00 price target on the financial services provider's stock. Piper Sandler's price objective suggests a potential upside of 20.73% from the company's current price.

Bar Harbor Bankshares Price Performance

Shares of BHB stock traded up $0.31 on Monday, hitting $31.48. 6,083 shares of the stock traded hands, compared to its average volume of 96,886. The firm has a market cap of $525.32 million, a price-to-earnings ratio of 13.68 and a beta of 0.62. Bar Harbor Bankshares has a 52 week low of $26.43 and a 52 week high of $36.05. The firm has a 50 day simple moving average of $33.27 and a two-hundred day simple moving average of $31.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.94 and a quick ratio of 0.93.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last issued its earnings results on Thursday, January 22nd. The financial services provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.89 by $0.04. Bar Harbor Bankshares had a net margin of 15.13% and a return on equity of 10.73%. The company had revenue of $49.37 million during the quarter, compared to the consensus estimate of $42.80 million. As a group, equities research analysts predict that Bar Harbor Bankshares will post 2.84 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Focus Partners Wealth raised its position in shares of 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 buying an additional 74,638 shares during the last quarter. Mercer Global Advisors Inc. ADV bought a new position in shares of Bar Harbor Bankshares during the fourth quarter worth $1,408,000. Delphi Management Inc. MA bought a new position in shares of Bar Harbor Bankshares during the third quarter worth $1,322,000. UBS Group AG grew its stake in Bar Harbor Bankshares by 489.9% during the third quarter. UBS Group AG now owns 48,087 shares of the financial services provider's stock valued at $1,465,000 after acquiring an additional 39,935 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Bar Harbor Bankshares in the 4th quarter valued at $1,177,000. 54.49% of the stock is currently owned by institutional investors.

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.

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