Bar Harbor Bankshares (NYSEAMERICAN:BHB) Hits New 1-Year High - Here's Why

Key Points

• Bar Harbor Bankshares reached a new 52-week high, trading as high as $39.95, after recently reporting quarterly earnings of $0.92 per share, above the $0.90 analyst consensus.
• Analyst sentiment remains mixed: Piper Sandler maintained an “overweight” rating with a $44 target, while Keefe, Bruyette & Woods rated the stock “market perform.” The overall consensus is “Hold,” with a $41 target price.
• The company declared a quarterly dividend of $0.34, equivalent to $1.36 annually and a 3.4% yield. Institutional investors own approximately 54.5% of outstanding shares.

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Get Free Report) hit a new 52-week high on Tuesday . The stock traded as high as $39.95 and last traded at $39.5950, with a volume of 8405 shares trading hands. The stock had previously closed at $39.02.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. 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 restated an "overweight" rating and issued a $44.00 target price on shares of Bar Harbor Bankshares in a report on Tuesday. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company's 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 Performance

The company's 50 day moving average price is $36.74 and its 200-day moving average price is $34.63. The stock has a market cap of $664.08 million, a P/E ratio of 13.37 and a beta of 0.60. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.02. Bar Harbor Bankshares had a net margin of 18.46% and a return on equity of 11.51%. The business had revenue of $49.68 billion for the quarter, compared to analysts' expectations of $49.32 million. Equities analysts forecast that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current fiscal year.

Bar Harbor Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders 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 annualized dividend and a dividend yield of 3.4%. Bar Harbor Bankshares's dividend payout ratio is currently 47.72%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Royal Bank of Canada raised its stake in shares of Bar Harbor Bankshares by 11.1% during the 1st quarter. Royal Bank of Canada now owns 50,501 shares of the financial services provider's stock worth $1,490,000 after purchasing an additional 5,036 shares during the period. AQR Capital Management LLC raised its position in Bar Harbor Bankshares by 36.6% in the first quarter. AQR Capital Management LLC now owns 10,964 shares of the financial services provider's stock worth $323,000 after acquiring an additional 2,939 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Bar Harbor Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the financial services provider's stock valued at $264,000 after acquiring an additional 390 shares during the last quarter. Empowered Funds LLC grew its position in shares of Bar Harbor Bankshares by 8.2% during the 1st quarter. Empowered Funds LLC now owns 49,544 shares of the financial services provider's stock valued at $1,462,000 after acquiring an additional 3,754 shares during the period. Finally, Jane Street Group LLC purchased a new stake in shares of Bar Harbor Bankshares during the 1st quarter worth approximately $522,000. Institutional investors own 54.49% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.