Bar Harbor Bankshares (NYSEAMERICAN:BHB) Posts Quarterly Earnings Results, Hits Estimates

Key Points

• Bar Harbor Bankshares reported quarterly EPS of $0.92, matching analyst expectations, while revenue came in at $49.68 million, slightly above the consensus estimate.
• The stock was up 0.2% after the earnings release, trading near its 52-week high, with modest volume and a market cap of about $636.6 million.
• Analyst sentiment remains cautious overall: Piper Sandler raised its price target to $41 and kept an overweight rating, but the broader consensus is still Hold with a $37.50 target.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) released its quarterly earnings data on Tuesday. The financial services provider reported $0.92 EPS for the quarter, meeting analysts' consensus estimates of $0.92, FiscalAI reports. Bar Harbor Bankshares had a return on equity of 10.95% and a net margin of 15.90%.The business had revenue of $49.68 million for the quarter, compared to the consensus estimate of $48.93 million.

Bar Harbor Bankshares Stock Up 0.2%

NYSEAMERICAN:BHB traded up $0.09 during midday trading on Tuesday, hitting $38.03. 66,833 shares of the company were exchanged, compared to its average volume of 116,311. The company has a fifty day simple moving average of $36.28 and a 200 day simple moving average of $34.38. Bar Harbor Bankshares has a fifty-two week low of $28.06 and a fifty-two week high of $39.67. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $636.62 million, a PE ratio of 15.52 and a beta of 0.60.

Insiders Place Their Bets

In related news, Director Matthew L. Caras acquired 760 shares of the firm's stock in a transaction on Tuesday, April 28th. The stock was bought at an average price of $34.68 per share, for a total transaction of $26,356.80. Following the completion of the purchase, the director directly owned 22,894 shares of the company's stock, valued at approximately $793,963.92. The trade was a 3.43% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.37% of the stock is currently owned by company insiders.

Institutional Trading of Bar Harbor Bankshares

Several institutional investors and hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its position in shares of Bar Harbor Bankshares by 11.1% in the 1st quarter. Royal Bank of Canada now owns 50,501 shares of the financial services provider's stock valued at $1,490,000 after purchasing an additional 5,036 shares during the period. AQR Capital Management LLC increased its position in Bar Harbor Bankshares by 36.6% during the first quarter. AQR Capital Management LLC now owns 10,964 shares of the financial services provider's stock worth $323,000 after buying an additional 2,939 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted 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 buying an additional 390 shares during the last quarter. Empowered Funds LLC lifted its stake in Bar Harbor Bankshares by 8.2% in the first quarter. Empowered Funds LLC now owns 49,544 shares of the financial services provider's stock valued at $1,462,000 after buying an additional 3,754 shares during the last quarter. Finally, Jane Street Group LLC purchased a new stake in Bar Harbor Bankshares in the first quarter valued at approximately $522,000. 54.49% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, Piper Sandler restated an "overweight" rating and set a $41.00 target price (up from $39.00) on shares of Bar Harbor Bankshares in a research note on Friday, June 26th. One research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $37.50.

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.

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