Bar Harbor Bankshares (NYSEAMERICAN:BHB) Price Target Raised to $39.00

Key Points

• Piper Sandler raised its price target on Bar Harbor Bankshares to $39.00 (from $38.00) and kept an "overweight" rating, implying about a 14.84% upside from the prior close.
• Bar Harbor reported Q1 EPS of $0.88, beating the $0.86 estimate while revenue of $47.29M slightly missed the $48.22M consensus; the company posted a net margin of 15.13% and a return on equity of 10.48%.
• Several institutional investors increased or initiated positions (notably Focus Partners Wealth and UBS), and institutional ownership now stands at 54.49%.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) had its target price increased by research analysts at Piper Sandler from $38.00 to $39.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price points to a potential upside of 14.84% from the company's previous close.

Bar Harbor Bankshares Stock Performance

Bar Harbor Bankshares stock opened at $33.96 on Wednesday. The company has a 50 day moving average price of $33.19 and a 200-day moving average price of $31.97. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 0.96. Bar Harbor Bankshares has a fifty-two week low of $28.06 and a fifty-two week high of $36.05. The company has a market capitalization of $568.49 million, a PE ratio of 14.77 and a beta of 0.59.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.02. Bar Harbor Bankshares had a net margin of 15.13% and a return on equity of 10.48%. The firm had revenue of $47.29 million during the quarter, compared to the consensus estimate of $48.22 million. As a group, equities analysts forecast that Bar Harbor Bankshares will post 3.6 earnings per share for the current year.

Institutional Trading of Bar Harbor Bankshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Focus Partners Wealth increased its holdings 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 buying an additional 74,638 shares during the period. Mercer Global Advisors Inc. ADV purchased a new position in Bar Harbor Bankshares during the fourth quarter valued at approximately $1,408,000. Delphi Management Inc. MA purchased a new position in Bar Harbor Bankshares during the third quarter valued at approximately $1,322,000. UBS Group AG increased its holdings 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 buying an additional 39,935 shares during the period. Finally, International Assets Investment Management LLC purchased a new position in Bar Harbor Bankshares during the fourth quarter valued at approximately $1,177,000. 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.

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