Bar Harbor Bankshares (NYSEAMERICAN:BHB) Releases Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Quarterly results: Bar Harbor Bankshares reported $0.88 EPS, beating the $0.86 consensus by $0.02, but revenue missed at $47.29M versus $48.22M; net margin was 15.13% and ROE 10.48%.
• Dividend and valuation: The company pays a $0.32 quarterly dividend ($1.28 annual) for a 3.8% yield and a 44.9% payout ratio; the stock trades near $33.96 with a market cap of $568.5M and a P/E of 14.77.
• Analyst coverage and ownership: Piper Sandler initiated coverage with an "overweight" rating and $38 target (average price target $36), and institutional investors hold about 54.49% of the shares.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.88 EPS for the quarter, topping the consensus estimate of $0.86 by $0.02, FiscalAI reports. The firm had revenue of $47.29 million for the quarter, compared to analysts' expectations of $48.22 million. Bar Harbor Bankshares had a net margin of 15.13% and a return on equity of 10.48%.

Bar Harbor Bankshares Price Performance

NYSEAMERICAN:BHB traded down $0.56 during mid-day trading on Tuesday, reaching $33.96. The stock had a trading volume of 149,761 shares, compared to its average volume of 116,433. The stock has a 50-day simple moving average of $33.21 and a two-hundred day simple moving average of $31.94. The stock has a market capitalization of $568.49 million, a PE ratio of 14.77 and a beta of 0.59. Bar Harbor Bankshares has a 12 month low of $28.06 and a 12 month high of $36.05. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96.

Bar Harbor Bankshares Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 20th. Stockholders of record on Friday, February 20th were given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date was Friday, February 20th. Bar Harbor Bankshares's dividend payout ratio is presently 44.91%.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler assumed coverage on shares of Bar Harbor Bankshares in a report on Monday, March 16th. They issued an "overweight" rating and a $38.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $36.00.

Institutional Trading of Bar Harbor Bankshares

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position in Bar Harbor Bankshares by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 879,482 shares of the financial services provider's stock valued at $26,789,000 after purchasing an additional 5,239 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Bar Harbor Bankshares by 2.6% during the third quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider's stock worth $26,338,000 after purchasing an additional 21,589 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Bar Harbor Bankshares by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider's stock valued at $12,747,000 after buying an additional 34,306 shares during the period. Boston Partners increased its stake in shares of Bar Harbor Bankshares by 12.4% in the fourth quarter. Boston Partners now owns 146,360 shares of the financial services provider's stock valued at $4,544,000 after buying an additional 16,156 shares during the period. Finally, Renaissance Technologies LLC raised its holdings in Bar Harbor Bankshares by 4.6% in the 4th quarter. Renaissance Technologies LLC now owns 120,984 shares of the financial services provider's stock valued at $3,757,000 after buying an additional 5,296 shares during the last quarter. Institutional investors and hedge funds 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.

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