Bar Harbor Bankshares (NYSEAMERICAN:BHB) Stock Crosses Above 200 Day Moving Average - What's Next?

Key Points

• Bar Harbor Bankshares shares crossed above their 200-day moving average, reaching $40.97 and last trading at $40.63 versus the $35.32 average.
• Analyst sentiment is mixed: Piper Sandler maintained an “overweight” rating and raised its target to $44, while Keefe, Bruyette & Woods rated the stock “market perform” and Zacks Research downgraded it to “strong sell.” The consensus rating is “Hold,” with a $41 target.
• The company reported quarterly EPS of $0.92, ahead of the $0.90 estimate, and declared a $0.34 quarterly dividend, equivalent to a 3.3% yield and a $1.36 annualized payout.

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Get Free Report)'s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $35.32 and traded as high as $40.97. Bar Harbor Bankshares shares last traded at $40.63, with a volume of 98,791 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler reiterated an "overweight" rating and issued a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a report on Tuesday, July 28th. Keefe, Bruyette & Woods upped their price target on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. Finally, Zacks Research downgraded Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Bar Harbor Bankshares presently has an average rating of "Hold" and a consensus price target of $41.00.

Bar Harbor Bankshares Stock Performance

The firm's 50 day moving average price is $38.11 and its 200-day moving average price is $35.32. The firm has a market cap of $681.37 million, a price-to-earnings ratio of 13.73 and a beta of 0.60. 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 (NYSEAMERICAN:BHB - Get Free Report) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating 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 11.41%. The firm had revenue of $49.68 million during the quarter, compared to analysts' expectations of $49.32 million. On average, analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.6 earnings per share for the current year.

Bar Harbor Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be issued a dividend of $0.34 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.36 annualized dividend and a dividend yield of 3.3%. Bar Harbor Bankshares's payout ratio is presently 47.72%.

Institutional Investors Weigh In On Bar Harbor Bankshares

Several hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new stake in shares of Bar Harbor Bankshares during the 2nd quarter valued at about $61,092,000. Dimensional Fund Advisors LP boosted its holdings in Bar Harbor Bankshares by 1.8% during the first quarter. Dimensional Fund Advisors LP now owns 892,121 shares of the financial services provider's stock valued at $28,949,000 after purchasing an additional 16,153 shares in the last quarter. Vanguard Group Inc. boosted its holdings in 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 valued at $26,338,000 after purchasing an additional 21,589 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Bar Harbor Bankshares by 9.1% in the 4th quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider's stock valued at $12,747,000 after purchasing an additional 34,306 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Bar Harbor Bankshares by 11.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider's stock valued at $12,157,000 after purchasing an additional 38,274 shares during the period. 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.

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.

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