Bar Harbor Bankshares (NYSEAMERICAN:BHB) Stock Rating Lowered by Zacks Research

Key Points

• Zacks Research downgraded Bar Harbor Bankshares from “hold” to “strong sell,” despite Piper Sandler maintaining an “overweight” rating and raising its price target to $44.
• The stock opened at $39.71, near its 12-month high of $40.61; analysts’ consensus remains “hold,” with an average target price of $41.
• Bar Harbor Bankshares reported quarterly EPS of $0.92, beating estimates of $0.90, while institutional investors own 54.49% of the company’s shares.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also commented on BHB. Keefe, Bruyette & Woods raised their price objective on shares of 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 reiterated an "overweight" rating and set a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a report on Tuesday. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $41.00.

Bar Harbor Bankshares Stock Performance

NYSEAMERICAN:BHB opened at $39.71 on Tuesday. The stock has a market cap of $664.75 million, a P/E ratio of 13.42 and a beta of 0.60. The firm's fifty day simple moving average is $36.96 and its 200 day simple moving average is $34.75. Bar Harbor Bankshares has a twelve month low of $28.06 and a twelve month high of $40.61. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS 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 firm had revenue of $49.68 billion during the quarter, compared to analysts' expectations of $49.32 million. As a group, research analysts predict that Bar Harbor Bankshares will post 3.67 EPS for the current year.

Institutional Trading of Bar Harbor Bankshares

A number of hedge funds have recently made changes to their positions in the stock. Focus Partners Wealth raised its stake 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 last quarter. Renaissance Technologies LLC raised its position in shares of Bar Harbor Bankshares by 52.3% in the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider's stock worth $5,980,000 after purchasing an additional 63,300 shares during the last quarter. Mercer Global Advisors Inc. ADV purchased a new position in shares of Bar Harbor Bankshares in the 4th quarter worth about $1,408,000. UBS Group AG boosted its stake in Bar Harbor Bankshares by 489.9% in the 3rd quarter. UBS Group AG now owns 48,087 shares of the financial services provider's stock worth $1,465,000 after purchasing an additional 39,935 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in 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 worth $12,157,000 after purchasing an additional 38,274 shares in the last quarter. 54.49% of the stock is owned by institutional investors.

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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