Bar Harbor Bankshares (NYSE:BHB) Lowered to Hold Rating by Zacks Research

Key Points

• Bar Harbor Bankshares' stock rating has been downgraded from a "strong-buy" to a "hold" by Zacks Research, indicating a shift in analyst sentiment.
• Piper Sandler has upgraded Bar Harbor Bankshares from "neutral" to "overweight" and increased its price target for the stock to $35.00.
• The company's stock is currently trading at $30.15, down 1.2%, and has experienced significant trading activity from institutional investors, who collectively hold 54.49% of the stock.

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

Separately, Piper Sandler upgraded Bar Harbor Bankshares from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $34.00 to $35.00 in a research note on Tuesday, August 5th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $35.00.

Bar Harbor Bankshares Stock Down 1.2%

BHB stock opened at $30.15 on Monday. Bar Harbor Bankshares has a 52-week low of $26.43 and a 52-week high of $38.47. The business's 50 day simple moving average is $31.18. The stock has a market cap of $502.99 million, a P/E ratio of 11.69 and a beta of 0.71.

Institutional Trading of Bar Harbor Bankshares

Institutional investors have recently modified their holdings of the company. CSM Advisors LLC purchased a new stake in shares of Bar Harbor Bankshares during the second quarter valued at $2,690,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Bar Harbor Bankshares during the first quarter valued at $2,260,000. Nuveen LLC purchased a new stake in shares of Bar Harbor Bankshares during the first quarter valued at $1,464,000. Trust Co. of Vermont lifted its holdings in shares of Bar Harbor Bankshares by 67.7% during the second quarter. Trust Co. of Vermont now owns 73,332 shares of the company's stock valued at $2,197,000 after purchasing an additional 29,606 shares during the last quarter. Finally, Moors & Cabot Inc. lifted its holdings in shares of Bar Harbor Bankshares by 321.8% during the first quarter. Moors & Cabot Inc. now owns 29,315 shares of the company's stock valued at $865,000 after purchasing an additional 22,365 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 operates as the holding company for Bar Harbor Bank & Trust that provides commercial, lending, retail, and wealth management banking services. It accepts various deposit products, including interest-bearing and non-interest-bearing demand accounts, savings accounts, time deposits, and money market deposit accounts, as well as certificates of deposit.

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