Bar Harbor Bankshares (NYSE:BHB) to Issue $0.32 Quarterly Dividend

Bar Harbor Bankshares (NYSE:BHB - Get Free Report) announced a quarterly dividend on Wednesday, July 23rd, Wall Street Journal reports. Stockholders of record on Thursday, August 14th will be paid a dividend of 0.32 per share on Friday, September 12th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.22%. The ex-dividend date is Thursday, August 14th.

Bar Harbor Bankshares has a payout ratio of 39.4% indicating that its dividend is sufficiently covered by earnings.

Bar Harbor Bankshares Price Performance

Shares of NYSE BHB traded up $0.40 during midday trading on Friday, reaching $30.35. 31,541 shares of the company's stock were exchanged, compared to its average volume of 43,070. Bar Harbor Bankshares has a 52-week low of $26.43 and a 52-week high of $38.47. The company has a market capitalization of $464.87 million, a PE ratio of 11.76 and a beta of 0.65. The stock's fifty day moving average price is $30.08.

Hedge Funds Weigh In On Bar Harbor Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in BHB. Acadian Asset Management LLC acquired a new stake in Bar Harbor Bankshares in the first quarter worth approximately $73,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Bar Harbor Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the company's stock worth $264,000 after purchasing an additional 390 shares during the period. AQR Capital Management LLC lifted its position in Bar Harbor Bankshares by 36.6% in the first quarter. AQR Capital Management LLC now owns 10,964 shares of the company's stock worth $323,000 after purchasing an additional 2,939 shares during the period. Jane Street Group LLC acquired a new stake in Bar Harbor Bankshares in the first quarter worth approximately $522,000. Finally, Empowered Funds LLC lifted its position in Bar Harbor Bankshares by 8.2% in the first quarter. Empowered Funds LLC now owns 49,544 shares of the company's stock worth $1,462,000 after purchasing an additional 3,754 shares during the period. 54.49% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on BHB. Piper Sandler boosted their price objective on Bar Harbor Bankshares from $32.00 to $34.00 and gave the stock a "neutral" rating in a research report on Wednesday. Wall Street Zen began coverage on Bar Harbor Bankshares in a research report on Friday, May 16th. They set a "hold" rating for the company.

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.