Bank of America Corp DE Purchases New Stake in Bar Harbor Bankshares, Inc. $BHB

Key Points

• Bank of America acquired 55,813 shares of Bar Harbor Bankshares in the second quarter, worth approximately $2.1 million and representing about 0.33% of the company. Institutional investors collectively own 54.49% of BHB.
• Analysts maintain a generally neutral outlook, with one Buy and two Hold ratings and a consensus price target of $41.00. Piper Sandler raised its target to $44, while Keefe, Bruyette & Woods lifted its target to $38.
• BHB recently traded at $38.69 and reported quarterly EPS of $0.92, exceeding the $0.90 consensus estimate. The company pays a quarterly dividend of $0.34 per share, equivalent to a 3.5% annual yield.

Bank of America Corp DE bought a new position in Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 55,813 shares of the financial services provider's stock, valued at approximately $2,107,000. Bank of America Corp DE owned about 0.33% of Bar Harbor Bankshares as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of BHB. Clearstead Advisors LLC increased its position in Bar Harbor Bankshares by 192.6% during the fourth quarter. Clearstead Advisors LLC now owns 1,384 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 911 shares during the last quarter. Legal & General Group Plc purchased a new position in Bar Harbor Bankshares in the second quarter worth about $61,000. Eurizon Capital SGR S.p.A. purchased a new position in Bar Harbor Bankshares in the fourth quarter worth about $111,000. Northwestern Mutual Wealth Management Co. bought a new stake in shares of Bar Harbor Bankshares during the 2nd quarter valued at about $200,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Bar Harbor Bankshares during the 2nd quarter valued at about $223,000. Hedge funds and other institutional investors own 54.49% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BHB. Keefe, Bruyette & Woods boosted their price objective on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a research report on Wednesday, July 22nd. Zacks Research raised Bar Harbor Bankshares from a "strong sell" rating to a "hold" rating in a report on Friday, September 25th. Finally, 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 research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $41.00.

Bar Harbor Bankshares Trading Down 0.3%

Shares of Bar Harbor Bankshares stock opened at $38.69 on Thursday. The firm has a market cap of $648.83 million, a price-to-earnings ratio of 13.07 and a beta of 0.60. The business has a 50-day moving average price of $39.83 and a 200-day moving average price of $36.79. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.51. Bar Harbor Bankshares, Inc. has a twelve month low of $28.11 and a twelve month high of $41.12.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.90 by $0.02. Bar Harbor Bankshares had a return on equity of 11.41% and a net margin of 18.46%.The firm had revenue of $49.68 million for the quarter, compared to analysts' expectations of $49.32 million. Equities research analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.6 EPS for the current fiscal year.

Bar Harbor Bankshares Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, August 20th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Thursday, August 20th. Bar Harbor Bankshares's dividend payout ratio is currently 47.72%.

Bar Harbor Bankshares Profile

Bar Harbor Bankshares is the holding company for Bar Harbor Bank & Trust, a community banking organization headquartered in Bar Harbor, Maine. The bank provides financial services to individuals, families, businesses and nonprofit organizations through branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services, online and mobile banking, and wealth management.

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