Bank of New York Mellon Corp Acquires Shares of 87,146 Bar Harbor Bankshares, Inc. $BHB

Key Points

• Bank of New York Mellon acquired 87,146 shares of Bar Harbor Bankshares valued at approximately $3.29 million, taking a roughly 0.52% stake. Institutional investors collectively own 54.49% of the company.
• Bar Harbor Bankshares reported quarterly EPS of $0.92, exceeding the $0.90 consensus estimate, while revenue reached $49.68 million. The company also declared a quarterly dividend of $0.34 per share, equating to a 3.4% annualized yield.
• Analyst sentiment remains mixed, with ratings ranging from strong sell to overweight; the overall consensus is Hold with an average price target of $41, compared with the stock’s reported price of $40.39.

Bank of New York Mellon Corp bought a new position in shares of Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 87,146 shares of the financial services provider's stock, valued at approximately $3,291,000. Bank of New York Mellon Corp owned approximately 0.52% of Bar Harbor Bankshares as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of BHB. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Bar Harbor Bankshares by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the financial services provider's stock valued at $264,000 after purchasing an additional 390 shares in the last quarter. Rhumbline Advisers grew its stake in Bar Harbor Bankshares by 1.9% during the second quarter. Rhumbline Advisers now owns 23,420 shares of the financial services provider's stock worth $702,000 after buying an additional 446 shares in the last quarter. CWM LLC increased its holdings in Bar Harbor Bankshares by 52.9% in the 4th quarter. CWM LLC now owns 1,778 shares of the financial services provider's stock valued at $55,000 after buying an additional 615 shares during the period. Rockland Trust Co. increased its holdings in Bar Harbor Bankshares by 4.0% in the 2nd quarter. Rockland Trust Co. now owns 18,481 shares of the financial services provider's stock valued at $698,000 after buying an additional 715 shares during the period. Finally, Inspire Investing LLC raised its position in shares of Bar Harbor Bankshares by 5.0% in the 1st quarter. Inspire Investing LLC now owns 15,769 shares of the financial services provider's stock valued at $512,000 after buying an additional 757 shares in the last quarter. Institutional investors own 54.49% of the company's stock.

Bar Harbor Bankshares Stock Performance

NYSEAMERICAN:BHB opened at $40.39 on Monday. Bar Harbor Bankshares, Inc. has a twelve month low of $28.11 and a twelve month high of $41.08. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.51. The stock's 50-day simple moving average is $39.06 and its 200 day simple moving average is $35.91. The firm has a market capitalization of $677.34 million, a PE ratio of 13.65 and a beta of 0.60.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last issued 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. The firm had revenue of $49.68 million during the quarter, compared to the consensus estimate of $49.32 million. Bar Harbor Bankshares had a return on equity of 11.41% and a net margin of 18.46%. On average, analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.6 EPS for the current fiscal year.

Bar Harbor Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 18th. Investors of record on Thursday, August 20th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date is Thursday, August 20th. Bar Harbor Bankshares's dividend payout ratio is currently 47.72%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on BHB shares. Zacks Research downgraded shares of Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Piper Sandler reissued an "overweight" rating and issued a $44.00 price objective (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday, July 28th. Finally, 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. One investment analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $41.00.

Bar Harbor Bankshares 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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