BlackRock Inc. Purchases New Holdings in Bar Harbor Bankshares, Inc. $BHB

Key Points

• BlackRock purchased 1.62 million shares of Bar Harbor Bankshares during the second quarter, valued at approximately $61.1 million, giving it a 9.66% stake. Institutional investors collectively own 54.49% of the company.
• Bar Harbor Bankshares reported quarterly earnings of $0.92 per share, exceeding analyst expectations, while revenue of $49.68 million also topped estimates. The stock recently traded at $39.40, near its 52-week high of $41.08.
• The company declared a quarterly dividend of $0.34 per share, equivalent to a 3.5% annual yield. Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $41.00.

BlackRock Inc. purchased a new position in Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,617,904 shares of the financial services provider's stock, valued at approximately $61,092,000. BlackRock Inc. owned approximately 9.66% of Bar Harbor Bankshares at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its holdings in shares of Bar Harbor Bankshares by 1.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 892,121 shares of the financial services provider's stock valued at $28,949,000 after buying an additional 16,153 shares during the period. Vanguard Group Inc. increased its position in Bar Harbor Bankshares by 2.6% during the third quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider's stock valued at $26,338,000 after acquiring an additional 21,589 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Bar Harbor Bankshares by 9.1% in the fourth quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider's stock valued at $12,747,000 after acquiring an additional 34,306 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in Bar Harbor Bankshares by 11.4% in the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider's stock valued at $12,157,000 after acquiring an additional 38,274 shares during the period. Finally, Renaissance Technologies LLC boosted its position in Bar Harbor Bankshares by 52.3% in the first 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. 54.49% of the stock is owned by institutional investors.

Bar Harbor Bankshares Stock Performance

Shares of NYSEAMERICAN:BHB opened at $39.40 on Monday. The firm has a fifty day simple moving average of $38.85 and a two-hundred day simple moving average of $35.74. Bar Harbor Bankshares, Inc. has a 52 week low of $28.11 and a 52 week 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 has a market capitalization of $660.74 million, a P/E ratio of 13.31 and a beta of 0.60.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. The company had revenue of $49.68 million for the quarter, compared to analyst estimates of $49.32 million. Bar Harbor Bankshares had a net margin of 18.46% and a return on equity of 11.41%. On average, analysts expect that Bar Harbor Bankshares, Inc. will post 3.6 earnings per share for the current fiscal year.

Bar Harbor Bankshares Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts have recently commented on the stock. Piper Sandler reaffirmed an "overweight" rating and set a $44.00 price target (up from $41.00) on shares of Bar Harbor Bankshares in a research report on Tuesday, July 28th. Zacks Research lowered shares of Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a report on Wednesday, July 22nd. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Bar Harbor Bankshares presently has a consensus rating of "Hold" and an average price target 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.