Empowered Funds LLC Invests $2.73 Million in Bar Harbor Bankshares, Inc. $BHB

Key Points

• Empowered Funds LLC acquired 72,312 shares of Bar Harbor Bankshares in the second quarter, valued at approximately $2.73 million and representing about 0.43% of the company. Institutional investors collectively own 54.49% of BHB.
• Analyst sentiment is mixed: Piper Sandler raised its price target to $44 with an overweight rating, while Keefe, Bruyette & Woods maintained a market perform rating and Zacks Research downgraded the stock to strong sell. The consensus rating is Hold with a $41 price target.
• BHB recently exceeded quarterly earnings expectations, reporting $0.92 in EPS versus $0.90 forecast and $49.68 million in revenue. The company declared a quarterly dividend of $0.34 per share, equivalent to a 3.4% annualized yield.

Empowered Funds LLC acquired a new position in shares of Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 72,312 shares of the financial services provider's stock, valued at approximately $2,731,000. Empowered Funds LLC owned approximately 0.43% of Bar Harbor Bankshares as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Russell Investments Group Ltd. acquired a new position in Bar Harbor Bankshares during the 3rd quarter worth approximately $38,000. Clearstead Advisors LLC raised its holdings in shares of Bar Harbor Bankshares by 192.6% in the fourth quarter. Clearstead Advisors LLC now owns 1,384 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 911 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in shares of Bar Harbor Bankshares in the fourth quarter valued at approximately $48,000. Legal & General Group Plc bought a new stake in shares of Bar Harbor Bankshares in the second quarter worth $61,000. Finally, CWM LLC lifted its position in shares of Bar Harbor Bankshares by 52.9% in the fourth quarter. CWM LLC now owns 1,778 shares of the financial services provider's stock worth $55,000 after purchasing an additional 615 shares in the last quarter. Institutional investors and hedge funds own 54.49% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on BHB. Piper Sandler reaffirmed an "overweight" rating and issued a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a research report on Tuesday, July 28th. Keefe, Bruyette & Woods boosted their price target on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the stock a "market perform" rating in a research report on Wednesday, July 22nd. Finally, Zacks Research downgraded shares of Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $41.00.

Bar Harbor Bankshares Stock Performance

Shares of BHB stock opened at $39.81 on Thursday. The stock has a market cap of $667.61 million, a P/E ratio of 13.45 and a beta of 0.60. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96. The company has a fifty day moving average price of $38.98 and a two-hundred day moving average price of $35.83. Bar Harbor Bankshares, Inc. has a one year low of $28.11 and a one year high of $41.08.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate 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%. As a group, equities analysts predict that Bar Harbor Bankshares, Inc. will post 3.6 EPS for the current year.

Bar Harbor Bankshares Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 18th. Shareholders 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 of this dividend is Thursday, August 20th. Bar Harbor Bankshares's payout ratio is 47.72%.

Bar Harbor Bankshares Company 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.

Want to see what other hedge funds are holding BHB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report).

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.