Foundry Financial Group Inc. Makes New Investment in Bar Harbor Bankshares, Inc. $BHB

Key Points

• Foundry Financial Group bought 28,776 shares of Bar Harbor Bankshares in the third quarter, a position valued at approximately $1.11 million. Institutional investors collectively own 54.49% of the company.
• Analyst sentiment remains cautious, with one Buy and two Hold ratings producing a consensus “Hold” rating and an average price target of $41.00.
• Bar Harbor Bankshares reported quarterly EPS of $1.04, matching estimates, and announced a quarterly dividend of $0.34 per share, representing a 3.3% annualized yield.

Foundry Financial Group Inc. bought a new position in shares of Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 28,776 shares of the financial services provider's stock, valued at approximately $1,113,000.

Several other institutional investors have also recently made changes to their positions in BHB. Silverlake Wealth Management LLC purchased a new stake in Bar Harbor Bankshares in the second quarter valued at $1,043,000. Bank of New York Mellon Corp acquired a new stake in Bar Harbor Bankshares during the 2nd quarter worth about $3,291,000. Hsbc Holdings PLC acquired a new stake in Bar Harbor Bankshares during the 2nd quarter worth about $1,137,000. Empowered Funds LLC purchased a new position in shares of Bar Harbor Bankshares during the 2nd quarter valued at about $2,731,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Bar Harbor Bankshares by 11.4% during the 1st quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider's stock valued at $12,157,000 after buying an additional 38,274 shares during the last quarter. Hedge funds and other institutional investors own 54.49% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on the company. Piper Sandler restated an "overweight" rating and issued a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday, July 28th. Zacks Research raised Bar Harbor Bankshares from a "strong sell" rating to a "hold" rating in a report on Friday, September 25th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of Bar Harbor Bankshares in a research report on Friday, October 23rd. One investment analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $41.00.

Bar Harbor Bankshares Stock Performance

BHB opened at $40.92 on Friday. The firm has a fifty day moving average price of $39.47 and a 200 day moving average price of $36.34. Bar Harbor Bankshares, Inc. has a 1 year low of $28.50 and a 1 year high of $41.31. The stock has a market cap of $686.23 million, a P/E ratio of 12.11 and a beta of 0.63. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last released its quarterly earnings results on Thursday, October 22nd. The financial services provider reported $1.04 EPS for the quarter, meeting the consensus estimate of $1.04. Bar Harbor Bankshares had a net margin of 20.95% and a return on equity of 11.69%. The company had revenue of $51.49 million for the quarter, compared to analyst estimates of $51.77 million. Equities research analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.75 earnings per share for the current year.

Bar Harbor Bankshares Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Thursday, November 19th will be given a dividend of $0.34 per share. The ex-dividend date is Thursday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.3%. Bar Harbor Bankshares's dividend payout ratio (DPR) is 47.72%.

Bar Harbor Bankshares Profile

Bar Harbor Bankshares (NYSE American: BHB) is a bank holding company for Bar Harbor Bank & Trust, a community banking institution headquartered in Bar Harbor, Maine. The bank traces its roots to 1887 and serves individuals, families, businesses and nonprofit organizations through a network of banking offices and digital channels.

Bar Harbor Bank & Trust provides a range of financial services, including checking and savings accounts, certificates of deposit, consumer and residential lending, commercial loans, cash-management services and online and mobile banking.

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