Nuveen LLC Buys New Shares in Bar Harbor Bankshares $BHB

Key Points

• Nuveen LLC acquired 49,637 shares of Bar Harbor Bankshares, valued at approximately $1.464 million, indicating growing institutional interest in the company.
• Bar Harbor Bankshares announced a quarterly dividend of $0.32 per share, resulting in a yield of 4.0%, with a payout ratio of 49.61%.
• Analysts have a consensus rating of "Buy" for Bar Harbor Bankshares, with a target price set at $35.00, reflecting optimism about the company's future performance.

Nuveen LLC acquired a new position in Bar Harbor Bankshares (NYSE:BHB - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 49,637 shares of the company's stock, valued at approximately $1,464,000. Nuveen LLC owned about 0.32% of Bar Harbor Bankshares as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Bar Harbor Bankshares by 13.2% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,291 shares of the company's stock worth $776,000 after acquiring an additional 3,072 shares during the last quarter. Vanguard Group Inc. raised its holdings in Bar Harbor Bankshares by 1.7% in the 1st quarter. Vanguard Group Inc. now owns 807,331 shares of the company's stock worth $23,816,000 after acquiring an additional 13,243 shares during the last quarter. Moors & Cabot Inc. raised its holdings in Bar Harbor Bankshares by 321.8% in the 1st quarter. Moors & Cabot Inc. now owns 29,315 shares of the company's stock worth $865,000 after acquiring an additional 22,365 shares during the last quarter. KLP Kapitalforvaltning AS raised its holdings in Bar Harbor Bankshares by 228.6% in the 1st quarter. KLP Kapitalforvaltning AS now owns 11,500 shares of the company's stock worth $339,000 after acquiring an additional 8,000 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Bar Harbor Bankshares by 33.5% in the 1st quarter. Nisa Investment Advisors LLC now owns 1,713 shares of the company's stock worth $51,000 after acquiring an additional 430 shares during the last quarter. 54.49% of the stock is currently owned by hedge funds and other institutional investors.

Bar Harbor Bankshares Stock Up 0.4%

Shares of BHB stock traded up $0.14 during mid-day trading on Thursday, reaching $31.98. 8,556 shares of the company's stock traded hands, compared to its average volume of 44,024. Bar Harbor Bankshares has a 12 month low of $26.43 and a 12 month high of $38.47. The firm's 50 day moving average price is $31.06. The stock has a market cap of $533.52 million, a price-to-earnings ratio of 12.40 and a beta of 0.71.

Bar Harbor Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Stockholders of record on Thursday, August 14th will be given a dividend of $0.32 per share. The ex-dividend date of this dividend is Thursday, August 14th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. Bar Harbor Bankshares's payout ratio is presently 49.61%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Wall Street Zen assumed coverage on shares of Bar Harbor Bankshares in a research report on Friday, May 16th. They issued a "hold" rating for the company. Piper Sandler raised shares of Bar Harbor Bankshares from a "neutral" rating to an "overweight" rating and lifted their target price for the stock from $34.00 to $35.00 in a research report on Tuesday, August 5th. One analyst has rated the stock with a Buy rating, Based on data from MarketBeat, Bar Harbor Bankshares currently has an average rating of "Buy" and a consensus price target of $35.00.

Bar Harbor Bankshares Company Profile

Bar Harbor Bankshares operates as the holding company for Bar Harbor Bank & Trust that provides commercial, lending, retail, and wealth management banking services. It accepts various deposit products, including interest-bearing and non-interest-bearing demand accounts, savings accounts, time deposits, and money market deposit accounts, as well as certificates of deposit.