State of New Jersey Common Pension Fund D Makes New Investment in Bar Harbor Bankshares $BHB

Key Points

• The State of New Jersey Common Pension Fund D has acquired 76,601 shares of Bar Harbor Bankshares, valued at approximately $2.26 million, representing a 0.50% ownership stake in the company.
• Several institutional investors increased their holdings in Bar Harbor Bankshares, with notable growth from KLP Kapitalforvaltning AS by 228.6% and Moors & Cabot Inc. by 321.8% in the first quarter.
• Bar Harbor Bankshares declared a quarterly dividend of $0.32 per share, yielding 4.2%, with payment set for September 12th to investors of record as of August 14th.

State of New Jersey Common Pension Fund D purchased a new stake in shares of Bar Harbor Bankshares (NYSE:BHB - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 76,601 shares of the company's stock, valued at approximately $2,260,000. State of New Jersey Common Pension Fund D owned about 0.50% of Bar Harbor Bankshares at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of BHB. Nuveen LLC acquired a new stake in Bar Harbor Bankshares during the first quarter worth about $1,464,000. Moors & Cabot Inc. increased its position in Bar Harbor Bankshares by 321.8% during the first quarter. Moors & Cabot Inc. now owns 29,315 shares of the company's stock worth $865,000 after purchasing an additional 22,365 shares during the last quarter. Vanguard Group Inc. increased its position in Bar Harbor Bankshares by 1.7% during the first quarter. Vanguard Group Inc. now owns 807,331 shares of the company's stock worth $23,816,000 after purchasing an additional 13,243 shares during the last quarter. KLP Kapitalforvaltning AS increased its position in Bar Harbor Bankshares by 228.6% during the first quarter. KLP Kapitalforvaltning AS now owns 11,500 shares of the company's stock worth $339,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its position in Bar Harbor Bankshares by 13.2% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 26,291 shares of the company's stock worth $776,000 after purchasing an additional 3,072 shares during the last quarter. 54.49% of the stock is currently owned by institutional investors and hedge funds.

Bar Harbor Bankshares Stock Performance

BHB traded up $0.25 on Wednesday, hitting $32.33. The company had a trading volume of 58,503 shares, compared to its average volume of 44,281. The stock has a market cap of $539.36 million, a price-to-earnings ratio of 12.53 and a beta of 0.69. Bar Harbor Bankshares has a 1 year low of $26.43 and a 1 year high of $38.47. The stock's fifty day simple moving average is $30.75.

Bar Harbor Bankshares Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on BHB shares. Wall Street Zen started coverage on shares of Bar Harbor Bankshares in a research report on Friday, May 16th. They set a "hold" rating for the company. Piper Sandler upgraded shares of Bar Harbor Bankshares from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $34.00 to $35.00 in a research report on Tuesday, August 5th. One research analyst has rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of "Buy" and an average 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.