The Manufacturers Life Insurance Company Makes New Investment in Bar Harbor Bankshares, Inc. $BHB

Key Points

• The Manufacturers Life Insurance Company bought 372,372 shares of Bar Harbor Bankshares worth approximately $14.1 million, giving it a 2.22% stake. Institutional investors collectively own 54.49% of the company.
• Analyst views are mixed, with a consensus “Hold” rating and an average price target of $41.00. Recent targets range from $38 to $44, while Zacks downgraded the stock to “strong sell.”
• Bar Harbor Bankshares beat quarterly earnings expectations with $0.92 in EPS and $49.68 million in revenue. The company also declared a quarterly dividend of $0.34, representing a 3.5% annualized yield.

The Manufacturers Life Insurance Company purchased a new position in Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 372,372 shares of the financial services provider's stock, valued at approximately $14,061,000. The Manufacturers Life Insurance Company owned about 2.22% of Bar Harbor Bankshares at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of BHB. Russell Investments Group Ltd. bought a new stake in Bar Harbor Bankshares in the 3rd quarter valued at about $38,000. Clearstead Advisors LLC raised its stake in shares of Bar Harbor Bankshares by 192.6% during 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 in the last quarter. Kestra Advisory Services LLC acquired a new position in Bar Harbor Bankshares during the 4th quarter valued at about $48,000. CWM LLC boosted its holdings 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 valued at $55,000 after acquiring an additional 615 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in Bar Harbor Bankshares during the first quarter worth approximately $73,000. Institutional investors and hedge funds own 54.49% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on BHB shares. Keefe, Bruyette & Woods raised their target price on Bar Harbor Bankshares from $36.00 to $38.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Zacks Research downgraded Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a report on Tuesday, July 28th. Finally, Piper Sandler reissued 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. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Bar Harbor Bankshares has a consensus rating of "Hold" and an average price target of $41.00.

Bar Harbor Bankshares Stock Performance

Shares of BHB opened at $39.40 on Friday. Bar Harbor Bankshares, Inc. has a 52 week low of $28.11 and a 52 week high of $41.08. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 0.96. The company has a market capitalization of $660.74 million, a PE ratio of 13.31 and a beta of 0.60. The company's 50 day moving average price is $38.85 and its 200 day moving average price is $35.73.

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

Bar Harbor Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be paid a $0.34 dividend. 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 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.

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