Keefe, Bruyette & Woods Raises Bar Harbor Bankshares (NYSEAMERICAN:BHB) Price Target to $38.00

Key Points

• Keefe, Bruyette & Woods raised its price target on Bar Harbor Bankshares to $38 from $36, while keeping a market perform rating. The new target implies a slight downside from the prior close.
• The stock has also received a more bullish view from Piper Sandler, which reaffirmed an overweight rating and lifted its target to $41. Overall analyst sentiment remains Hold, with an average price target of $39.50.
• Bar Harbor Bankshares reported better-than-expected quarterly results, earning $0.92 per share versus the $0.90 estimate and posting revenue above forecasts. Shares were trading up about 1.1% to $38.44 on the day of the report.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) had its price objective boosted by analysts at Keefe, Bruyette & Woods from $36.00 to $38.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' target price points to a potential downside of 1.14% from the company's previous close.

Separately, Piper Sandler reaffirmed an "overweight" rating and set a $41.00 price target (up from $39.00) on shares of Bar Harbor Bankshares in a research report on Friday, June 26th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $39.50.

Bar Harbor Bankshares Trading Up 1.1%

Shares of BHB traded up $0.41 during trading hours on Wednesday, reaching $38.44. The stock had a trading volume of 79,657 shares, compared to its average volume of 116,044. The company has a market cap of $643.49 million, a P/E ratio of 15.68 and a beta of 0.60. Bar Harbor Bankshares has a 52 week low of $28.06 and a 52 week high of $39.67. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The firm has a 50-day moving average of $36.36 and a 200 day moving average of $34.43.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last posted its earnings results 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. Bar Harbor Bankshares had a return on equity of 10.95% and a net margin of 15.90%.The firm had revenue of $49.68 million for the quarter, compared to analyst estimates of $48.93 million. On average, sell-side analysts expect that Bar Harbor Bankshares will post 3.67 earnings per share for the current fiscal year.

Insider Activity at Bar Harbor Bankshares

In related news, Director Matthew L. Caras acquired 760 shares of the business's stock in a transaction that occurred on Tuesday, April 28th. The shares were acquired at an average cost of $34.68 per share, with a total value of $26,356.80. Following the transaction, the director owned 22,894 shares of the company's stock, valued at $793,963.92. The trade was a 3.43% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.37% of the stock is currently owned by insiders.

Institutional Trading of Bar Harbor Bankshares

Several hedge funds and other institutional investors have recently modified their holdings of BHB. Russell Investments Group Ltd. acquired a new position in shares of Bar Harbor Bankshares during the third quarter worth about $38,000. Clearstead Advisors LLC raised its position in Bar Harbor Bankshares by 192.6% in the 4th quarter. Clearstead Advisors LLC now owns 1,384 shares of the financial services provider's stock valued at $43,000 after buying an additional 911 shares during the last quarter. Kestra Advisory Services LLC acquired a new stake in Bar Harbor Bankshares in the 4th quarter valued at approximately $48,000. CWM LLC lifted its stake in Bar Harbor Bankshares by 52.9% in the 4th 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 acquired a new position in Bar Harbor Bankshares during the 1st quarter worth approximately $73,000. Institutional investors and hedge funds own 54.49% of the company's stock.

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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