Bar Harbor Bankshares (NYSE:BHB) Upgraded at Piper Sandler

Key Points

• Piper Sandler has upgraded Bar Harbor Bankshares (NYSE:BHB) from a "neutral" to an "overweight" rating, setting a price target of $35.00, indicating a potential upside of 20.69%.
• Institutional investors are actively reshaping their stakes in Bar Harbor Bankshares, with notable increases from Nisa Investment Advisors LLC and MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. in the first quarter.
• Bar Harbor Bankshares currently has a market capitalization of $444.19 million and has seen its stock price fluctuate between a one-year low of $26.43 and a high of $38.47.

Piper Sandler upgraded shares of Bar Harbor Bankshares (NYSE:BHB - Free Report) from a neutral rating to an overweight rating in a report released on Tuesday, MarketBeat Ratings reports. Piper Sandler currently has $35.00 price target on the stock, up from their prior price target of $34.00.

Separately, Wall Street Zen started coverage on shares of Bar Harbor Bankshares in a report on Friday, May 16th. They issued a "hold" rating for the company.

Bar Harbor Bankshares Price Performance

Bar Harbor Bankshares stock traded up $0.21 during midday trading on Tuesday, reaching $30.10. 45,238 shares of the company traded hands, compared to its average volume of 43,508. Bar Harbor Bankshares has a 12 month low of $26.43 and a 12 month high of $38.47. The company's 50 day simple moving average is $30.10. The stock has a market cap of $461.04 million, a price-to-earnings ratio of 11.67 and a beta of 0.69.

Bar Harbor Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 12th. Shareholders of record on Thursday, August 14th will be given 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 4.3%. Bar Harbor Bankshares's dividend payout ratio is 49.61%.

Hedge Funds Weigh In On Bar Harbor Bankshares

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in Bar Harbor Bankshares by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 807,331 shares of the company's stock valued at $23,816,000 after purchasing an additional 13,243 shares in the last quarter. Bar Harbor Wealth Management lifted its stake in shares of Bar Harbor Bankshares by 4.2% during the 2nd quarter. Bar Harbor Wealth Management now owns 477,541 shares of the company's stock worth $14,307,000 after purchasing an additional 19,065 shares during the last quarter. Bridgeway Capital Management LLC grew its position in shares of Bar Harbor Bankshares by 3.9% in the 1st quarter. Bridgeway Capital Management LLC now owns 100,510 shares of the company's stock worth $2,965,000 after buying an additional 3,754 shares during the last quarter. CSM Advisors LLC acquired a new position in shares of Bar Harbor Bankshares during the second quarter worth $2,690,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in Bar Harbor Bankshares during the 1st quarter valued at about $2,260,000. 54.49% of the stock is owned by hedge funds and other institutional investors.

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.