Bar Harbor Bankshares (NYSE:BHB) Upgraded to Overweight 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 published on Tuesday, MarketBeat.com reports. The brokerage currently has $35.00 price objective on the stock, up from their prior price objective of $34.00.

Separately, Wall Street Zen assumed coverage on shares of Bar Harbor Bankshares in a report on Friday, May 16th. They set a "hold" rating on the stock.

Bar Harbor Bankshares Stock Down 0.9%

NYSE BHB traded down $0.27 during mid-day trading on Tuesday, hitting $29.83. The company's stock had a trading volume of 52,062 shares, compared to its average volume of 43,564. The stock has a market capitalization of $456.91 million, a price-to-earnings ratio of 11.56 and a beta of 0.69. The firm's 50 day moving average price is $30.11. Bar Harbor Bankshares has a twelve month low of $26.43 and a twelve month high of $38.47.

Bar Harbor Bankshares Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 12th. Investors of record on Thursday, August 14th will be given a dividend of $0.32 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date of this dividend is Thursday, August 14th. Bar Harbor Bankshares's dividend payout ratio (DPR) is presently 49.61%.

Institutional Trading of Bar Harbor Bankshares

A number of hedge funds have recently bought and sold shares of the business. Moors & Cabot Inc. increased its position in shares of Bar Harbor Bankshares by 321.8% during the 1st quarter. Moors & Cabot Inc. now owns 29,315 shares of the company's stock valued at $865,000 after purchasing an additional 22,365 shares during the last quarter. Nisa Investment Advisors LLC grew its position in Bar Harbor Bankshares by 33.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,713 shares of the company's stock valued at $51,000 after buying an additional 430 shares during the period. KLP Kapitalforvaltning AS increased its holdings 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 buying an additional 8,000 shares during the last quarter. Trust Co. of Vermont raised its position in Bar Harbor Bankshares by 67.7% in the second quarter. Trust Co. of Vermont now owns 73,332 shares of the company's stock worth $2,197,000 after acquiring an additional 29,606 shares during the period. Finally, Westhampton Capital LLC raised its position in Bar Harbor Bankshares by 44.5% in the second quarter. Westhampton Capital LLC now owns 15,575 shares of the company's stock worth $467,000 after acquiring an additional 4,800 shares during the period. 54.49% of the stock is currently owned by 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.