Bar Harbor Bankshares (NYSEAMERICAN:BHB) Hits New 12-Month High - Here's What Happened

Key Points

• Bar Harbor Bankshares reached a new 52-week high, trading as high as $41.31 and closing near $41.01, up 1.3%.
• Analysts maintain a consensus “Hold” rating with an average price target of $41.00, although Piper Sandler raised its target to $44.00 and kept an “overweight” rating.
• The company met quarterly earnings expectations with $1.04 in EPS and announced a quarterly dividend of $0.34, representing a 3.3% annualized yield.

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Get Free Report)'s share price hit a new 52-week high on Thursday. The stock traded as high as $41.31 and last traded at $41.0140, with a volume of 8,869 shares trading hands. The stock had previously closed at $40.66.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on BHB shares. Keefe, Bruyette & Woods reissued a "market perform" rating on shares of Bar Harbor Bankshares in a research report on Friday, October 23rd. Piper Sandler restated an "overweight" rating and set a $44.00 price target (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday, July 28th. Finally, Zacks Research raised Bar Harbor Bankshares from a "strong sell" rating to a "hold" rating in a report on Friday, September 25th. One equities research analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $41.00.

Bar Harbor Bankshares Trading Up 1.3%

The company has a market cap of $689.50 million, a price-to-earnings ratio of 12.17 and a beta of 0.63. The company's fifty day moving average price is $39.44 and its two-hundred day moving average price is $36.29. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.51.

Bar Harbor Bankshares (NYSEAMERICAN:BHB - Get Free Report) last announced its earnings results on Thursday, October 22nd. The financial services provider reported $1.04 EPS for the quarter, hitting the consensus estimate of $1.04. The business had revenue of $51.49 million for the quarter, compared to the consensus estimate of $51.77 million. Bar Harbor Bankshares had a return on equity of 11.69% and a net margin of 20.95%. Research analysts expect that Bar Harbor Bankshares, Inc. will post 3.75 earnings per share for the current year.

Bar Harbor Bankshares Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Investors of record on Thursday, November 19th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.3%. The ex-dividend date is Thursday, November 19th. Bar Harbor Bankshares's payout ratio is 47.72%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of BHB. Community Financial Services Group LLC boosted its stake in Bar Harbor Bankshares by 3.2% during the 3rd quarter. Community Financial Services Group LLC now owns 11,704 shares of the financial services provider's stock worth $455,000 after acquiring an additional 360 shares during the last quarter. Rockland Trust Co. grew its holdings in Bar Harbor Bankshares by 4.0% during the second quarter. Rockland Trust Co. now owns 18,481 shares of the financial services provider's stock valued at $698,000 after purchasing an additional 715 shares during the period. Bank of New York Mellon Corp grew its holdings in Bar Harbor Bankshares by 0.9% during the first quarter. Bank of New York Mellon Corp now owns 83,681 shares of the financial services provider's stock valued at $2,715,000 after purchasing an additional 753 shares during the period. Inspire Investing LLC increased its stake in Bar Harbor Bankshares by 5.0% in the first quarter. Inspire Investing LLC now owns 15,769 shares of the financial services provider's stock valued at $512,000 after purchasing an additional 757 shares in the last quarter. Finally, Legal & General Group Plc bought a new stake in Bar Harbor Bankshares in the second quarter valued at approximately $61,000. Institutional investors and hedge funds own 54.49% of the company's stock.

Bar Harbor Bankshares Company Profile

Bar Harbor Bankshares (NYSE American: BHB) is a bank holding company for Bar Harbor Bank & Trust, a community banking institution headquartered in Bar Harbor, Maine. The bank traces its roots to 1887 and serves individuals, families, businesses and nonprofit organizations through a network of banking offices and digital channels.

Bar Harbor Bank & Trust provides a range of financial services, including checking and savings accounts, certificates of deposit, consumer and residential lending, commercial loans, cash-management services and online and mobile banking.

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