Bar Harbor Bankshares (NYSEAMERICAN:BHB) Reaches New 52-Week High - Here's Why

Key Points

• Bar Harbor Bankshares reached a new 52-week high, trading as high as $41.12 and closing near $40.91. The stock is up modestly, with its 50-day and 200-day moving averages at $39.34 and $36.16, respectively.
• Recent analyst views are mixed: Piper Sandler raised its target to $44 and maintained an overweight rating, while Keefe, Bruyette & Woods set a $38 market-perform target and Zacks downgraded the stock to strong sell. The consensus rating is Hold with a $41 target.
• The bank exceeded quarterly expectations, reporting $0.92 in earnings per share versus a $0.90 estimate and $49.68 million in revenue. It also declared a quarterly dividend of $0.34, equivalent to a 3.3% annualized yield.

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Get Free Report) shares hit a new 52-week high during trading on Tuesday . The stock traded as high as $41.12 and last traded at $40.91, with a volume of 69422 shares. The stock had previously closed at $40.70.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on BHB shares. Zacks Research cut Bar Harbor Bankshares from a "hold" rating to a "strong sell" rating in a research note on Tuesday, July 28th. Keefe, Bruyette & Woods increased their price target on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the stock a "market perform" rating in a research note on Wednesday, July 22nd. Finally, Piper Sandler reissued an "overweight" rating and set a $44.00 price target (up from $41.00) on shares of Bar Harbor Bankshares in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $41.00.

Bar Harbor Bankshares Stock Up 0.5%

The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a 50 day simple moving average of $39.34 and a 200-day simple moving average of $36.16. The firm has a market cap of $686.06 million, a PE ratio of 13.82 and a beta of 0.60.

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

Bar Harbor Bankshares Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be paid a $0.34 dividend. This represents a $1.36 annualized dividend and a dividend yield of 3.3%. The ex-dividend date is Thursday, August 20th. Bar Harbor Bankshares's dividend payout ratio is currently 47.72%.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of institutional investors have recently made changes to their positions in the company. Clearstead Advisors LLC boosted its position 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 buying an additional 911 shares during the last quarter. Legal & General Group Plc purchased a new position in Bar Harbor Bankshares in the 2nd quarter worth about $61,000. Eurizon Capital SGR S.p.A. bought a new position in Bar Harbor Bankshares during the 4th quarter valued at about $111,000. Northwestern Mutual Wealth Management Co. bought a new position in Bar Harbor Bankshares during the 2nd quarter valued at about $200,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Bar Harbor Bankshares during the 2nd quarter valued at about $223,000. Hedge funds and other institutional investors own 54.49% of the company's stock.

About Bar Harbor Bankshares

Bar Harbor Bankshares is the holding company for Bar Harbor Bank & Trust, a community banking organization headquartered in Bar Harbor, Maine. The bank provides financial services to individuals, families, businesses and nonprofit organizations through branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services, online and mobile banking, and wealth management.

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