Bar Harbor Bankshares (NYSEAMERICAN:BHB) Sets New 12-Month High - Here's Why

Key Points

• Bar Harbor Bankshares hit a new 52-week high, reaching $42.89 intraday and trading at $42.08, up from its previous close of $41.16.
• Analysts’ consensus rating is Hold, with an average price target of $41.00; Piper Sandler raised its target to $44.00 while maintaining an Overweight rating.
• Quarterly earnings per share of $1.04 matched estimates, while revenue of $51.49 million came in slightly below expectations. The company also declared a $0.34 quarterly dividend, equivalent to a 3.2% yield.

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $42.89 and last traded at $42.08, with a volume of 5,507 shares traded. The stock had previously closed at $41.16.

Analyst Upgrades and Downgrades

BHB has been the topic of a number of analyst reports. Keefe, Bruyette & Woods reiterated a "market perform" rating on shares of Bar Harbor Bankshares in a report on Friday, October 23rd. Piper Sandler reissued an "overweight" rating and issued a $44.00 price target (up from $41.00) on shares of Bar Harbor Bankshares in a report 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 given a Hold rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $41.00.

Bar Harbor Bankshares Stock Performance

The firm has a market cap of $709.87 million, a PE ratio of 12.52 and a beta of 0.62. The stock has a 50-day moving average price of $39.55 and a 200 day moving average price of $36.48. The company has a debt-to-equity ratio of 0.51, a current ratio of 0.96 and a quick ratio of 0.96.

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

Bar Harbor Bankshares Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 18th. Stockholders of record on Thursday, November 19th will be paid a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, November 19th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 3.2%. Bar Harbor Bankshares's dividend payout ratio is currently 47.72%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. BlackRock Inc. purchased a new position in Bar Harbor Bankshares during the second quarter worth approximately $61,092,000. Dimensional Fund Advisors LP boosted its holdings in shares of Bar Harbor Bankshares by 1.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 892,121 shares of the financial services provider's stock valued at $28,949,000 after purchasing an additional 16,153 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Bar Harbor Bankshares by 11.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider's stock valued at $12,157,000 after purchasing an additional 38,274 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Bar Harbor Bankshares by 52.3% during the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider's stock valued at $5,980,000 after buying an additional 63,300 shares during the period. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Bar Harbor Bankshares during the 2nd quarter valued at $3,291,000. 54.49% of the stock is currently owned by hedge funds and other institutional investors.

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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