Bar Harbor Bankshares (NYSEAMERICAN:BHB) Hits New 52-Week High – Time to Buy?

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $37.22 and last traded at $37.22, with a volume of 56685 shares. The stock had previously closed at $36.29.

Analyst Upgrades and Downgrades

Separately, Piper Sandler increased their price target on Bar Harbor Bankshares from $38.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $36.50.

Bar Harbor Bankshares Trading Up 2.6%

The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The stock has a market capitalization of $623.06 million, a P/E ratio of 15.19 and a beta of 0.61. The firm’s 50-day simple moving average is $35.02 and its 200 day simple moving average is $33.58.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.02. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The company had revenue of $47.29 billion during the quarter, compared to analyst estimates of $48.22 million. Equities research analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current fiscal year.

Bar Harbor Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 21st were given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 3.7%. This is a positive change from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, May 21st. Bar Harbor Bankshares’s dividend payout ratio (DPR) is presently 47.72%.

Insider Activity

In related news, Director Matthew L. Caras purchased 760 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were bought at an average price of $34.68 per share, with a total value of $26,356.80. Following the completion of the acquisition, the director owned 22,894 shares of the company’s stock, valued at approximately $793,963.92. This represents a 3.43% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 3.37% of the company’s stock.

Institutional Investors Weigh In On Bar Harbor Bankshares

Institutional investors and hedge funds have recently modified their holdings of the stock. Empowered Funds LLC boosted its position in shares of Bar Harbor Bankshares by 9.5% in the 1st quarter. Empowered Funds LLC now owns 67,110 shares of the financial services provider’s stock valued at $2,178,000 after purchasing an additional 5,832 shares during the period. The Manufacturers Life Insurance Company lifted its stake in Bar Harbor Bankshares by 11.4% during the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock valued at $12,157,000 after buying an additional 38,274 shares in the last quarter. Quantinno Capital Management LP boosted its holdings in shares of Bar Harbor Bankshares by 44.8% in the first quarter. Quantinno Capital Management LP now owns 30,915 shares of the financial services provider’s stock worth $1,003,000 after buying an additional 9,570 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Bar Harbor Bankshares by 52.3% in the first quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock worth $5,980,000 after buying an additional 63,300 shares during the period. Finally, Dimensional Fund Advisors LP increased its position in shares of Bar Harbor Bankshares by 1.8% in the first quarter. Dimensional Fund Advisors LP now owns 892,121 shares of the financial services provider’s stock worth $28,949,000 after acquiring an additional 16,153 shares in the last quarter. 54.49% of the stock is owned by institutional investors and hedge funds.

About Bar Harbor Bankshares

Bar Harbor Bankshares, Inc is a bank holding company headquartered in Ellsworth, Maine, and the parent of Bar Harbor Bank & Trust. The company provides a full suite of commercial and consumer banking products and services, including deposit accounts, residential and commercial lending, wealth management, treasury and cash management, and online and mobile banking solutions. Its subsidiary, Bar Harbor Bank & Trust, operates branches across Maine and eastern New Hampshire, serving both individual and business clients with a focus on community banking relationships.

With roots tracing back to the late 19th century, Bar Harbor Bankshares has built its presence along the coast of Maine, extending from Casco Bay to Downeast communities, and into neighboring New Hampshire markets.