Bar Harbor Bankshares (NYSEAMERICAN:BHB) Posts Earnings Results, Meets Expectations

Bar Harbor Bankshares (NYSEAMERICAN:BHB) announced its earnings results on Tuesday. The financial services provider reported $0.92 EPS for the quarter, meeting analysts’ consensus estimates of $0.92, FiscalAI reports. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The business had revenue of $49.68 million during the quarter, compared to analysts’ expectations of $48.93 million.

Bar Harbor Bankshares Stock Performance

Shares of Bar Harbor Bankshares stock traded up $0.09 during trading hours on Tuesday, hitting $38.03. 66,833 shares of the company were exchanged, compared to its average volume of 116,311. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. The business has a 50-day moving average of $36.28 and a 200-day moving average of $34.38. Bar Harbor Bankshares has a 1 year low of $28.06 and a 1 year high of $39.67. The stock has a market capitalization of $636.62 million, a price-to-earnings ratio of 15.52 and a beta of 0.60.

Insiders Place Their Bets

In other news, Director Matthew L. Caras acquired 760 shares of the company’s stock in a transaction on Tuesday, April 28th. The shares were bought at an average cost of $34.68 per share, with a total value of $26,356.80. Following the purchase, the director owned 22,894 shares of the company’s stock, valued at $793,963.92. This represents a 3.43% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 3.37% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of hedge funds have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Bar Harbor Bankshares by 0.6% during the 3rd quarter. Dimensional Fund Advisors LP now owns 879,482 shares of the financial services provider’s stock worth $26,789,000 after purchasing an additional 5,239 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Bar Harbor Bankshares by 2.6% in the 3rd quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock valued at $26,338,000 after buying an additional 21,589 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Bar Harbor Bankshares by 9.1% in the 4th quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock valued at $12,747,000 after buying an additional 34,306 shares during the period. Boston Partners boosted its stake in shares of Bar Harbor Bankshares by 12.4% in the fourth quarter. Boston Partners now owns 146,360 shares of the financial services provider’s stock valued at $4,544,000 after buying an additional 16,156 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Bar Harbor Bankshares by 4.6% in the fourth quarter. Renaissance Technologies LLC now owns 120,984 shares of the financial services provider’s stock valued at $3,757,000 after buying an additional 5,296 shares in the last quarter. Institutional investors and hedge funds own 54.49% of the company’s stock.

Analyst Ratings Changes

Separately, Piper Sandler reissued an “overweight” rating and set a $41.00 price target (up from $39.00) on shares of Bar Harbor Bankshares in a report on Friday, June 26th. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.50.

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.