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

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

Analyst Upgrades and Downgrades

Separately, Piper Sandler raised their price objective on shares of Bar Harbor Bankshares from $38.00 to $39.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $36.50.

Bar Harbor Bankshares Price Performance

The business has a 50-day moving average of $35.12 and a 200 day moving average of $33.67. 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 firm has a market capitalization of $628.25 million, a P/E ratio of 15.32 and a beta of 0.61.

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

Bar Harbor Bankshares Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 21st were issued a dividend of $0.34 per share. The ex-dividend date was Thursday, May 21st. This is a positive change from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. This represents a $1.36 annualized dividend and a yield of 3.6%. Bar Harbor Bankshares’s dividend payout ratio is currently 47.72%.

Insider Buying and Selling at Bar Harbor Bankshares

In other Bar Harbor Bankshares news, Director Matthew L. Caras acquired 760 shares of Bar Harbor Bankshares stock in a transaction dated Tuesday, April 28th. The stock was purchased at an average cost of $34.68 per share, for a total transaction of $26,356.80. Following the completion of the acquisition, the director directly owned 22,894 shares of the company’s stock, valued at $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 can be accessed through this link. Company insiders own 3.37% of the company’s stock.

Hedge Funds Weigh In On Bar Harbor Bankshares

Hedge funds have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its stake 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 purchasing an additional 16,153 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Bar Harbor Bankshares by 2.6% during the third 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 last quarter. Geode Capital Management LLC grew its holdings in Bar Harbor Bankshares by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock worth $12,747,000 after buying an additional 34,306 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings 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 worth $12,157,000 after buying an additional 38,274 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Bar Harbor Bankshares by 52.3% during 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 in the last quarter. Institutional investors and hedge funds own 54.49% of the company’s stock.

Bar Harbor Bankshares Company Profile

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.