Bar Harbor Bankshares (NYSEAMERICAN:BHB) Downgraded to “Strong Sell” Rating by Zacks Research

Bar Harbor Bankshares (NYSEAMERICAN:BHB) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the company. Keefe, Bruyette & Woods raised their price objective on 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. Piper Sandler restated an “overweight” rating and set a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $41.00.

Bar Harbor Bankshares Trading Down 0.6%

Shares of BHB stock opened at $39.71 on Tuesday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. Bar Harbor Bankshares has a 12-month low of $28.06 and a 12-month high of $40.61. The stock has a market capitalization of $664.75 million, a P/E ratio of 13.42 and a beta of 0.60. The firm’s 50 day moving average is $36.96 and its 200 day moving average is $34.75.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. Bar Harbor Bankshares had a return on equity of 11.51% and a net margin of 18.46%.The company had revenue of $49.68 billion during the quarter, compared to analysts’ expectations of $49.32 million. Research analysts expect that Bar Harbor Bankshares will post 3.67 earnings per share for the current year.

Hedge Funds Weigh In On Bar Harbor Bankshares

Several institutional investors have recently bought and sold shares of BHB. Russell Investments Group Ltd. bought a new stake in Bar Harbor Bankshares in the 3rd quarter valued at $38,000. Clearstead Advisors LLC boosted its holdings in shares of Bar Harbor Bankshares by 192.6% during the 4th quarter. Clearstead Advisors LLC now owns 1,384 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 911 shares during the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Bar Harbor Bankshares during the fourth quarter valued at about $48,000. CWM LLC grew its position in shares of Bar Harbor Bankshares by 52.9% during the fourth quarter. CWM LLC now owns 1,778 shares of the financial services provider’s stock valued at $55,000 after purchasing an additional 615 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new stake in shares of Bar Harbor Bankshares in the first quarter worth about $73,000. 54.49% of the stock is owned by hedge funds and other institutional investors.

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.