Bar Harbor Bankshares (NYSEAMERICAN:BHB) Announces Quarterly Earnings Results

Bar Harbor Bankshares (NYSEAMERICAN:BHB) announced its earnings results on Tuesday. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02, FiscalAI reports. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The firm had revenue of $49.68 million for the quarter, compared to analyst estimates of $48.93 million.

Bar Harbor Bankshares Stock Up 0.2%

NYSEAMERICAN BHB opened at $38.03 on Wednesday. The business has a fifty day moving average price of $36.36 and a two-hundred day moving average price of $34.43. The stock has a market capitalization of $636.62 million, a PE ratio of 15.52 and a beta of 0.60. Bar Harbor Bankshares has a fifty-two week low of $28.06 and a fifty-two week high of $39.67. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94.

Bar Harbor Bankshares Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Shareholders of record on Thursday, August 20th will be paid a dividend of $0.34 per share. The ex-dividend date is Thursday, August 20th. This represents a $1.36 annualized dividend and a yield of 3.6%. Bar Harbor Bankshares’s dividend payout ratio is presently 47.72%.

Analyst Upgrades and Downgrades

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

Insider Activity

In other Bar Harbor Bankshares news, Director Matthew L. Caras purchased 760 shares of the stock in a transaction dated Tuesday, April 28th. The stock was bought at an average price of $34.68 per share, with a total value of $26,356.80. Following 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 purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.37% of the company’s stock.

Institutional Trading of Bar Harbor Bankshares

Large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. acquired a new position in Bar Harbor Bankshares during the third quarter worth about $38,000. Kestra Advisory Services LLC acquired a new position in Bar Harbor Bankshares during the 4th quarter worth approximately $48,000. Acadian Asset Management LLC acquired a new position in Bar Harbor Bankshares during the 1st quarter worth approximately $73,000. Raymond James Financial Inc. bought a new position in Bar Harbor Bankshares in the 2nd quarter valued at approximately $93,000. Finally, BNP Paribas Financial Markets lifted its stake in Bar Harbor Bankshares by 137.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,599 shares of the financial services provider’s stock valued at $108,000 after purchasing an additional 2,085 shares during 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.