Bar Harbor Bankshares (NYSEAMERICAN:BHB) Issues Earnings Results, Beats Expectations By $0.02 EPS

Bar Harbor Bankshares (NYSEAMERICAN:BHB) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02, FiscalAI reports. Bar Harbor Bankshares had a return on equity of 11.11% and a net margin of 15.90%.The firm had revenue of $47.29 million during the quarter, compared to analysts’ expectations of $48.22 million.

Bar Harbor Bankshares Stock Up 0.9%

Shares of NYSEAMERICAN:BHB opened at $34.27 on Thursday. The stock’s 50-day moving average price is $33.18 and its two-hundred day moving average price is $31.98. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. Bar Harbor Bankshares has a 12-month low of $28.06 and a 12-month high of $36.05. The firm has a market cap of $573.68 million, a price-to-earnings ratio of 13.99 and a beta of 0.59.

Bar Harbor Bankshares Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 18th. Shareholders of record on Thursday, May 21st will be paid a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a yield of 4.0%. The ex-dividend date of this dividend is Thursday, May 21st. This is a positive change from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. Bar Harbor Bankshares’s dividend payout ratio is 44.91%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Bar Harbor Bankshares

A number of hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. acquired a new position in shares of Bar Harbor Bankshares in the 3rd quarter valued at about $38,000. Kestra Advisory Services LLC acquired a new position in shares of Bar Harbor Bankshares in the 4th quarter valued at about $48,000. Acadian Asset Management LLC acquired a new position in shares of Bar Harbor Bankshares in the 1st quarter valued at about $73,000. Raymond James Financial Inc. acquired a new position in shares of Bar Harbor Bankshares in the 2nd quarter valued at about $93,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of 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 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.