Bar Harbor Bankshares (NYSEAMERICAN:BHB) Plans Dividend Increase – $0.30 Per Share

Bar Harbor Bankshares (NYSEAMERICAN:BHB) declared a dividend on Thursday, April 18th, NASDAQ reports. Shareholders of record on Thursday, May 16th will be given a dividend of 0.30 per share by the financial services provider on Friday, June 14th. The ex-dividend date of this dividend is Wednesday, May 15th. This is a positive change from Bar Harbor Bankshares’s previous dividend of $0.22.

Bar Harbor Bankshares has raised its dividend by an average of 7.7% per year over the last three years and has raised its dividend annually for the last 3 consecutive years. Bar Harbor Bankshares has a payout ratio of 40.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Bar Harbor Bankshares to earn $2.83 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 39.6%.

Bar Harbor Bankshares Stock Performance

BHB opened at $25.48 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.77. The stock has a market cap of $387.04 million, a price-to-earnings ratio of 8.64 and a beta of 0.74. Bar Harbor Bankshares has a 52-week low of $19.55 and a 52-week high of $30.37.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last issued its quarterly earnings data on Thursday, April 18th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.01. Bar Harbor Bankshares had a net margin of 21.36% and a return on equity of 10.92%. The firm had revenue of $36.64 million for the quarter, compared to analysts’ expectations of $37.10 million. On average, sell-side analysts predict that Bar Harbor Bankshares will post 2.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Bar Harbor Bankshares

Institutional investors have recently made changes to their positions in the business. American Century Companies Inc. increased its holdings in Bar Harbor Bankshares by 98.1% in the 1st quarter. American Century Companies Inc. now owns 71,543 shares of the financial services provider’s stock worth $1,828,000 after acquiring an additional 35,436 shares in the last quarter. Bank of Montreal Can purchased a new stake in Bar Harbor Bankshares during the 1st quarter valued at approximately $972,000. State Street Corp grew its holdings in Bar Harbor Bankshares by 9.9% during the 1st quarter. State Street Corp now owns 337,092 shares of the financial services provider’s stock valued at $8,916,000 after buying an additional 30,417 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in Bar Harbor Bankshares by 6.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 452,043 shares of the financial services provider’s stock valued at $12,937,000 after buying an additional 28,851 shares in the last quarter. Finally, FMR LLC grew its holdings in Bar Harbor Bankshares by 2.3% during the 2nd quarter. FMR LLC now owns 1,103,143 shares of the financial services provider’s stock valued at $28,527,000 after buying an additional 25,119 shares in the last quarter. Institutional investors own 54.49% of the company’s stock.

Analyst Ratings Changes

Separately, TheStreet cut shares of Bar Harbor Bankshares from a “b” rating to a “c+” rating in a research note on Monday, March 11th.

About Bar Harbor Bankshares

Bar Harbor Bankshares operates as the holding company for Bar Harbor Bank & Trust that provides banking and nonbanking products and services primarily to consumers and businesses. It accepts various deposit products, including interest-bearing and non-interest-bearing demand accounts, savings accounts, time deposits, and money market deposit accounts, as well as certificates of deposit.