Bar Harbor Bankshares (NYSEAMERICAN:BHB) Shares Pass Above 50 Day Moving Average – Here’s What Happened

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB)’s share price crossed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $35.02 and traded as high as $36.82. Bar Harbor Bankshares shares last traded at $36.29, with a volume of 128,882 shares changing hands.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their price target on Bar Harbor Bankshares from $38.00 to $39.00 and gave the company an “overweight” rating in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $36.50.

Bar Harbor Bankshares Stock Performance

The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.94 and a current ratio of 0.94. The firm’s 50 day moving average is $35.02 and its 200-day moving average is $33.58. The firm has a market cap of $607.49 million, a price-to-earnings ratio of 14.81 and a beta of 0.61.

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

Bar Harbor Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 21st were paid a dividend of $0.34 per share. This is a boost from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. The ex-dividend date was Thursday, May 21st. This represents a $1.36 annualized dividend and a dividend yield of 3.7%. Bar Harbor Bankshares’s dividend payout ratio is currently 47.72%.

Insider Activity at Bar Harbor Bankshares

In related news, Director Matthew L. Caras acquired 760 shares of the business’s stock in a transaction that occurred on Tuesday, April 28th. The shares were acquired at an average cost of $34.68 per share, with a total value of $26,356.80. Following the purchase, the director owned 22,894 shares of the company’s stock, valued at approximately $793,963.92. The trade was a 3.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.37% of the company’s stock.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of large investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP raised its position 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 valued at $28,949,000 after purchasing an additional 16,153 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Bar Harbor Bankshares by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock worth $26,338,000 after buying an additional 21,589 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Bar Harbor Bankshares by 9.1% during the 4th 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 during the period. The Manufacturers Life Insurance Company grew its stake in Bar Harbor Bankshares by 11.4% in the 1st quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock valued at $12,157,000 after buying an additional 38,274 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in Bar Harbor Bankshares by 52.3% in the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock valued at $5,980,000 after buying an additional 63,300 shares during the last quarter. Institutional investors own 54.49% of the company’s stock.

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.