Bar Harbor Bankshares (NYSEAMERICAN:BHB) Sets New 12-Month High – Should You Buy?

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB)’s stock price reached a new 52-week high during mid-day trading on Monday . The company traded as high as $39.67 and last traded at $38.63, with a volume of 863510 shares traded. The stock had previously closed at $39.07.

Wall Street Analyst Weigh In

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

Bar Harbor Bankshares Stock Down 1.5%

The firm’s 50-day simple moving average is $35.40 and its 200 day simple moving average is $33.86. 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 stock has a market capitalization of $632.10 million, a P/E ratio of 15.41 and a beta of 0.61.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.86 by $0.02. The company had revenue of $47.29 billion during the quarter, compared to analysts’ expectations of $48.22 million. Bar Harbor Bankshares had a return on equity of 10.95% and a net margin of 15.90%. As a group, research analysts expect that Bar Harbor Bankshares, Inc. will post 3.67 EPS for the current year.

Bar Harbor Bankshares Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Thursday, May 21st were paid a $0.34 dividend. This is a positive change from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. This represents a $1.36 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date was Thursday, May 21st. Bar Harbor Bankshares’s dividend payout ratio is 47.72%.

Insiders Place Their Bets

In related news, Director Matthew L. Caras purchased 760 shares of the stock in a transaction on Tuesday, April 28th. The shares were purchased at an average price of $34.68 per share, with a total value of $26,356.80. Following the transaction, the director directly owned 22,894 shares of the company’s stock, valued at $793,963.92. This trade represents a 3.43% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.37% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Bar Harbor Bankshares

Several hedge funds and other institutional investors have recently made changes to their positions in BHB. Royal Bank of Canada raised its position in Bar Harbor Bankshares by 11.1% during the first quarter. Royal Bank of Canada now owns 50,501 shares of the financial services provider’s stock worth $1,490,000 after acquiring an additional 5,036 shares in the last quarter. AQR Capital Management LLC lifted its stake in Bar Harbor Bankshares by 36.6% in the first quarter. AQR Capital Management LLC now owns 10,964 shares of the financial services provider’s stock valued at $323,000 after acquiring an additional 2,939 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Bar Harbor Bankshares by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the financial services provider’s stock valued at $264,000 after acquiring an additional 390 shares during the period. Empowered Funds LLC grew its position in shares of Bar Harbor Bankshares by 8.2% in the 1st quarter. Empowered Funds LLC now owns 49,544 shares of the financial services provider’s stock valued at $1,462,000 after acquiring an additional 3,754 shares during the period. Finally, Jane Street Group LLC acquired a new position in shares of Bar Harbor Bankshares during the 1st quarter worth about $522,000. 54.49% of the stock is owned by institutional investors.

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.