Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) Short Interest Up 166.5% in June

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) was the recipient of a large increase in short interest during the month of June. As of June 30th, there was short interest totaling 693,495 shares, an increase of 166.5% from the June 15th total of 260,263 shares. Based on an average daily volume of 239,241 shares, the short-interest ratio is currently 2.9 days. Approximately 4.3% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Bar Harbor Bankshares news, Director Matthew L. Caras acquired 760 shares of the firm’s stock in a transaction that occurred on Tuesday, April 28th. The stock was acquired at an average cost of $34.68 per share, with a total value of $26,356.80. Following the acquisition, the director directly owned 22,894 shares of the company’s stock, valued at $793,963.92. This represents a 3.43% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 3.37% of the company’s stock.

Institutional Trading of Bar Harbor Bankshares

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Focus Partners Wealth lifted its position in Bar Harbor Bankshares by 459.8% during the 3rd quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock worth $2,768,000 after buying an additional 74,638 shares in the last quarter. Renaissance Technologies LLC increased its position 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 acquiring an additional 63,300 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new stake in Bar Harbor Bankshares in the 4th quarter valued at about $1,408,000. UBS Group AG raised its stake in shares of Bar Harbor Bankshares by 489.9% in the third quarter. UBS Group AG now owns 48,087 shares of the financial services provider’s stock worth $1,465,000 after acquiring an additional 39,935 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Bar Harbor Bankshares by 11.4% in the first quarter. The Manufacturers Life Insurance Company now owns 374,639 shares of the financial services provider’s stock worth $12,157,000 after acquiring an additional 38,274 shares during the last quarter. Institutional investors and hedge funds own 54.49% of the company’s stock.

Bar Harbor Bankshares Price Performance

NYSEAMERICAN BHB opened at $37.47 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.94 and a quick ratio of 0.94. The firm has a market capitalization of $627.25 million, a price-to-earnings ratio of 15.29 and a beta of 0.60. The company has a 50 day simple moving average of $35.96 and a 200-day simple moving average of $34.16. Bar Harbor Bankshares has a 52-week low of $28.06 and a 52-week high of $39.67.

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

Bar Harbor Bankshares Increases Dividend

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

Bar Harbor Bankshares Company Profile

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.