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

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) shares reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $41.12 and last traded at $40.91, with a volume of 69422 shares changing hands. The stock had previously closed at $40.70.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BHB. Piper Sandler restated an “overweight” rating and issued a $44.00 target price (up from $41.00) on shares of Bar Harbor Bankshares in a research note on Tuesday, July 28th. Zacks Research downgraded shares of Bar Harbor Bankshares from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 28th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of Bar Harbor Bankshares from $36.00 to $38.00 and gave the stock a “market perform” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $41.00.

Bar Harbor Bankshares Stock Performance

The stock has a 50-day simple moving average of $39.49 and a 200-day simple moving average of $36.26. The company has a market capitalization of $680.86 million, a price-to-earnings ratio of 13.72 and a beta of 0.60. 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 (NYSEAMERICAN:BHB) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. The business had revenue of $49.68 million during the quarter, compared to the consensus estimate of $49.32 million. Bar Harbor Bankshares had a net margin of 18.46% and a return on equity of 11.41%. On average, analysts anticipate that Bar Harbor Bankshares, Inc. will post 3.6 earnings per share for the current year.

Bar Harbor Bankshares Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 18th. Stockholders of record on Thursday, August 20th will be given a $0.34 dividend. The ex-dividend date of this dividend is Thursday, August 20th. This represents a $1.36 annualized dividend and a dividend yield of 3.3%. Bar Harbor Bankshares’s payout ratio is presently 47.72%.

Hedge Funds Weigh In On Bar Harbor Bankshares

Large investors have recently modified their holdings of the stock. Sequoia Financial Advisors LLC acquired a new position in Bar Harbor Bankshares in the second quarter worth about $417,000. HighTower Advisors LLC bought a new position in Bar Harbor Bankshares during the 2nd quarter worth approximately $243,000. Susquehanna Fundamental Investments LLC grew its position in shares of Bar Harbor Bankshares by 89.0% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 17,559 shares of the financial services provider’s stock worth $663,000 after acquiring an additional 8,268 shares in the last quarter. Susquehanna International Group LLP acquired a new position in shares of Bar Harbor Bankshares in the 2nd quarter worth approximately $361,000. Finally, Empowered Funds LLC bought a new stake in shares of Bar Harbor Bankshares in the 2nd quarter valued at approximately $2,731,000. Institutional investors own 54.49% of the company’s stock.

About Bar Harbor Bankshares

Bar Harbor Bankshares is the holding company for Bar Harbor Bank & Trust, a community banking organization headquartered in Bar Harbor, Maine. The bank provides financial services to individuals, families, businesses and nonprofit organizations through branches and digital banking channels.

Its products and services include checking and savings accounts, certificates of deposit, residential and commercial mortgages, consumer loans, business lending, cash-management services, online and mobile banking, and wealth management.