Bar Harbor Bankshares (NYSEAMERICAN:BHB) Stock Passes Above 50-Day Moving Average – Here’s What Happened

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) shares passed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $33.77 and traded as high as $35.10. Bar Harbor Bankshares shares last traded at $34.94, with a volume of 85,247 shares traded.

Analyst Upgrades and Downgrades

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

Bar Harbor Bankshares Stock Up 0.8%

The company has a 50-day moving average of $33.77 and a 200-day moving average of $32.75. The company has a market capitalization of $584.90 million, a price-to-earnings ratio of 14.26 and a beta of 0.61. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40.

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

Bar Harbor Bankshares Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 18th. Investors of record on Thursday, May 21st will be given a dividend of $0.34 per share. The ex-dividend date of this dividend is Thursday, May 21st. This represents a $1.36 annualized dividend and a yield of 3.9%. This is an increase from Bar Harbor Bankshares’s previous quarterly dividend of $0.32. Bar Harbor Bankshares’s dividend payout ratio is currently 47.72%.

Insider Transactions at Bar Harbor Bankshares

In other Bar Harbor Bankshares news, Director Matthew L. Caras bought 760 shares of Bar Harbor Bankshares stock in a transaction that occurred on Tuesday, April 28th. The shares were bought at an average cost 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 approximately $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 can be accessed through this link. 3.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Empowered Funds LLC increased its position in Bar Harbor Bankshares by 9.5% during the 1st quarter. Empowered Funds LLC now owns 67,110 shares of the financial services provider’s stock valued at $2,178,000 after buying an additional 5,832 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Bar Harbor Bankshares by 11.4% during 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 in the last quarter. Quantinno Capital Management LP increased its position in Bar Harbor Bankshares by 44.8% during the 1st quarter. Quantinno Capital Management LP now owns 30,915 shares of the financial services provider’s stock valued at $1,003,000 after buying an additional 9,570 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Bar Harbor Bankshares by 52.3% in the first quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock valued at $5,980,000 after purchasing an additional 63,300 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings 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. 54.49% of the stock is owned by institutional investors and hedge funds.

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.