Bar Harbor Bankshares (NYSEAMERICAN:BHB) Posts Earnings Results, Beats Estimates By $0.02 EPS

Bar Harbor Bankshares (NYSEAMERICAN:BHB) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.02, FiscalAI reports. The company had revenue of $47.29 million for the quarter, compared to the consensus estimate of $48.22 million. Bar Harbor Bankshares had a net margin of 15.13% and a return on equity of 10.48%.

Bar Harbor Bankshares Stock Performance

NYSEAMERICAN BHB traded down $0.56 during trading on Tuesday, hitting $33.96. 149,761 shares of the company’s stock traded hands, compared to its average volume of 116,998. The stock has a market capitalization of $568.49 million, a price-to-earnings ratio of 14.77 and a beta of 0.59. Bar Harbor Bankshares has a 12-month low of $28.06 and a 12-month high of $36.05. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 0.96. The business has a 50 day moving average of $33.21 and a 200-day moving average of $31.94.

Bar Harbor Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 20th. Shareholders of record on Friday, February 20th were issued a dividend of $0.32 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a $1.28 annualized dividend and a yield of 3.8%. Bar Harbor Bankshares’s dividend payout ratio is 44.91%.

Wall Street Analyst Weigh In

Separately, Piper Sandler initiated coverage on shares of Bar Harbor Bankshares in a report on Monday, March 16th. They issued an “overweight” rating and a $38.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Institutional Investors Weigh In On Bar Harbor Bankshares

Institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its position in shares of Bar Harbor Bankshares by 0.6% during the third quarter. Dimensional Fund Advisors LP now owns 879,482 shares of the financial services provider’s stock worth $26,789,000 after acquiring an additional 5,239 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Bar Harbor Bankshares by 2.6% during the third quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock worth $26,338,000 after acquiring an additional 21,589 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Bar Harbor Bankshares by 9.1% during the fourth quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock worth $12,747,000 after acquiring an additional 34,306 shares in the last quarter. Boston Partners lifted its position in shares of Bar Harbor Bankshares by 12.4% during the fourth quarter. Boston Partners now owns 146,360 shares of the financial services provider’s stock worth $4,544,000 after acquiring an additional 16,156 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Bar Harbor Bankshares by 4.6% during the fourth quarter. Renaissance Technologies LLC now owns 120,984 shares of the financial services provider’s stock worth $3,757,000 after acquiring an additional 5,296 shares in the last quarter. 54.49% of the stock is owned by hedge funds and other institutional investors.

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.