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

Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB) was the target of a significant 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. Currently, 4.3% of the company’s shares are sold short. Based on an average trading volume of 239,241 shares, the short-interest ratio is presently 2.9 days.

Insider Buying and Selling

In other Bar Harbor Bankshares news, Director Matthew L. Caras bought 760 shares of Bar Harbor Bankshares stock in a transaction dated Tuesday, April 28th. The shares were bought at an average price of $34.68 per share, with a total value of $26,356.80. Following the purchase, the director 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 transaction was disclosed in a filing with the SEC, which is available at this link. 3.37% of the stock is currently owned by insiders.

Institutional Trading of Bar Harbor Bankshares

Several large investors have recently modified their holdings of BHB. Dimensional Fund Advisors LP increased its stake in shares of Bar Harbor Bankshares by 1.8% in the 1st 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 last quarter. Vanguard Group Inc. raised its holdings in shares of Bar Harbor Bankshares by 2.6% during the 3rd quarter. Vanguard Group Inc. now owns 864,661 shares of the financial services provider’s stock worth $26,338,000 after buying 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 4th quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock worth $12,747,000 after buying an additional 34,306 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of 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 worth $12,157,000 after buying an additional 38,274 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in shares of Bar Harbor Bankshares by 52.3% during the 1st quarter. Renaissance Technologies LLC now owns 184,284 shares of the financial services provider’s stock worth $5,980,000 after buying an additional 63,300 shares during the last quarter. 54.49% of the stock is owned by institutional investors and hedge funds.

Bar Harbor Bankshares Trading Up 0.7%

Shares of Bar Harbor Bankshares stock opened at $37.47 on Tuesday. The stock has a market cap of $627.25 million, a P/E ratio of 15.29 and a beta of 0.60. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.40. The business’s 50 day moving average is $35.96 and its 200-day moving average is $34.16. Bar Harbor Bankshares has a 12-month low of $28.06 and a 12-month high of $39.67.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.88 EPS for the quarter, beating the consensus estimate of $0.86 by $0.02. The firm had revenue of $47.29 billion for the quarter, compared to the consensus estimate of $48.22 million. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. 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 firm also recently declared a quarterly dividend, which was paid on Thursday, June 18th. Stockholders of record on Thursday, May 21st were given a $0.34 dividend. The ex-dividend date was Thursday, May 21st. 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 dividend yield of 3.6%. Bar Harbor Bankshares’s dividend payout ratio (DPR) is presently 47.72%.

Analysts Set New Price Targets

Separately, Piper Sandler reaffirmed an “overweight” rating and issued a $41.00 target price (up from $39.00) on shares of Bar Harbor Bankshares in a research note on Friday, June 26th. 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 stock currently has an average rating of “Hold” and a consensus price target of $37.50.

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.