Bar Harbor Bankshares (NYSEAMERICAN:BHB) Issues Quarterly Earnings Results

Bar Harbor Bankshares (NYSEAMERICAN:BHB) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.92, FiscalAI reports. Bar Harbor Bankshares had a net margin of 15.90% and a return on equity of 10.95%. The firm had revenue of $49.68 million for the quarter, compared to analyst estimates of $48.93 million.

Bar Harbor Bankshares Price Performance

Bar Harbor Bankshares stock traded up $0.09 during midday trading on Tuesday, reaching $38.03. The company’s stock had a trading volume of 66,833 shares, compared to its average volume of 116,311. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.40. The stock has a market cap of $636.62 million, a PE ratio of 15.52 and a beta of 0.60. Bar Harbor Bankshares has a 52 week low of $28.06 and a 52 week high of $39.67. The business has a 50-day moving average price of $36.28 and a 200-day moving average price of $34.38.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler restated an “overweight” rating and issued a $41.00 price objective (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 company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $37.50.

Insider Activity at Bar Harbor Bankshares

In related news, Director Matthew L. Caras purchased 760 shares of Bar Harbor Bankshares stock in a transaction dated Tuesday, April 28th. The shares were bought at an average cost of $34.68 per share, for a total transaction of $26,356.80. Following the purchase, the director owned 22,894 shares in the company, valued at approximately $793,963.92. This trade represents a 3.43% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.37% of the company’s stock.

Hedge Funds Weigh In On Bar Harbor Bankshares

Institutional investors have recently added to or reduced their stakes in the stock. Focus Partners Wealth raised its holdings in shares of Bar Harbor Bankshares by 459.8% during the third quarter. Focus Partners Wealth now owns 90,870 shares of the financial services provider’s stock valued at $2,768,000 after purchasing an additional 74,638 shares during the period. Mercer Global Advisors Inc. ADV bought a new position in shares of Bar Harbor Bankshares during the 4th quarter worth about $1,408,000. UBS Group AG grew its stake in shares of Bar Harbor Bankshares by 489.9% in the 3rd quarter. UBS Group AG now owns 48,087 shares of the financial services provider’s stock valued at $1,465,000 after buying an additional 39,935 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Bar Harbor Bankshares by 150.9% in the 4th quarter. Goldman Sachs Group Inc. now owns 57,926 shares of the financial services provider’s stock valued at $1,799,000 after buying an additional 34,840 shares during the period. Finally, Geode Capital Management LLC increased its position in Bar Harbor Bankshares by 9.1% in the 4th quarter. Geode Capital Management LLC now owns 410,445 shares of the financial services provider’s stock valued at $12,747,000 after buying an additional 34,306 shares in the last quarter. 54.49% of the stock is currently owned by institutional investors and hedge funds.

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.