Bar Harbor Bankshares (NYSEAMERICAN:BHB) Sees Large Drop in Short Interest

Bar Harbor Bankshares (NYSEAMERICAN:BHB) saw a large decline in short interest in the month of July. As of July 31st, there was short interest totalling 56,700 shares, a decline of 17.1% from the July 15th total of 68,400 shares. Approximately 0.4% of the company’s shares are short sold. Based on an average daily trading volume, of 43,900 shares, the short-interest ratio is presently 1.3 days.

Analyst Upgrades and Downgrades

Separately, Keefe, Bruyette & Woods restated a “market perform” rating and set a $28.00 target price (down previously from $29.00) on shares of Bar Harbor Bankshares in a report on Monday, April 22nd.

Bar Harbor Bankshares Stock Performance

Shares of Bar Harbor Bankshares stock opened at $29.30 on Friday. The stock has a market capitalization of $446.24 million, a PE ratio of 10.65 and a beta of 0.70. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.76. Bar Harbor Bankshares has a 1 year low of $23.16 and a 1 year high of $33.31.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.01). Bar Harbor Bankshares had a net margin of 18.86% and a return on equity of 9.81%. The company had revenue of $37.39 million during the quarter, compared to analyst estimates of $36.80 million.

Bar Harbor Bankshares Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 13th. Investors of record on Thursday, August 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.10%. The ex-dividend date of this dividend is Thursday, August 15th. Bar Harbor Bankshares’s dividend payout ratio is presently 43.64%.

Insider Activity

In related news, Director Scott G. Toothaker acquired 4,476 shares of the stock in a transaction dated Thursday, May 30th. The stock was bought at an average cost of $25.82 per share, with a total value of $115,570.32. Following the purchase, the director now directly owns 45,000 shares of the company’s stock, valued at $1,161,900. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders purchased 5,466 shares of company stock valued at $140,534 in the last ninety days. Company insiders own 2.53% of the company’s stock.

Institutional Investors Weigh In On Bar Harbor Bankshares

A number of institutional investors have recently modified their holdings of BHB. Algert Global LLC grew its position in Bar Harbor Bankshares by 19.7% in the 2nd quarter. Algert Global LLC now owns 9,302 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 1,530 shares during the last quarter. Renaissance Technologies LLC grew its position in Bar Harbor Bankshares by 10.3% in the 2nd quarter. Renaissance Technologies LLC now owns 101,330 shares of the financial services provider’s stock worth $2,724,000 after purchasing an additional 9,500 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Bar Harbor Bankshares by 2.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 865,524 shares of the financial services provider’s stock worth $23,264,000 after purchasing an additional 24,718 shares during the last quarter. Prosperity Consulting Group LLC grew its position in Bar Harbor Bankshares by 34.8% in the 2nd quarter. Prosperity Consulting Group LLC now owns 14,689 shares of the financial services provider’s stock worth $395,000 after purchasing an additional 3,790 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Bar Harbor Bankshares by 23.7% in the 2nd quarter. American Century Companies Inc. now owns 213,136 shares of the financial services provider’s stock worth $5,729,000 after purchasing an additional 40,891 shares during the last quarter. Institutional investors own 54.49% of the company’s stock.

About Bar Harbor Bankshares

Bar Harbor Bankshares operates as the holding company for Bar Harbor Bank & Trust that provides banking and nonbanking products and services primarily to consumers and businesses. It accepts various deposit products, including interest-bearing and non-interest-bearing demand accounts, savings accounts, time deposits, and money market deposit accounts, as well as certificates of deposit.