The Manufacturers Life Insurance Company Sells 8,957 Shares of Bar Harbor Bankshares (NYSEAMERICAN:BHB)

The Manufacturers Life Insurance Company trimmed its position in shares of Bar Harbor Bankshares (NYSEAMERICAN:BHB) by 2.5% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 351,167 shares of the financial services provider’s stock after selling 8,957 shares during the period. The Manufacturers Life Insurance Company’s holdings in Bar Harbor Bankshares were worth $10,830,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. SlateStone Wealth LLC purchased a new stake in shares of Bar Harbor Bankshares during the second quarter valued at $201,000. Moors & Cabot Inc. bought a new stake in Bar Harbor Bankshares during the third quarter valued at approximately $214,000. Camden National Bank bought a new stake in shares of Bar Harbor Bankshares during the 3rd quarter valued at $214,000. Sky Investment Group LLC purchased a new stake in Bar Harbor Bankshares in the third quarter worth about $216,000. Finally, First Bancorp Inc ME purchased a new stake in Bar Harbor Bankshares in the 3rd quarter worth approximately $220,000. Hedge funds and other institutional investors own 54.49% of the company’s stock.

Bar Harbor Bankshares Price Performance

Shares of Bar Harbor Bankshares stock opened at $36.05 on Tuesday. Bar Harbor Bankshares has a 12 month low of $23.26 and a 12 month high of $38.47. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96. The company has a market cap of $550.48 million, a P/E ratio of 12.97 and a beta of 0.67.

Bar Harbor Bankshares (NYSEAMERICAN:BHB) last released its quarterly earnings results on Tuesday, October 22nd. The financial services provider reported $0.80 EPS for the quarter, topping the consensus estimate of $0.68 by $0.12. The company had revenue of $58.23 million during the quarter, compared to analyst estimates of $37.30 million. Bar Harbor Bankshares had a return on equity of 9.66% and a net margin of 18.99%. As a group, analysts forecast that Bar Harbor Bankshares will post 2.82 earnings per share for the current fiscal year.

Bar Harbor Bankshares Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Thursday, November 14th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, November 14th. This represents a $1.20 annualized dividend and a yield of 3.33%. Bar Harbor Bankshares’s payout ratio is 43.17%.

Analyst Ratings Changes

Separately, Piper Sandler reissued a “neutral” rating and set a $33.00 price target on shares of Bar Harbor Bankshares in a report on Thursday, September 5th.

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.