Piper Sandler Upgrades Bar Harbor Bankshares (NYSE:BHB) to “Overweight”

Bar Harbor Bankshares (NYSE:BHB) was upgraded by Piper Sandler from a “neutral” rating to an “overweight” rating in a report issued on Tuesday, MarketBeat.com reports. The firm currently has a $35.00 price target on the stock, up from their previous price target of $34.00. Piper Sandler’s price target suggests a potential upside of 17.10% from the company’s current price.

Separately, Wall Street Zen started coverage on Bar Harbor Bankshares in a research report on Friday, May 16th. They issued a “hold” rating on the stock.

Bar Harbor Bankshares Price Performance

Shares of NYSE BHB opened at $29.89 on Tuesday. Bar Harbor Bankshares has a 1-year low of $26.43 and a 1-year high of $38.47. The stock has a fifty day moving average of $30.08. The firm has a market capitalization of $457.83 million, a price-to-earnings ratio of 11.59 and a beta of 0.69.

Institutional Investors Weigh In On Bar Harbor Bankshares

Large investors have recently added to or reduced their stakes in the stock. Nisa Investment Advisors LLC increased its holdings in shares of Bar Harbor Bankshares by 33.5% during the first quarter. Nisa Investment Advisors LLC now owns 1,713 shares of the company’s stock valued at $51,000 after purchasing an additional 430 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Bar Harbor Bankshares during the first quarter valued at $73,000. Hsbc Holdings PLC acquired a new position in shares of Bar Harbor Bankshares during the first quarter valued at $214,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Bar Harbor Bankshares by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,945 shares of the company’s stock valued at $264,000 after purchasing an additional 390 shares during the period. Finally, Teacher Retirement System of Texas acquired a new position in shares of Bar Harbor Bankshares during the second quarter valued at $297,000. 54.49% of the stock is owned by institutional investors and hedge funds.

About Bar Harbor Bankshares

Bar Harbor Bankshares operates as the holding company for Bar Harbor Bank & Trust that provides commercial, lending, retail, and wealth management banking services. 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.