Bar Harbor Bankshares (NYSEAMERICAN:BHB) Director Kenneth Eugene Smith has recently purchased additional shares of the company's stock, according to the latest filings with the Securities and Exchange Commission. The transactions, which occurred over a series of days, represent a total investment of approximately $7,300.
The purchases were made at prices ranging from $24.31 to $24.80 per share, indicating a confident investment in the bank's future by one of its directors. Smith's transactions included buying 49.609 shares at $24.56 each, 15 shares at $24.70 each, 22.429 shares at $24.31 each, and 207.766 shares at $24.80 each. Following these acquisitions, the director now holds a total of 24,199.091 shares in Bar Harbor Bankshares.
This financial move by a member of the bank's board demonstrates a commitment to the institution and could be seen as a positive signal to investors. Bar Harbor Bankshares, based in Maine, operates as a state commercial bank and is known for providing a range of banking services to its customers.
Investors often monitor the buying and selling activities of company insiders as it can provide insights into the executives' perspectives on the company's current valuation and future prospects. The recent purchases by Director Smith could suggest a belief in the bank's value and a bullish outlook on its stock.
The transactions were executed in a straightforward manner, with no derivative securities involved, and the shares were acquired directly, as indicated in the SEC filing. The report was signed by Attorney-in-Fact Olivia Erickson on behalf of the director, with all transactions being completed by March 19, 2024.
InvestingPro Insights
Bar Harbor Bankshares (NYSEAMERICAN:BHB) has caught the attention of investors not only through the recent insider purchases by Director Kenneth Eugene Smith but also through its notable financial metrics and dividend history. According to real-time data from InvestingPro, the company is trading at a P/E ratio of 8.54, suggesting a potentially undervalued stock when compared to industry peers. Moreover, the PEG ratio stands at 3.53, which may indicate expectations of slower earnings growth relative to the P/E ratio.
InvestingPro Tips highlight that Bar Harbor Bankshares has a strong tradition of rewarding shareholders, having raised its dividend for 20 consecutive years and maintained dividend payments for 30 consecutive years. This could be particularly appealing for income-focused investors. It's also noteworthy that two analysts have revised their earnings upwards for the upcoming period, hinting at a potentially positive outlook for the company's financial performance.
Despite a recent price decline over the last three months of 17.54%, the company has been profitable over the last twelve months, and analysts predict it will continue to be profitable this year. This aligns with the optimistic actions of Director Smith, who has increased his stake in the company. Investors interested in a deeper dive into Bar Harbor Bankshares can find additional InvestingPro Tips by visiting https://www.investing.com/pro/BHB, where 7 more tips are available. To enrich your investing strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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