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Bar Harbor Bankshares (BHB) Announces Stock Repurchase Plan
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Bar Harbor Bankshares (BHB - Free Report) announced that its board of directors has approved a stock-repurchase plan. Under this, the company has been authorized to repurchase up to 756,000 shares, indicating nearly 5% of its shares as of Apr 30, 2023. The said plan is authorized to last up to a year.
This new repurchase plan replaced the previous authorization (announced in June 2022) to buy back 751,00 shares. The company did not repurchase any shares under the previous plan.
Apart from the share repurchases, Bar Harbor Bankshares pays quarterly dividends on a regular basis. Such capital deployment activities stoke investors’ confidence in the stock. Specifically, on Apr 20, BHB announced its quarterly dividend of 28 cents per share. This represents a rise of 7.7% from its prior payout. The dividend will be paid out on Jun 16, to shareholders of record as of May 16.
Previously, dividends were hiked in April 2022 by 8.3% to 26 cents per share. In fact, BHB increased dividends four times in the last five years. This resulted in an annualized dividend yield of 4.6%, considering BHB’s last day’s closing price of $24.34.
Apart from being attractive to investors, the yield also represented a steady income stream. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Bar Harbor Bankshares’ past performance depicted a robust earnings picture. Its earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, with a surprise of 3.52%, on average. Its times interest earned ratio for first-quarter 2023 declined sequentially but remained relatively high at 7.9. Hence, BHB’s earnings strength indicates sustainable capital deployments.
However, the deteriorating operating backdrop is concerning.
Shares of Bar Harbor Bankshares have lost 18.8% over the past three months compared with the industry’s decline of 29.2%.
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.
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Bar Harbor Bankshares (BHB) Announces Stock Repurchase Plan
Bar Harbor Bankshares (BHB - Free Report) announced that its board of directors has approved a stock-repurchase plan. Under this, the company has been authorized to repurchase up to 756,000 shares, indicating nearly 5% of its shares as of Apr 30, 2023. The said plan is authorized to last up to a year.
This new repurchase plan replaced the previous authorization (announced in June 2022) to buy back 751,00 shares. The company did not repurchase any shares under the previous plan.
Apart from the share repurchases, Bar Harbor Bankshares pays quarterly dividends on a regular basis. Such capital deployment activities stoke investors’ confidence in the stock. Specifically, on Apr 20, BHB announced its quarterly dividend of 28 cents per share. This represents a rise of 7.7% from its prior payout. The dividend will be paid out on Jun 16, to shareholders of record as of May 16.
Previously, dividends were hiked in April 2022 by 8.3% to 26 cents per share. In fact, BHB increased dividends four times in the last five years. This resulted in an annualized dividend yield of 4.6%, considering BHB’s last day’s closing price of $24.34.
Apart from being attractive to investors, the yield also represented a steady income stream. We believe such disbursements highlight the company’s operational strength and commitment to enhancing shareholder wealth.
Bar Harbor Bankshares’ past performance depicted a robust earnings picture. Its earnings surpassed the Zacks Consensus Estimate in all the trailing four quarters, with a surprise of 3.52%, on average. Its times interest earned ratio for first-quarter 2023 declined sequentially but remained relatively high at 7.9. Hence, BHB’s earnings strength indicates sustainable capital deployments.
However, the deteriorating operating backdrop is concerning.
Shares of Bar Harbor Bankshares have lost 18.8% over the past three months compared with the industry’s decline of 29.2%.
Image Source: Zacks Investment Research
Currently, BHB carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Enhanced Capital Deployment Activities by Other Banks
Stock Yards Bancorp, Inc. (SYBT - Free Report) announced the extension of its stock-repurchase plan. The board of directors has approved the extension by around two years to May 22, 2025. The plan was previously extended in May 2021.
Implemented on May 22, 2019, the plan was authorized to repurchase one million shares. To date, SYBT has repurchased around 259,000 shares at an average cost of $35.41 per share. It has approximately 741,000 shares remaining under the authorized share-repurchase plan.
Civista Bancshares, Inc. (CIVB - Free Report) announced a new share repurchase program. Based in Sandusky, OH, CIVB was authorized to buy back up to an aggregate of $13.5 million of its outstanding shares. The plan will expire on May 2, 2024.
This new repurchase plan of CIVB replaced the previous authorization (announced in August 2022) to buy back $13.5 million shares. CIVB repurchased $7.4 million worth of shares under that plan, which expired on May 9.