Bar Harbor Bankshares (NYSEAMERICAN:BHB) reported that Director David B. Woodside (OTC:WOPEY) has recently increased his stake in the company through the purchase of shares valued at a total of $5,046. This latest move by Woodside showcases a vote of confidence in the bank's future prospects.
According to the filing, Woodside acquired shares over two separate transactions. On March 18, 2024, he bought 20.381 shares at a price of $24.31 each. The following day, he added another 183.528 shares to his holdings, this time at a slightly higher price of $24.80 per share. The transactions took place within a price range of $24.31 to $24.80, reflecting the current market valuation of Bar Harbor Bankshares at the time of purchase.
After these transactions, Woodside's direct ownership in the company has increased to a total of 21,157.162 shares. Additionally, it's noted that there is an indirect ownership of 1,500 shares through a Spouse IRA, which indicates a broader investment in the company's stock within his family.
Investors often monitor insider buying as it can be indicative of executives' confidence in the company's performance and future. Woodside's recent purchases might be interpreted by the market as a positive signal, potentially influencing the sentiment around Bar Harbor Bankshares' stock.
The transactions were officially signed off by Olivia Erickson, Attorney-in-Fact, on March 19, 2024, as per the regulatory filing. This disclosure is part of the company's commitment to transparency regarding the trading activities of its top executives and directors.
InvestingPro Insights
As Director David B. Woodside increases his stake in Bar Harbor Bankshares (NYSEAMERICAN:BHB), showing confidence in the company's prospects, let's consider some key financial metrics and insights from InvestingPro that could further inform investors about the company's current position.
Bar Harbor Bankshares is currently trading with a price-to-earnings (P/E) ratio of 8.54, which could suggest a potentially undervalued stock relative to its earnings. Additionally, the company's price/book value is at 0.89, indicating that the stock might be trading below its book value, which can be an attractive point for value investors. Despite a quarterly revenue decline of -9.27% in Q4 2023, the company has demonstrated a positive revenue growth of 2.96% over the last twelve months as of Q4 2023.
On the dividends front, Bar Harbor Bankshares has a notable track record, having raised its dividend for 20 consecutive years, with a current dividend yield of 4.59%. This steady history of dividend payments, which has been maintained for 30 consecutive years, is a testament to the company's commitment to returning value to shareholders.
InvestingPro Tips also highlight that 2 analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future earnings. However, it is important to note that the company is trading at a high P/E ratio relative to near-term earnings growth, with a PEG ratio of 3.53.
For those seeking more in-depth analysis and additional insights, InvestingPro offers a comprehensive suite of tools and metrics. Investors can explore further by using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 5 more InvestingPro Tips listed for Bar Harbor Bankshares, including analyses on profitability and price movements, a subscription could be invaluable for making informed investment decisions.
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