Bar Harbor Bankshares hikes dividend for 20th consecutive year

On April 20, 2023, Bar Harbor Bankshares (ticker BHB), the parent company of Bar Harbor Bank & Trust, announced a 7.7% dividend increase to a new record high of $0.28 quarterly per share. The dividend yield for BHB jumps to 3.98%.

The Board of Directors of the Company voted to declare a cash dividend of $0.28 per share to shareholders of record at the close of business on May 16, 2023 payable on June 16, 2023. This dividend equates to a 4.23% annualized yield based on the $26.45 closing share price of the company's common stock on March 31, 2023, the last trading day of the first quarter 2023.

For Bar Harbor Bankshares this marks the 20th consecutive year of dividend increases with a 5 yr CAGR of exactly 7.0%. At a stock price of $26.11 the estimated dividend yield is 3.98%. BHB will now pay about $17 million in dividends to all shareholders combined annually.

Bar Harbor Bankshares is the parent company of Bar Harbor Bank & Trust. Bar Harbor provides traditional community banking services, including lending activities, acceptance of demand, savings and time deposits, business services, investment management, trust, and third-party brokerage services with offices principally located in the regions of downeast, midcoast and central Maine.