Berkshire Hills Bancorp (NYSE:BHLB) Issues Quarterly Earnings Results, Beats Estimates By $0.14 EPS

Berkshire Hills Bancorp (NYSE:BHLB) announced its quarterly earnings results on Tuesday. The savings and loans company reported $0.43 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.14, Fidelity Earnings reports. Berkshire Hills Bancorp had a negative net margin of 106.72% and a positive return on equity of 4.29%.

Shares of BHLB stock traded down $0.83 during trading hours on Thursday, hitting $27.48. 9,032 shares of the company were exchanged, compared to its average volume of 471,789. Berkshire Hills Bancorp has a 52-week low of $8.55 and a 52-week high of $28.89. The firm has a market cap of $1.41 billion, a PE ratio of -2.85 and a beta of 1.23. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.93 and a quick ratio of 0.92. The company’s fifty day moving average price is $27.49.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 8th. Stockholders of record on Tuesday, June 29th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, June 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.75%. Berkshire Hills Bancorp’s payout ratio is currently 80.00%.

In other Berkshire Hills Bancorp news, SVP Kevin Conn acquired 5,271 shares of Berkshire Hills Bancorp stock in a transaction that occurred on Monday, May 3rd. The stock was acquired at an average cost of $23.00 per share, for a total transaction of $121,233.00. Following the purchase, the senior vice president now owns 6,379 shares of the company’s stock, valued at $146,717. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rheo A. Brouillard sold 10,574 shares of Berkshire Hills Bancorp stock in a transaction that occurred on Thursday, May 27th. The shares were sold at an average price of $26.91, for a total transaction of $284,546.34. Following the completion of the transaction, the director now owns 15,166 shares of the company’s stock, valued at $408,117.06. The disclosure for this sale can be found here. Insiders purchased a total of 30,367 shares of company stock valued at $749,455 over the last quarter. 0.90% of the stock is owned by company insiders.

BHLB has been the subject of several analyst reports. Piper Sandler upgraded shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $25.00 to $27.00 in a research note on Tuesday, May 4th. Zacks Investment Research upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research note on Monday, May 3rd. Compass Point reiterated a “neutral” rating and issued a $23.00 price objective (down previously from $28.00) on shares of Berkshire Hills Bancorp in a research note on Thursday, May 6th. Finally, TheStreet upgraded shares of Berkshire Hills Bancorp from a “d+” rating to a “c-” rating in a research note on Wednesday, April 28th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Berkshire Hills Bancorp currently has an average rating of “Buy” and an average price target of $20.80.

About Berkshire Hills Bancorp

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Earnings History for Berkshire Hills Bancorp (NYSE:BHLB)

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