Nitin J. Mhatre Acquires 1,420 Shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Stock

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) CEO Nitin J. Mhatre purchased 1,420 shares of the firm’s stock in a transaction on Monday, September 20th. The stock was acquired at an average price of $23.95 per share, for a total transaction of $34,009.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Shares of BHLB stock opened at $24.38 on Wednesday. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 17.29 and a beta of 1.23. The company’s fifty day moving average price is $26.20 and its 200-day moving average price is $25.50. Berkshire Hills Bancorp, Inc. has a one year low of $8.55 and a one year high of $28.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.90 and a quick ratio of 0.90.

Berkshire Hills Bancorp (NYSE:BHLB) last posted its earnings results on Tuesday, July 20th. 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. The company had revenue of $97.40 million during the quarter, compared to analysts’ expectations of $97.10 million. Berkshire Hills Bancorp had a net margin of 15.59% and a return on equity of 6.69%. Equities research analysts expect that Berkshire Hills Bancorp, Inc. will post 1.47 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 9th. Investors of record on Thursday, August 26th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, August 25th. This represents a $0.48 annualized dividend and a yield of 1.97%. Berkshire Hills Bancorp’s payout ratio is 80.00%.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System grew its stake in Berkshire Hills Bancorp by 1.4% during the second quarter. State Board of Administration of Florida Retirement System now owns 26,844 shares of the savings and loans company’s stock valued at $736,000 after acquiring an additional 372 shares in the last quarter. Mutual of America Capital Management LLC grew its stake in Berkshire Hills Bancorp by 6.8% during the second quarter. Mutual of America Capital Management LLC now owns 7,279 shares of the savings and loans company’s stock valued at $200,000 after acquiring an additional 463 shares in the last quarter. Arizona State Retirement System grew its stake in Berkshire Hills Bancorp by 3.8% during the second quarter. Arizona State Retirement System now owns 13,818 shares of the savings and loans company’s stock valued at $379,000 after acquiring an additional 500 shares in the last quarter. Rhumbline Advisers grew its stake in Berkshire Hills Bancorp by 0.4% during the first quarter. Rhumbline Advisers now owns 162,736 shares of the savings and loans company’s stock valued at $3,632,000 after acquiring an additional 619 shares in the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Berkshire Hills Bancorp by 2.5% in the 2nd quarter. State of Alaska Department of Revenue now owns 35,416 shares of the savings and loans company’s stock worth $970,000 after buying an additional 864 shares in the last quarter. 81.48% of the stock is owned by institutional investors.

BHLB has been the topic of several recent research reports. Piper Sandler downgraded shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 price target on the stock. in a research report on Wednesday, August 11th. Royal Bank of Canada initiated coverage on shares of Berkshire Hills Bancorp in a research report on Friday, August 6th. They set a “sector perform” rating and a $29.00 price objective on the stock. Zacks Investment Research downgraded shares of Berkshire Hills Bancorp from a “buy” rating to a “sell” rating in a research report on Tuesday. Seaport Global Securities initiated coverage on shares of Berkshire Hills Bancorp in a research report on Tuesday, August 31st. They set a “buy” rating and a $30.00 price objective on the stock. Finally, Seaport Res Ptn restated a “buy” rating on shares of Berkshire Hills Bancorp in a research report on Tuesday, August 31st. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $25.67.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc The firm offers deposit, lending, insurance, and wealth management products to retail and commercial customers in its market areas. It aims to expand and deepen market share and wallet share through organic growth and acquisition strategies.

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