BidaskClub cut shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) from a buy rating to a hold rating in a research note released on Tuesday.
BHLB has been the subject of a number of other research reports. FIG Partners restated an outperform rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a report on Wednesday, September 20th. Jefferies Group LLC restated a hold rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a report on Friday, September 15th. Zacks Investment Research lowered Berkshire Hills Bancorp from a buy rating to a hold rating in a report on Tuesday, September 26th. Piper Jaffray Companies upgraded Berkshire Hills Bancorp from a neutral rating to an overweight rating and set a $39.50 target price for the company in a report on Thursday, September 7th. Finally, Keefe, Bruyette & Woods restated a buy rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a report on Tuesday, October 3rd. One analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $38.92.
Shares of Berkshire Hills Bancorp (BHLB) opened at $36.20 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1,625.10, a P/E ratio of 15.75 and a beta of 0.69. Berkshire Hills Bancorp has a twelve month low of $30.90 and a twelve month high of $40.00.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.58 by $0.01. The firm had revenue of $100.83 million during the quarter, compared to analyst estimates of $107.60 million. Berkshire Hills Bancorp had a return on equity of 7.13% and a net margin of 15.54%. research analysts expect that Berkshire Hills Bancorp will post 2.29 EPS for the current fiscal year.
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The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Thursday, November 9th will be given a dividend of $0.21 per share. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Wednesday, November 8th. Berkshire Hills Bancorp’s payout ratio is presently 45.16%.
In other news, Director Richard L. Murphy bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The shares were purchased at an average cost of $34.25 per share, with a total value of $34,250.00. Following the transaction, the director now directly owns 9,668 shares in the company, valued at $331,129. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael P. Daly sold 25,000 shares of the company’s stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $33.78, for a total value of $844,500.00. Following the completion of the transaction, the insider now directly owns 103,670 shares in the company, valued at $3,501,972.60. The disclosure for this sale can be found here. 2.82% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN increased its position in shares of Berkshire Hills Bancorp by 20.2% in the 3rd quarter. Wells Fargo & Company MN now owns 137,682 shares of the savings and loans company’s stock valued at $5,335,000 after acquiring an additional 23,143 shares during the period. Virginia Retirement Systems ET AL purchased a new stake in Berkshire Hills Bancorp in the third quarter valued at $279,000. Eagle Boston Investment Management Inc. boosted its holdings in Berkshire Hills Bancorp by 1.7% in the third quarter. Eagle Boston Investment Management Inc. now owns 268,482 shares of the savings and loans company’s stock valued at $10,618,000 after purchasing an additional 4,408 shares during the last quarter. Eagle Asset Management Inc. boosted its holdings in Berkshire Hills Bancorp by 1.3% in the third quarter. Eagle Asset Management Inc. now owns 437,619 shares of the savings and loans company’s stock valued at $17,307,000 after purchasing an additional 5,783 shares during the last quarter. Finally, Nordea Investment Management AB boosted its holdings in Berkshire Hills Bancorp by 3.9% in the third quarter. Nordea Investment Management AB now owns 317,950 shares of the savings and loans company’s stock valued at $12,321,000 after purchasing an additional 12,014 shares during the last quarter. 74.96% of the stock is currently owned by hedge funds and other institutional investors.
About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc (Berkshire) is a holding company for Berkshire Bank (the Bank) and Berkshire Insurance Group. Berkshire offers a range of deposit, lending, insurance and wealth management products to retail, commercial, not-for-profit and municipal customers in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps.
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