Berkshire Hills Bancorp, Inc. (BHLB) Downgraded by BidaskClub

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.

Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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