Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday, September 11th. The brokerage currently has a $38.00 target price on the savings and loans company’s stock. Zacks Investment Research‘s target price points to a potential upside of 6.59% from the stock’s previous close.
According to Zacks, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those funds,together with funds generated from operations and borrowings, to originate residential mortgage loans, commercial business and real estate loans and consumer loans, primarily indirect automobile loans. “
A number of other equities research analysts have also issued reports on the company. FIG Partners raised Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 23rd. BidaskClub lowered Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research report on Saturday, June 24th. Piper Jaffray Companies raised Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 target price on the stock in a research report on Thursday, September 7th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $38.00 target price on shares of Berkshire Hills Bancorp in a research report on Monday, May 15th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Berkshire Hills Bancorp presently has a consensus rating of “Hold” and a consensus target price of $38.08.
Berkshire Hills Bancorp (NYSE BHLB) traded up 1.26% during trading on Monday, reaching $36.10. The company had a trading volume of 96,845 shares. The company has a market capitalization of $1.44 billion, a PE ratio of 19.93 and a beta of 0.65. Berkshire Hills Bancorp has a 52-week low of $26.80 and a 52-week high of $38.65. The company has a 50 day moving average price of $34.32 and a 200 day moving average price of $35.44.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. The business had revenue of $102.34 million for the quarter, compared to analyst estimates of $102.75 million. On average, equities analysts forecast that Berkshire Hills Bancorp will post $2.29 EPS for the current fiscal year.
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In related news, insider Michael P. Daly sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total transaction of $844,500.00. Following the transaction, the insider now directly owns 103,670 shares of the company’s stock, valued at approximately $3,501,972.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Richard L. Murphy bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $34.25 per share, for a total transaction of $34,250.00. Following the completion of the acquisition, the director now directly owns 9,668 shares in the company, valued at approximately $331,129. The disclosure for this purchase can be found here. 2.82% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. bought a new stake in Berkshire Hills Bancorp in the 1st quarter valued at $101,000. New York State Teachers Retirement System boosted its stake in Berkshire Hills Bancorp by 7.4% in the 1st quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock valued at $105,000 after purchasing an additional 200 shares during the period. SG Americas Securities LLC bought a new stake in Berkshire Hills Bancorp in the 1st quarter valued at $109,000. Quantbot Technologies LP bought a new stake in Berkshire Hills Bancorp in the 2nd quarter valued at $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Berkshire Hills Bancorp by 263.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock valued at $121,000 after purchasing an additional 2,500 shares during the period. 74.09% of the stock is currently owned by institutional investors and hedge funds.
Berkshire Hills Bancorp Company Profile
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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