Berkshire Hills Bancorp, Inc. (BHLB) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) from a buy rating to a hold rating in a research report sent to investors on Monday, July 10th.

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 brokerages have also weighed in on BHLB. BidaskClub lowered shares of Berkshire Hills Bancorp from a hold rating to a sell rating in a report on Saturday, June 24th. FIG Partners raised shares of Berkshire Hills Bancorp from a market perform rating to an outperform rating in a research report on Tuesday, May 23rd. Jefferies Group LLC reissued a hold rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a research report on Monday, May 15th. Finally, Keefe, Bruyette & Woods reissued a buy rating and set a $42.00 target price on shares of Berkshire Hills Bancorp in a research report on Wednesday, May 3rd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $35.80.

Berkshire Hills Bancorp (BHLB) traded up 0.42% during midday trading on Monday, reaching $36.10. The company’s stock had a trading volume of 13,530 shares. Berkshire Hills Bancorp has a 12 month low of $25.90 and a 12 month high of $38.65. The company has a market cap of $1.35 billion, a PE ratio of 19.93 and a beta of 0.62. The stock has a 50-day moving average price of $35.80 and a 200 day moving average price of $35.71.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.01. The firm had revenue of $102.34 million during the quarter, compared to analysts’ expectations of $102.75 million. Berkshire Hills Bancorp had a net margin of 15.03% and a return on equity of 7.31%. Analysts expect that Berkshire Hills Bancorp will post $2.27 earnings per share for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th will be given a $0.21 dividend. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Tuesday, August 8th. Berkshire Hills Bancorp’s payout ratio is currently 46.15%.

Hedge funds have recently added to or reduced their stakes in the company. US Bancorp DE increased its stake in Berkshire Hills Bancorp by 68.3% in the second quarter. US Bancorp DE now owns 4,543 shares of the savings and loans company’s stock valued at $160,000 after buying an additional 1,843 shares in the last quarter. Sit Investment Associates Inc. increased its stake in Berkshire Hills Bancorp by 12.2% in the second quarter. Sit Investment Associates Inc. now owns 20,625 shares of the savings and loans company’s stock valued at $725,000 after buying an additional 2,250 shares in the last quarter. Aperio Group LLC increased its stake in Berkshire Hills Bancorp by 4.0% in the second quarter. Aperio Group LLC now owns 20,032 shares of the savings and loans company’s stock valued at $704,000 after buying an additional 767 shares in the last quarter. Nuveen Asset Management LLC increased its stake in Berkshire Hills Bancorp by 54.8% in the first quarter. Nuveen Asset Management LLC now owns 487,220 shares of the savings and loans company’s stock valued at $17,564,000 after buying an additional 172,470 shares in the last quarter. Finally, HighTower Advisors LLC increased its stake in Berkshire Hills Bancorp by 14.7% in the first quarter. HighTower Advisors LLC now owns 10,005 shares of the savings and loans company’s stock valued at $361,000 after buying an additional 1,281 shares in the last quarter. 63.69% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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