Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, June 27th. The firm currently has a $39.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 8.48% 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 research firms have also recently weighed in on BHLB. Jefferies Group LLC restated a “hold” rating and set a $38.00 price objective on shares of Berkshire Hills Bancorp in a research report on Friday, May 5th. Keefe, Bruyette & Woods restated a “buy” rating and set a $42.00 price objective on shares of Berkshire Hills Bancorp in a research report on Wednesday, May 3rd. BidaskClub upgraded shares of Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Finally, FIG Partners upgraded shares of Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 23rd. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Berkshire Hills Bancorp presently has a consensus rating of “Hold” and a consensus price target of $35.80.
Shares of Berkshire Hills Bancorp (BHLB) traded down 0.209% during midday trading on Tuesday, reaching $35.875. 84,825 shares of the company’s stock were exchanged. The stock has a market cap of $1.34 billion, a price-to-earnings ratio of 19.809 and a beta of 0.62. The firm has a 50 day moving average of $35.80 and a 200-day moving average of $35.71. Berkshire Hills Bancorp has a one year low of $25.90 and a one year high of $38.65.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results 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. Berkshire Hills Bancorp had a net margin of 15.03% and a return on equity of 7.31%. The firm had revenue of $102.34 million for the quarter, compared to the consensus estimate of $102.75 million. On average, equities research analysts anticipate that Berkshire Hills Bancorp will post $2.27 earnings per share for the current year.
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Several hedge funds and other institutional investors have recently bought and sold shares of BHLB. Foundry Partners LLC raised its position in Berkshire Hills Bancorp by 15.9% in the first quarter. Foundry Partners LLC now owns 16,250 shares of the savings and loans company’s stock valued at $586,000 after buying an additional 2,225 shares during the last quarter. Macquarie Group Ltd. purchased a new position in shares of Berkshire Hills Bancorp during the fourth quarter worth about $1,128,000. Teachers Advisors LLC increased its position in shares of Berkshire Hills Bancorp by 6.6% in the fourth quarter. Teachers Advisors LLC now owns 66,894 shares of the savings and loans company’s stock worth $2,465,000 after buying an additional 4,134 shares in the last quarter. Putnam Investments LLC increased its position in shares of Berkshire Hills Bancorp by 84.0% in the fourth quarter. Putnam Investments LLC now owns 129,900 shares of the savings and loans company’s stock worth $4,787,000 after buying an additional 59,300 shares in the last quarter. Finally, AQR Capital Management LLC increased its position in shares of Berkshire Hills Bancorp by 66.0% in the fourth quarter. AQR Capital Management LLC now owns 54,749 shares of the savings and loans company’s stock worth $2,017,000 after buying an additional 21,759 shares in the last quarter. 63.69% of the stock is 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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