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 target price on the savings and loans company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 7.44% 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. “
BHLB has been the topic of several other research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $42.00 target price on shares of Berkshire Hills Bancorp in a research report on Wednesday, May 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a research report on Tuesday, April 4th. BidaskClub raised Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, June 14th. Finally, FIG Partners raised Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 23rd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $35.80.
Shares of Berkshire Hills Bancorp (NYSE:BHLB) opened at 36.30 on Tuesday. The company has a market capitalization of $1.28 billion, a PE ratio of 20.17 and a beta of 0.62. The stock’s 50 day moving average price is $35.80 and its 200 day moving average price is $35.71. Berkshire Hills Bancorp has a 12-month low of $25.90 and a 12-month high of $38.65.
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 consensus estimate of $0.57 by $0.01. The business had revenue of $102.34 million for the quarter, compared to analysts’ expectations of $102.75 million. Berkshire Hills Bancorp had a return on equity of 7.31% and a net margin of 15.03%. On average, equities research analysts forecast that Berkshire Hills Bancorp will post $2.27 earnings per share for the current year.
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Several hedge funds have recently bought and sold shares of BHLB. Two Sigma Securities LLC acquired a new stake in Berkshire Hills Bancorp during the first quarter worth $317,000. Sit Investment Associates Inc. boosted its stake in Berkshire Hills Bancorp by 306.1% in the first quarter. Sit Investment Associates Inc. now owns 18,375 shares of the savings and loans company’s stock worth $662,000 after buying an additional 13,850 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its stake in Berkshire Hills Bancorp by 0.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,500 shares of the savings and loans company’s stock worth $1,857,000 after buying an additional 200 shares during the last quarter. State Street Corp raised its position in shares of Berkshire Hills Bancorp by 29.8% in the fourth quarter. State Street Corp now owns 869,903 shares of the savings and loans company’s stock worth $32,056,000 after buying an additional 199,795 shares during the period. Finally, Irving Magee Investment Management purchased a new position in shares of Berkshire Hills Bancorp during the first quarter worth about $2,769,000. 63.90% of the stock is 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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