Zacks Investment Research downgraded shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) from a buy rating to a hold rating in a report published 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. “
Several other equities analysts have also recently weighed in on the company. Jefferies Group LLC reiterated a hold rating and issued a $38.00 price target on shares of Berkshire Hills Bancorp in a research report on Friday, May 5th. FIG Partners upgraded Berkshire Hills Bancorp from a market perform rating to an outperform rating in a research report on Tuesday, May 23rd. BidaskClub cut Berkshire Hills Bancorp from a hold rating to a sell rating in a research report on Saturday, June 24th. Finally, Keefe, Bruyette & Woods restated 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 equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Berkshire Hills Bancorp presently has a consensus rating of Hold and a consensus target price of $35.80.
Shares of Berkshire Hills Bancorp (BHLB) opened at 37.15 on Monday. The stock has a 50 day moving average of $35.96 and a 200-day moving average of $35.72. The stock has a market capitalization of $1.39 billion, a price-to-earnings ratio of 20.51 and a beta of 0.62. Berkshire Hills Bancorp has a 52-week low of $25.90 and a 52-week high of $38.65.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.57 by $0.01. The firm had revenue of $102.34 million for the quarter, compared to analyst estimates 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 predict that Berkshire Hills Bancorp will post $2.28 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 24th. Investors of record on Thursday, August 10th will be given a dividend of $0.21 per share. This represents a $0.84 annualized dividend and a yield of 2.26%. The ex-dividend date is Tuesday, August 8th. Berkshire Hills Bancorp’s payout ratio is 46.15%.
A number of large investors have recently modified their holdings of BHLB. Wells Fargo & Company MN raised its stake in shares of Berkshire Hills Bancorp by 115.1% in the first quarter. Wells Fargo & Company MN now owns 82,145 shares of the savings and loans company’s stock valued at $2,963,000 after buying an additional 43,960 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Berkshire Hills Bancorp by 0.5% in the first quarter. Russell Investments Group Ltd. now owns 52,397 shares of the savings and loans company’s stock valued at $1,889,000 after buying an additional 279 shares during the period. Sit Investment Associates Inc. raised its stake in shares of 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 valued at $662,000 after buying an additional 13,850 shares during the period. First Manhattan Co. raised its stake in shares of Berkshire Hills Bancorp by 5,133.3% in the first quarter. First Manhattan Co. now owns 39,250 shares of the savings and loans company’s stock valued at $1,087,000 after buying an additional 38,500 shares during the period. Finally, Foundry Partners LLC raised its stake in shares of 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 period. 63.69% of the stock is owned by hedge funds and other 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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