Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday, October 24th.
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 weighed in on BHLB. BidaskClub lowered shares of Berkshire Hills Bancorp from a “sell” rating to a “strong sell” rating in a research report on Tuesday, August 8th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a research report on Tuesday, October 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $40.00 price target on shares of Berkshire Hills Bancorp in a research note on Wednesday, October 11th. FIG Partners reiterated an “outperform” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a research note on Wednesday, September 20th. Finally, Piper Jaffray Companies upgraded shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 price target on the stock in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $38.92.
Berkshire Hills Bancorp (NYSE:BHLB) opened at $36.20 on Tuesday. The company has a quick ratio of 0.90, a current ratio of 0.92 and a debt-to-equity ratio of 0.31. The company has a market cap of $1,638.67, a PE ratio of 15.88 and a beta of 0.69. Berkshire Hills Bancorp has a fifty-two week low of $30.90 and a fifty-two week high of $40.00.
Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. The business had revenue of $100.83 million during the quarter, compared to analysts’ expectations of $107.60 million. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 7.13%. sell-side analysts predict that Berkshire Hills Bancorp will post 2.29 EPS for the current year.
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In other news, Director Richard L. Murphy acquired 1,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was purchased at an average cost of $34.25 per share, with a total value of $34,250.00. Following the acquisition, the director now owns 9,668 shares of the company’s stock, valued at approximately $331,129. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Richard M. Marotta sold 9,500 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $33.32, for a total value of $316,540.00. Following the completion of the sale, the executive vice president now directly owns 28,523 shares of the company’s stock, valued at $950,386.36. The disclosure for this sale can be found here. Insiders own 2.82% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the stock. Ameritas Investment Partners Inc. acquired a new position in shares of Berkshire Hills Bancorp in the 1st quarter valued at approximately $101,000. New York State Teachers Retirement System grew its position in shares of 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 acquired a new position in shares of Berkshire Hills Bancorp in the 1st quarter valued at approximately $109,000. Quantbot Technologies LP acquired a new position in shares of Berkshire Hills Bancorp in the 2nd quarter valued at approximately $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of 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. Institutional investors and hedge funds own 74.96% of the company’s stock.
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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