Berkshire Hills Bancorp (NYSE:BHLB) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Monday, January 1st. The brokerage currently has a $41.00 price target on the savings and loans company’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 9.19% 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. “
Several other research firms also recently weighed in on BHLB. BidaskClub downgraded shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Jefferies Group reaffirmed a “hold” rating and set a $38.00 price target on shares of Berkshire Hills Bancorp in a research note on Friday, September 15th. FIG Partners reaffirmed an “outperform” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies reissued a “buy” rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a report on Sunday, October 22nd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $41.30.
Shares of Berkshire Hills Bancorp (BHLB) traded up $0.25 during mid-day trading on Monday, reaching $37.55. The company’s stock had a trading volume of 415,200 shares, compared to its average volume of 230,600. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.91 and a quick ratio of 0.89. Berkshire Hills Bancorp has a 1-year low of $32.85 and a 1-year high of $40.00. The stock has a market cap of $1,720.00, a price-to-earnings ratio of 20.30 and a beta of 0.68.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 EPS for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. The firm had revenue of $100.83 million during the quarter, compared to the consensus estimate of $107.60 million. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 6.93%. equities analysts anticipate that Berkshire Hills Bancorp will post 2.29 earnings per share for the current fiscal year.
In other news, insider Michael D. Carroll sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, December 1st. The shares were sold at an average price of $38.50, for a total value of $77,000.00. Following the transaction, the insider now directly owns 7,255 shares in the company, valued at approximately $279,317.50. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director James Williar Dunlaevy sold 7,455 shares of the company’s stock in a transaction that occurred on Thursday, November 30th. The stock was sold at an average price of $39.30, for a total transaction of $292,981.50. Following the completion of the transaction, the director now owns 67,747 shares in the company, valued at $2,662,457.10. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate insiders.
Several large investors have recently made changes to their positions in BHLB. Russell Investments Group Ltd. grew its position in shares of Berkshire Hills Bancorp by 8.8% in the 2nd quarter. Russell Investments Group Ltd. now owns 56,997 shares of the savings and loans company’s stock valued at $2,004,000 after buying an additional 4,600 shares during the last quarter. Rhumbline Advisers grew its position in shares of Berkshire Hills Bancorp by 9.1% in the 2nd quarter. Rhumbline Advisers now owns 41,751 shares of the savings and loans company’s stock valued at $1,468,000 after buying an additional 3,488 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Berkshire Hills Bancorp by 4.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 327,397 shares of the savings and loans company’s stock valued at $11,508,000 after buying an additional 14,178 shares during the last quarter. Legal & General Group Plc grew its position in shares of Berkshire Hills Bancorp by 7.3% in the 2nd quarter. Legal & General Group Plc now owns 8,539 shares of the savings and loans company’s stock valued at $300,000 after buying an additional 582 shares during the last quarter. Finally, BNP Paribas Arbitrage SA grew its position in shares of Berkshire Hills Bancorp by 129.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,373 shares of the savings and loans company’s stock valued at $154,000 after buying an additional 2,471 shares during the last quarter. 67.21% of the stock is currently owned by institutional investors.
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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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