Zacks Investment Research upgraded shares of Berkshire Hills Bancorp (NYSE:BHLB) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The brokerage currently has $43.00 target price on the savings and loans company’s stock.
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. “
Separately, Piper Jaffray reissued a buy rating and issued a $42.50 price objective on shares of Berkshire Hills Bancorp in a research note on Tuesday, January 9th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $41.50.
Shares of BHLB traded down $0.90 during mid-day trading on Friday, reaching $37.40. 166,537 shares of the company’s stock traded hands, compared to its average volume of 157,293. The stock has a market cap of $1,737.65, a price-to-earnings ratio of 16.33 and a beta of 0.65. Berkshire Hills Bancorp has a 12 month low of $32.85 and a 12 month high of $40.10. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.90 and a current ratio of 0.92.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 7.09% and a net margin of 11.37%. The company had revenue of $115.66 million for the quarter, compared to analysts’ expectations of $115.50 million. analysts predict that Berkshire Hills Bancorp will post 2.72 earnings per share for the current fiscal year.
In other news, Director Patrick J. Sheehan acquired 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The shares were bought at an average price of $37.00 per share, with a total value of $37,000.00. Following the completion of the purchase, the director now directly owns 1,168 shares in the company, valued at $43,216. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Patrick J. Sheehan acquired 8,938 shares of the company’s stock in a transaction that occurred on Monday, February 5th. The stock was purchased at an average cost of $37.11 per share, for a total transaction of $331,689.18. Following the purchase, the director now owns 1,168 shares of the company’s stock, valued at $43,344.48. The disclosure for this purchase can be found here. In the last three months, insiders purchased 10,938 shares of company stock worth $405,689. 2.82% of the stock is owned by insiders.
Institutional investors have recently bought and sold shares of the business. Advisor Group Inc. lifted its holdings in Berkshire Hills Bancorp by 564.0% during the fourth quarter. Advisor Group Inc. now owns 2,875 shares of the savings and loans company’s stock worth $105,000 after buying an additional 2,442 shares during the period. Envestnet Asset Management Inc. lifted its holdings in Berkshire Hills Bancorp by 236.4% during the fourth quarter. Envestnet Asset Management Inc. now owns 3,162 shares of the savings and loans company’s stock worth $116,000 after buying an additional 2,222 shares during the period. Intrust Bank NA purchased a new stake in Berkshire Hills Bancorp during the fourth quarter worth $212,000. Pitcairn Co. purchased a new stake in Berkshire Hills Bancorp during the fourth quarter worth $214,000. Finally, Xact Kapitalforvaltning AB purchased a new stake in Berkshire Hills Bancorp during the fourth quarter worth $217,000. Institutional investors own 68.83% of the company’s stock.
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About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc operates as a bank holding company, which engages in the provision of community banking services. The firm’s loan portfolio comprises of the following: commercial real estate; commercial and industrial; residential mortgage; and consumer. It also offers savings and checking accounts, deposits, lending, mortgages loans, insurance, and wealth management products.
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