FIG Partners Downgrades Berkshire Hills Bancorp (BHLB) to Market-Perform

Berkshire Hills Bancorp (NYSE:BHLB) was downgraded by stock analysts at FIG Partners from an “outperform” rating to a “market-perform” rating in a note issued to investors on Wednesday. FIG Partners also issued estimates for Berkshire Hills Bancorp’s Q4 2018 earnings at $0.66 EPS, FY2018 earnings at $2.75 EPS, Q1 2019 earnings at $0.67 EPS, Q2 2019 earnings at $0.70 EPS, Q3 2019 earnings at $0.74 EPS, Q4 2019 earnings at $0.74 EPS, FY2019 earnings at $2.86 EPS, Q1 2020 earnings at $0.72 EPS, Q2 2020 earnings at $0.76 EPS, Q3 2020 earnings at $0.80 EPS and FY2020 earnings at $3.07 EPS.

BHLB has been the topic of a number of other reports. ValuEngine cut Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Keefe, Bruyette & Woods cut Berkshire Hills Bancorp from an “outperform” rating to a “market perform” rating and set a $33.00 price target on the stock. in a report on Sunday, July 22nd. Sandler O’Neill reissued a “buy” rating and set a $47.00 price target on shares of Berkshire Hills Bancorp in a report on Friday, July 20th. Compass Point raised Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating and set a $40.00 price target on the stock in a report on Wednesday, July 18th. They noted that the move was a valuation call. Finally, Cowen raised Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a report on Thursday, July 19th. One analyst has rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. Berkshire Hills Bancorp currently has a consensus rating of “Hold” and a consensus price target of $41.30.

NYSE:BHLB traded down $0.02 on Wednesday, reaching $33.70. 9,382 shares of the company’s stock traded hands, compared to its average volume of 264,856. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.03. The stock has a market cap of $1.53 billion, a PE ratio of 14.76 and a beta of 0.74. Berkshire Hills Bancorp has a 12 month low of $32.34 and a 12 month high of $44.25.

Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Wednesday, October 17th. The savings and loans company reported $0.70 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.70. The business had revenue of $118.62 million for the quarter, compared to analysts’ expectations of $120.17 million. Berkshire Hills Bancorp had a return on equity of 8.33% and a net margin of 15.64%. Sell-side analysts anticipate that Berkshire Hills Bancorp will post 2.76 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of BHLB. Russell Investments Group Ltd. grew its position in shares of Berkshire Hills Bancorp by 7.8% during the first quarter. Russell Investments Group Ltd. now owns 49,421 shares of the savings and loans company’s stock valued at $1,876,000 after purchasing an additional 3,567 shares in the last quarter. UBS Group AG grew its position in shares of Berkshire Hills Bancorp by 61.4% during the first quarter. UBS Group AG now owns 12,900 shares of the savings and loans company’s stock valued at $490,000 after purchasing an additional 4,908 shares in the last quarter. Legal & General Group Plc grew its position in shares of Berkshire Hills Bancorp by 82.1% during the first quarter. Legal & General Group Plc now owns 18,280 shares of the savings and loans company’s stock valued at $693,000 after purchasing an additional 8,241 shares in the last quarter. Xact Kapitalforvaltning AB grew its position in shares of Berkshire Hills Bancorp by 59.2% during the first quarter. Xact Kapitalforvaltning AB now owns 9,416 shares of the savings and loans company’s stock valued at $357,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Berkshire Hills Bancorp by 5,532.8% during the first quarter. Principal Financial Group Inc. now owns 373,677 shares of the savings and loans company’s stock valued at $14,181,000 after purchasing an additional 367,043 shares in the last quarter. Hedge funds and other institutional investors own 76.27% of the company’s stock.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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