Berkshire Hills Bancorp (NYSE:BHLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, January 8th.
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. “
A number of other research firms have also weighed in on BHLB. Piper Jaffray Companies restated a “buy” rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a research note on Sunday, October 22nd. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $41.00 price target on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. Jefferies Group reissued a “hold” rating and issued a $40.00 price objective on shares of Berkshire Hills Bancorp in a report on Wednesday, October 11th. BidaskClub raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating in a report on Saturday, September 30th. Finally, FIG Partners reaffirmed an “outperform” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a report on Wednesday, September 20th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $41.30.
Shares of Berkshire Hills Bancorp (BHLB) traded up $0.20 on Monday, reaching $38.50. 322,275 shares of the company’s stock traded hands, compared to its average volume of 231,680. Berkshire Hills Bancorp has a fifty-two week low of $32.85 and a fifty-two week high of $40.00. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1,750.00, a PE ratio of 20.81 and a beta of 0.68.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.58 by $0.01. The company had revenue of $100.83 million during the quarter, compared to analyst estimates of $107.60 million. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 6.93%. analysts predict that Berkshire Hills Bancorp will post 2.28 earnings per share for the current fiscal year.
In other Berkshire Hills Bancorp news, Director James Williar Dunlaevy sold 7,455 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $39.30, for a total transaction of $292,981.50. Following the transaction, the director now owns 67,747 shares in the company, valued at $2,662,457.10. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director William J. Ryan acquired 3,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were purchased at an average price of $37.87 per share, for a total transaction of $113,610.00. The disclosure for this purchase can be found here. Insiders own 1.71% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. GSA Capital Partners LLP lifted its stake in Berkshire Hills Bancorp by 140.3% in the third quarter. GSA Capital Partners LLP now owns 55,483 shares of the savings and loans company’s stock worth $2,150,000 after acquiring an additional 32,394 shares during the period. California Public Employees Retirement System lifted its position in shares of Berkshire Hills Bancorp by 1.9% during the third quarter. California Public Employees Retirement System now owns 112,776 shares of the savings and loans company’s stock valued at $4,370,000 after buying an additional 2,076 shares during the last quarter. Cubist Systematic Strategies LLC lifted its position in shares of Berkshire Hills Bancorp by 47.7% during the third quarter. Cubist Systematic Strategies LLC now owns 10,659 shares of the savings and loans company’s stock valued at $413,000 after buying an additional 3,441 shares during the last quarter. Jane Street Group LLC purchased a new stake in shares of Berkshire Hills Bancorp during the third quarter valued at about $294,000. Finally, Cornerstone Capital Management Holdings LLC. lifted its position in shares of Berkshire Hills Bancorp by 19.2% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 122,824 shares of the savings and loans company’s stock valued at $4,758,000 after buying an additional 19,800 shares during the last quarter. 67.21% of the stock is owned by institutional investors.
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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