Zacks Investment Research Upgrades Blue Hills Bancorp (BHBK) to Strong-Buy

Blue Hills Bancorp (NASDAQ:BHBK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $23.00 target price on the bank’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 12.20% from the company’s current price.

According to Zacks, “Blue Hills Bancorp, Inc. is the holding company for Blue Hills Bank, a full service, community bank. It provides consumer and commercial deposit and loan products. The Bank offers commercial and industrial and commercial real estate loans in addition to commercial checking and savings accounts. It offers consumer banking products including checking accounts, mortgage loans, equity lines of credit and traditional savings and certificate of deposit accounts. The Bank also offers online services including online account opening and funding, online mortgage applications and online banking, mobile banking and bill pay. Blue Hills Bancorp, Inc. is headquartered in Hyde Park, Massachusetts. “

BHBK has been the subject of a number of other reports. BidaskClub downgraded Blue Hills Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, February 21st. Piper Jaffray raised Blue Hills Bancorp from a “neutral” rating to an “overweight” rating in a research note on Monday, February 5th.

Shares of BHBK opened at $20.50 on Wednesday. Blue Hills Bancorp has a 52-week low of $20.25 and a 52-week high of $20.35. The firm has a market capitalization of $545.33 million, a price-to-earnings ratio of 36.61 and a beta of 0.09. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.03 and a quick ratio of 1.03.

Blue Hills Bancorp (NASDAQ:BHBK) last issued its earnings results on Tuesday, April 24th. The bank reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.05. Blue Hills Bancorp had a return on equity of 4.31% and a net margin of 15.12%. The business had revenue of $22.26 million during the quarter. sell-side analysts forecast that Blue Hills Bancorp will post 0.92 EPS for the current fiscal year.

In related news, Director Scott Smith sold 1,900 shares of the firm’s stock in a transaction dated Tuesday, March 20th. The stock was sold at an average price of $19.95, for a total transaction of $37,905.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert Driscoll sold 7,600 shares of the firm’s stock in a transaction dated Wednesday, April 25th. The stock was sold at an average price of $20.90, for a total value of $158,840.00. Following the sale, the executive vice president now directly owns 82,101 shares of the company’s stock, valued at $1,715,910.90. The disclosure for this sale can be found here. Insiders have sold a total of 20,500 shares of company stock valued at $426,645 over the last three months. Corporate insiders own 3.70% of the company’s stock.

Large investors have recently modified their holdings of the stock. ClariVest Asset Management LLC acquired a new stake in shares of Blue Hills Bancorp during the 1st quarter worth about $160,000. MetLife Investment Advisors LLC acquired a new stake in shares of Blue Hills Bancorp during the 4th quarter worth about $263,000. JPMorgan Chase & Co. increased its position in shares of Blue Hills Bancorp by 218.6% during the 1st quarter. JPMorgan Chase & Co. now owns 16,383 shares of the bank’s stock worth $342,000 after purchasing an additional 11,241 shares during the last quarter. Dupont Capital Management Corp acquired a new stake in shares of Blue Hills Bancorp during the 1st quarter worth about $377,000. Finally, SeaCrest Wealth Management LLC purchased a new position in Blue Hills Bancorp during the 4th quarter valued at about $462,000. 51.61% of the stock is owned by hedge funds and other institutional investors.

About Blue Hills Bancorp

Blue Hills Bancorp, Inc operates as the bank holding company for Blue Hills Bank that provides financial services to individuals, families, small to mid-size businesses, government, and non-profit organizations in Massachusetts. The company accepts passbook and statement savings, money market, commercial and regular checking, as well as certificates of deposit and IRAs.

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