Brokerages expect that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will report sales of $112.80 million for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Berkshire Hills Bancorp’s earnings, with the highest sales estimate coming in at $113.80 million and the lowest estimate coming in at $111.80 million. Berkshire Hills Bancorp reported sales of $75.88 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 48.7%. The business is scheduled to issue its next quarterly earnings report on Monday, January 29th.
On average, analysts expect that Berkshire Hills Bancorp will report full year sales of $112.80 million for the current fiscal year, with estimates ranging from $418.50 million to $420.40 million. For the next fiscal year, analysts anticipate that the firm will post sales of $501.35 million per share, with estimates ranging from $500.60 million to $502.10 million. Zacks’ sales averages are a mean average based on a survey of analysts that cover Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last released its 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 business had revenue of $100.83 million for the quarter, compared to analysts’ expectations of $107.60 million. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 7.13%.
A number of brokerages have issued reports on BHLB. Piper Jaffray Companies reaffirmed a “buy” rating and set a $39.50 target price on shares of Berkshire Hills Bancorp in a research report on Sunday, October 22nd. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a research report on Tuesday, October 3rd. Jefferies Group LLC reaffirmed a “hold” rating and set a $40.00 target price on shares of Berkshire Hills Bancorp in a research report on Wednesday, October 11th. Zacks Investment Research cut Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, BidaskClub raised Berkshire Hills Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, September 30th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $38.92.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Thursday, November 9th will be paid a $0.21 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.19%. Berkshire Hills Bancorp’s payout ratio is 45.16%.
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In other news, insider Michael P. Daly sold 25,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total value of $844,500.00. Following the completion of the sale, the insider now directly owns 103,670 shares in the company, valued at $3,501,972.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Richard L. Murphy bought 1,000 shares of the stock in a transaction dated Monday, August 14th. The stock was acquired at an average price of $34.25 per share, with a total value of $34,250.00. Following the completion of the purchase, the director now owns 9,668 shares of the company’s stock, valued at approximately $331,129. The disclosure for this purchase can be found here. Corporate insiders own 2.82% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Gamco Investors INC. ET AL acquired a new stake in shares of Berkshire Hills Bancorp in the third quarter valued at $233,000. Peregrine Capital Management LLC acquired a new stake in shares of Berkshire Hills Bancorp in the third quarter valued at $10,514,000. First Trust Advisors LP increased its stake in shares of Berkshire Hills Bancorp by 266.9% in the third quarter. First Trust Advisors LP now owns 98,009 shares of the savings and loans company’s stock valued at $3,798,000 after buying an additional 71,294 shares in the last quarter. Boston Advisors LLC increased its stake in shares of Berkshire Hills Bancorp by 15.4% in the third quarter. Boston Advisors LLC now owns 161,470 shares of the savings and loans company’s stock valued at $6,257,000 after buying an additional 21,530 shares in the last quarter. Finally, Nationwide Fund Advisors increased its stake in shares of Berkshire Hills Bancorp by 4.2% in the third quarter. Nationwide Fund Advisors now owns 91,751 shares of the savings and loans company’s stock valued at $3,555,000 after buying an additional 3,670 shares in the last quarter. Institutional investors own 74.31% of the company’s stock.
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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