Berkshire Hills Bancorp (BHLB) Lifted to “Buy” at Zacks Investment Research

Berkshire Hills Bancorp (NYSE:BHLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $42.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.90% from the stock’s previous close.

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. “

Several other brokerages also recently weighed in on BHLB. BidaskClub raised Berkshire Hills Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. Jefferies Group reaffirmed a “hold” rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a research note on Friday, September 15th. FIG Partners reaffirmed an “outperform” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a research note on Wednesday, September 20th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $39.50 target price on shares of Berkshire Hills Bancorp in a research note on Sunday, October 22nd. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $41.30.

Berkshire Hills Bancorp (NYSE:BHLB) traded down $0.05 during trading hours on Tuesday, reaching $37.20. The company had a trading volume of 167,900 shares, compared to its average volume of 199,880. Berkshire Hills Bancorp has a twelve month low of $32.85 and a twelve month high of $40.00. The firm has a market cap of $1,686.21, a price-to-earnings ratio of 20.00 and a beta of 0.69. The company has a quick ratio of 0.89, a current ratio of 0.91 and a debt-to-equity ratio of 0.33.

Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings data on Thursday, October 19th. The savings and loans company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.54%. The business had revenue of $100.83 million during the quarter, compared to analyst estimates of $107.60 million. sell-side analysts forecast that Berkshire Hills Bancorp will post 2.29 EPS for the current fiscal year.

In related news, Director William J. Ryan bought 3,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were bought at an average cost of $37.87 per share, with a total value of $113,610.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director James Williar Dunlaevy sold 7,455 shares of the business’s stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $39.30, for a total value of $292,981.50. Following the sale, the director now directly owns 67,747 shares in the company, valued at $2,662,457.10. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. raised its position in shares of Berkshire Hills Bancorp by 11.3% during the second quarter. Ameritas Investment Partners Inc. now owns 3,121 shares of the savings and loans company’s stock worth $110,000 after purchasing an additional 318 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Berkshire Hills Bancorp during the second quarter worth $112,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Berkshire Hills Bancorp by 263.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock worth $121,000 after purchasing an additional 2,500 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Berkshire Hills Bancorp by 129.9% during the second quarter. BNP Paribas Arbitrage SA now owns 4,373 shares of the savings and loans company’s stock worth $154,000 after purchasing an additional 2,471 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Berkshire Hills Bancorp by 4.3% during the second quarter. Royal Bank of Canada now owns 5,155 shares of the savings and loans company’s stock worth $182,000 after purchasing an additional 212 shares during the period. 67.21% of the stock is currently owned by institutional investors.

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Berkshire Hills Bancorp Company Profile

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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