Zacks Investment Research lowered shares of Berkshire Hills Bancorp (NYSE:BHLB) from a buy rating to a hold rating in a report issued on Monday morning.
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. “
BHLB has been the topic of several other reports. Jefferies Group reiterated a hold rating and issued a $40.00 price target on shares of Berkshire Hills Bancorp in a report on Wednesday, October 11th. BidaskClub downgraded Berkshire Hills Bancorp from a buy rating to a hold rating in a report on Tuesday, November 7th. Keefe, Bruyette & Woods restated a buy rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a report on Tuesday, October 3rd. Finally, Piper Jaffray Companies restated a buy rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a report on Sunday, October 22nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and an average price target of $41.30.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 7.44% and a net margin of 11.37%. The firm had revenue of $115.66 million for the quarter, compared to the consensus estimate of $115.50 million. research analysts anticipate that Berkshire Hills Bancorp will post 2.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 1st. Shareholders of record on Thursday, February 15th will be issued a dividend of $0.22 per share. This is an increase from Berkshire Hills Bancorp’s previous quarterly dividend of $0.21. This represents a $0.88 annualized dividend and a yield of 2.32%. The ex-dividend date is Wednesday, February 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 57.53%.
In other Berkshire Hills Bancorp news, insider Michael D. Carroll sold 2,000 shares of the firm’s stock in a transaction on Friday, December 1st. The stock was sold at an average price of $38.50, for a total transaction of $77,000.00. Following the transaction, the insider now directly owns 7,255 shares in the company, valued at approximately $279,317.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director William J. Ryan acquired 3,000 shares of Berkshire Hills Bancorp 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. Company insiders own 1.71% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. boosted its position in Berkshire Hills Bancorp by 11.3% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,121 shares of the savings and loans company’s stock valued at $110,000 after acquiring an additional 318 shares in the last quarter. Quantbot Technologies LP bought a new stake in Berkshire Hills Bancorp during the 2nd quarter valued at $112,000. Royal Bank of Canada boosted its position in Berkshire Hills Bancorp by 4.3% during the 2nd quarter. Royal Bank of Canada now owns 5,155 shares of the savings and loans company’s stock valued at $182,000 after acquiring an additional 212 shares in the last quarter. FDx Advisors Inc. bought a new stake in Berkshire Hills Bancorp during the 3rd quarter valued at $217,000. Finally, Gamco Investors INC. ET AL bought a new stake in Berkshire Hills Bancorp during the 3rd quarter valued at $233,000. 67.23% of the stock is currently owned by institutional investors and hedge funds.
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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