Wells Fargo & Company MN Boosts Position in Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Wells Fargo & Company MN grew its holdings in shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 30.0% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 137,280 shares of the savings and loans company’s stock after acquiring an additional 31,684 shares during the quarter. Wells Fargo & Company MN’s holdings in Berkshire Hills Bancorp were worth $4,309,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Meeder Asset Management Inc. bought a new stake in shares of Berkshire Hills Bancorp during the second quarter valued at approximately $29,000. Magnus Financial Group LLC bought a new stake in shares of Berkshire Hills Bancorp during the second quarter valued at approximately $205,000. Plimoth Trust Co. LLC bought a new stake in shares of Berkshire Hills Bancorp during the second quarter valued at approximately $216,000. BNP Paribas Arbitrage SA boosted its position in shares of Berkshire Hills Bancorp by 320.1% during the first quarter. BNP Paribas Arbitrage SA now owns 9,394 shares of the savings and loans company’s stock valued at $256,000 after purchasing an additional 7,158 shares in the last quarter. Finally, Piedmont Investment Advisors Inc. boosted its position in shares of Berkshire Hills Bancorp by 7.2% during the first quarter. Piedmont Investment Advisors Inc. now owns 10,315 shares of the savings and loans company’s stock valued at $281,000 after purchasing an additional 691 shares in the last quarter. 72.29% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Rheo A. Brouillard sold 9,454 shares of the company’s stock in a transaction on Wednesday, July 31st. The stock was sold at an average price of $32.80, for a total transaction of $310,091.20. Following the completion of the sale, the director now owns 21,004 shares in the company, valued at $688,931.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 10.76% of the stock is owned by insiders.

BHLB has been the topic of several research reports. Sandler O’Neill lowered Berkshire Hills Bancorp from a “buy” rating to a “hold” rating and set a $33.00 price target on the stock. in a research report on Tuesday, July 2nd. DA Davidson reissued a “buy” rating on shares of Berkshire Hills Bancorp in a report on Monday, July 22nd. Piper Jaffray Companies assumed coverage on Berkshire Hills Bancorp in a report on Friday, May 31st. They issued a “neutral” rating and a $33.00 target price on the stock. Compass Point raised Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a report on Wednesday, July 24th. Finally, Zacks Investment Research raised Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $31.80.

Berkshire Hills Bancorp stock traded up $0.34 during mid-day trading on Friday, hitting $31.77. The company had a trading volume of 81,169 shares, compared to its average volume of 174,199. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.23. The stock’s 50 day moving average price is $30.03 and its two-hundred day moving average price is $30.05. Berkshire Hills Bancorp, Inc. has a 12 month low of $25.77 and a 12 month high of $43.40. The company has a market capitalization of $1.62 billion, a PE ratio of 11.72 and a beta of 1.10.

Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Tuesday, July 23rd. The savings and loans company reported $0.65 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.02. Berkshire Hills Bancorp had a return on equity of 7.76% and a net margin of 16.28%. The firm had revenue of $109.11 million during the quarter, compared to analysts’ expectations of $114.10 million. Equities research analysts anticipate that Berkshire Hills Bancorp, Inc. will post 2.59 EPS for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 22nd. Stockholders of record on Thursday, August 8th were paid a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend was Wednesday, August 7th. Berkshire Hills Bancorp’s dividend payout ratio is currently 33.95%.

Berkshire Hills Bancorp Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Institutional Ownership by Quarter for Berkshire Hills Bancorp (NYSE:BHLB)

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