Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Expected to Post Earnings of $1.12 Per Share

Equities research analysts expect Berkshire Hills Bancorp, Inc. (NYSE:BHLB) to report $1.12 earnings per share (EPS) for the current quarter, Zacks reports. Three analysts have provided estimates for Berkshire Hills Bancorp’s earnings. The lowest EPS estimate is $0.90 and the highest is $1.30. Berkshire Hills Bancorp reported earnings of $0.46 per share during the same quarter last year, which would suggest a positive year over year growth rate of 143.5%. The business is expected to report its next earnings results before the market opens on Thursday, October 21st.

On average, analysts expect that Berkshire Hills Bancorp will report full-year earnings of $2.16 per share for the current financial year, with EPS estimates ranging from $1.89 to $2.34. For the next financial year, analysts forecast that the firm will post earnings of $1.44 per share, with EPS estimates ranging from $1.35 to $1.53. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research firms that cover Berkshire Hills Bancorp.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Tuesday, July 20th. The savings and loans company reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.14. The business had revenue of $97.40 million for the quarter, compared to analyst estimates of $97.10 million. Berkshire Hills Bancorp had a return on equity of 6.69% and a net margin of 15.59%.

BHLB has been the subject of several research reports. Royal Bank of Canada increased their price target on shares of Berkshire Hills Bancorp from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 5th. Seaport Global Securities initiated coverage on shares of Berkshire Hills Bancorp in a research report on Tuesday, August 31st. They set a “buy” rating and a $30.00 target price for the company. Seaport Res Ptn reaffirmed a “buy” rating on shares of Berkshire Hills Bancorp in a report on Tuesday, August 31st. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, September 29th. Finally, Piper Sandler downgraded Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 target price for the company. in a research report on Wednesday, August 11th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $25.83.

Shares of Berkshire Hills Bancorp stock traded up $0.60 during trading hours on Friday, hitting $27.03. 2,022 shares of the company’s stock traded hands, compared to its average volume of 351,735. The stock has a market capitalization of $1.32 billion, a price-to-earnings ratio of 18.74 and a beta of 1.23. Berkshire Hills Bancorp has a 12-month low of $10.31 and a 12-month high of $28.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.90 and a quick ratio of 0.90. The company has a fifty day simple moving average of $26.04 and a 200-day simple moving average of $25.89.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 9th. Investors of record on Thursday, August 26th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.78%. The ex-dividend date of this dividend was Wednesday, August 25th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 80.00%.

In related news, Director David Brunelle purchased 5,000 shares of the firm’s stock in a transaction dated Monday, September 20th. The shares were purchased at an average cost of $23.79 per share, for a total transaction of $118,950.00. Following the completion of the transaction, the director now directly owns 7,707 shares in the company, valued at approximately $183,349.53. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Nitin J. Mhatre acquired 1,420 shares of Berkshire Hills Bancorp stock in a transaction that occurred on Monday, September 20th. The shares were purchased at an average cost of $23.95 per share, with a total value of $34,009.00. The disclosure for this purchase can be found here. Insiders purchased a total of 10,230 shares of company stock valued at $246,828 over the last quarter. 0.90% of the stock is owned by company insiders.

A number of institutional investors have recently bought and sold shares of the business. FORA Capital LLC purchased a new position in Berkshire Hills Bancorp in the 2nd quarter worth approximately $26,000. Eagle Bay Advisors LLC bought a new position in shares of Berkshire Hills Bancorp in the second quarter worth approximately $34,000. Nisa Investment Advisors LLC increased its stake in shares of Berkshire Hills Bancorp by 355.2% in the second quarter. Nisa Investment Advisors LLC now owns 1,320 shares of the savings and loans company’s stock worth $36,000 after buying an additional 1,030 shares during the period. Eidelman Virant Capital raised its holdings in Berkshire Hills Bancorp by 32.9% during the 3rd quarter. Eidelman Virant Capital now owns 1,637 shares of the savings and loans company’s stock valued at $451,000 after buying an additional 405 shares during the last quarter. Finally, USA Financial Portformulas Corp bought a new stake in Berkshire Hills Bancorp during the 2nd quarter valued at $63,000. 81.48% of the stock is owned by institutional investors and hedge funds.

About Berkshire Hills Bancorp

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc The firm offers deposit, lending, insurance, and wealth management products to retail and commercial customers in its market areas. It aims to expand and deepen market share and wallet share through organic growth and acquisition strategies.

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Earnings History and Estimates for Berkshire Hills Bancorp (NYSE:BHLB)

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