Berkshire Hills Bancorp (NYSE:BHLB) Issues Quarterly Earnings Results

Berkshire Hills Bancorp (NYSE:BHLB) issued its quarterly earnings data on Thursday. The savings and loans company reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.02, Briefing.com reports. The company had revenue of $169.32 million for the quarter, compared to analyst estimates of $107.89 million. Berkshire Hills Bancorp had a net margin of 3.40% and a return on equity of 8.77%. During the same period in the prior year, the firm earned $0.63 earnings per share.

Berkshire Hills Bancorp Trading Up 3.5 %

Shares of Berkshire Hills Bancorp stock opened at $21.71 on Friday. The company has a market capitalization of $943.52 million, a price-to-earnings ratio of 43.42 and a beta of 0.87. The company has a quick ratio of 0.93, a current ratio of 1.03 and a debt-to-equity ratio of 0.45. Berkshire Hills Bancorp has a 12-month low of $18.07 and a 12-month high of $25.79. The firm’s 50-day moving average price is $21.91 and its two-hundred day moving average price is $22.19.

Berkshire Hills Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.18 per share. The ex-dividend date was Wednesday, March 20th. This represents a $0.72 dividend on an annualized basis and a yield of 3.32%. Berkshire Hills Bancorp’s payout ratio is 144.00%.

Analyst Upgrades and Downgrades

BHLB has been the topic of several research analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $26.00 price objective on shares of Berkshire Hills Bancorp in a research report on Friday, January 26th. Keefe, Bruyette & Woods raised their price target on shares of Berkshire Hills Bancorp from $24.00 to $25.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 30th. StockNews.com lowered shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Seaport Res Ptn raised shares of Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a research report on Monday, January 29th. Finally, Piper Sandler raised shares of Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Wednesday, January 10th. One analyst has rated the stock with a sell rating and four have issued a hold rating to the company’s stock. According to data from MarketBeat, Berkshire Hills Bancorp has a consensus rating of “Hold” and an average target price of $25.00.

Insiders Place Their Bets

In other Berkshire Hills Bancorp news, Director Baye Adofo-Wilson sold 10,074 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $22.19, for a total transaction of $223,542.06. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Baye Adofo-Wilson sold 10,074 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $22.19, for a total value of $223,542.06. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Michael Zaitzeff sold 27,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $22.43, for a total transaction of $605,610.00. Following the completion of the sale, the director now owns 11,855 shares in the company, valued at $265,907.65. The disclosure for this sale can be found here. Insiders have sold 224,788 shares of company stock worth $5,239,449 over the last ninety days. Corporate insiders own 1.02% of the company’s stock.

Institutional Investors Weigh In On Berkshire Hills Bancorp

Hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in Berkshire Hills Bancorp by 1.9% in the 1st quarter. BlackRock Inc. now owns 6,616,955 shares of the savings and loans company’s stock valued at $165,821,000 after buying an additional 126,150 shares during the last quarter. Vanguard Group Inc. raised its holdings in Berkshire Hills Bancorp by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 5,253,783 shares of the savings and loans company’s stock valued at $152,203,000 after buying an additional 51,437 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in Berkshire Hills Bancorp by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,820,311 shares of the savings and loans company’s stock valued at $81,705,000 after buying an additional 45,304 shares during the last quarter. State Street Corp raised its holdings in Berkshire Hills Bancorp by 2.5% in the 1st quarter. State Street Corp now owns 2,352,989 shares of the savings and loans company’s stock valued at $68,166,000 after buying an additional 56,505 shares during the last quarter. Finally, Alliancebernstein L.P. raised its holdings in Berkshire Hills Bancorp by 10.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,724,977 shares of the savings and loans company’s stock valued at $35,759,000 after buying an additional 167,243 shares during the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services in the United States. The company provides various deposit accounts, including demand deposit, interest-bearing checking, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts.