Berkshire Hills Bancorp, Inc. (BHLB) Raised to “Sell” at BidaskClub

BidaskClub upgraded shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) from a strong sell rating to a sell rating in a report published on Wednesday.

Several other analysts have also recently weighed in on the stock. Zacks Investment Research cut shares of Berkshire Hills Bancorp from a buy rating to a hold rating in a research note on Tuesday. Piper Jaffray Companies raised shares of Berkshire Hills Bancorp from a neutral rating to an overweight rating and set a $39.50 price target for the company in a research note on Thursday, September 7th. Finally, FIG Partners raised shares of Berkshire Hills Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $37.30.

Shares of Berkshire Hills Bancorp (BHLB) opened at 34.40 on Wednesday. The firm has a 50-day moving average of $34.42 and a 200 day moving average of $35.45. The company has a market cap of $1.37 billion, a P/E ratio of 19.00 and a beta of 0.65. Berkshire Hills Bancorp has a 52 week low of $26.80 and a 52 week high of $38.65.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a net margin of 15.03% and a return on equity of 6.93%. The company had revenue of $102.34 million during the quarter, compared to analysts’ expectations of $102.75 million. Equities analysts expect that Berkshire Hills Bancorp will post $2.29 EPS for the current fiscal year.

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The company also recently declared a quarterly dividend, which was paid on Thursday, August 24th. Stockholders of record on Thursday, August 10th were paid a $0.21 dividend. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.84 annualized dividend and a dividend yield of 2.44%. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is 46.15%.

In other news, EVP Richard M. Marotta sold 9,500 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $33.32, for a total value of $316,540.00. Following the transaction, the executive vice president now directly owns 28,523 shares in the company, valued at approximately $950,386.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Richard L. Murphy acquired 1,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $34.25 per share, for a total transaction of $34,250.00. Following the completion of the acquisition, the director now owns 9,668 shares in the company, valued at approximately $331,129. The disclosure for this purchase can be found here. Corporate insiders own 2.82% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. acquired a new position in shares of Berkshire Hills Bancorp in the 1st quarter worth approximately $101,000. New York State Teachers Retirement System lifted its holdings in shares of Berkshire Hills Bancorp by 7.4% in the 1st quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock worth $105,000 after acquiring an additional 200 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Berkshire Hills Bancorp in the 1st quarter worth approximately $109,000. Quantbot Technologies LP acquired a new position in shares of Berkshire Hills Bancorp in the 2nd quarter worth approximately $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Berkshire Hills Bancorp by 263.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock worth $121,000 after acquiring an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 74.11% of the company’s stock.

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.

Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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