Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm currently has a $39.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.59% from the stock’s current price.
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. “
Other equities analysts also recently issued reports about the stock. BidaskClub downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. 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 report on Thursday, September 7th. FIG Partners raised shares of Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and set a $38.00 price target on shares of Berkshire Hills Bancorp in a report on Friday. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $37.50.
Berkshire Hills Bancorp (NYSE BHLB) traded up 1.45% on Monday, reaching $34.90. 173,433 shares of the company’s stock traded hands. The stock has a market capitalization of $1.39 billion, a PE ratio of 19.27 and a beta of 0.65. The firm’s 50-day moving average is $34.42 and its 200 day moving average is $35.45. Berkshire Hills Bancorp has a 52-week low of $26.45 and a 52-week high of $38.65.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results 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 firm had revenue of $102.34 million during the quarter, compared to the consensus estimate of $102.75 million. Analysts forecast that Berkshire Hills Bancorp will post $2.29 EPS for the current year.
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In other Berkshire Hills Bancorp news, insider Michael P. Daly sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $33.78, for a total value of $844,500.00. Following the completion of the transaction, the insider now directly owns 103,670 shares of the company’s stock, valued at $3,501,972.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Richard M. Marotta sold 9,500 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $33.32, for a total transaction of $316,540.00. Following the completion of the transaction, the executive vice president now directly owns 28,523 shares of the company’s stock, valued at $950,386.36. The disclosure for this sale can be found here. 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. bought a new position in shares of Berkshire Hills Bancorp in the first quarter worth about $101,000. New York State Teachers Retirement System raised its stake in shares of Berkshire Hills Bancorp by 7.4% in the first 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 bought a new position in shares of Berkshire Hills Bancorp in the first quarter worth about $109,000. Quantbot Technologies LP bought a new position in shares of Berkshire Hills Bancorp in the second quarter worth about $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Berkshire Hills Bancorp by 263.2% in the second 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. 74.09% of the stock is owned by institutional investors.
Berkshire Hills Bancorp Company Profile
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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