Westwood Holdings Group Inc. lessened its stake in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 9.9% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 980,599 shares of the savings and loans company’s stock after selling 108,290 shares during the quarter. Westwood Holdings Group Inc. owned 1.93% of Berkshire Hills Bancorp worth $30,781,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Meeder Asset Management Inc. purchased a new position in Berkshire Hills Bancorp in the 2nd quarter valued at approximately $29,000. Bank of Montreal Can increased its position in shares of Berkshire Hills Bancorp by 3,396.7% in the second quarter. Bank of Montreal Can now owns 4,266 shares of the savings and loans company’s stock valued at $134,000 after buying an additional 4,144 shares in the last quarter. Magnus Financial Group LLC purchased a new position in shares of Berkshire Hills Bancorp in the second quarter valued at $205,000. Plimoth Trust Co. LLC purchased a new position in shares of Berkshire Hills Bancorp in the second quarter valued at $216,000. Finally, Context BH Capital Management LP purchased a new position in shares of Berkshire Hills Bancorp in the second quarter valued at $221,000. Institutional investors and hedge funds own 72.29% of the company’s stock.
BHLB has been the subject of a number of research analyst reports. Compass Point upgraded Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a research report on Wednesday, July 24th. DA Davidson restated a “buy” rating on shares of Berkshire Hills Bancorp in a report on Monday, July 22nd. Piper Jaffray Companies began coverage on shares of Berkshire Hills Bancorp in a report on Friday, May 31st. They set a “neutral” rating and a $33.00 target price for the company. Sandler O’Neill downgraded shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating and set a $33.00 target price for the company. in a report on Tuesday, July 2nd. Finally, Zacks Investment Research raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $33.00 price objective for the company in a research note on Thursday, September 5th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. Berkshire Hills Bancorp currently has a consensus rating of “Hold” and an average target price of $31.80.
Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings results on Tuesday, July 23rd. The savings and loans company reported $0.65 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.02. The company had revenue of $109.11 million during the quarter, compared to the consensus estimate of $114.10 million. Berkshire Hills Bancorp had a return on equity of 7.76% and a net margin of 16.28%. Equities research analysts predict that Berkshire Hills Bancorp, Inc. will post 2.59 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 22nd. Investors of record on Thursday, August 8th were given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date was Wednesday, August 7th. Berkshire Hills Bancorp’s dividend payout ratio is presently 33.95%.
In related news, Director Rheo A. Brouillard sold 9,454 shares of Berkshire Hills Bancorp stock in a transaction dated 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 approximately $688,931.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 10.76% of the company’s stock.
About Berkshire Hills Bancorp
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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