Compass Point Downgrades Berkshire Hills Bancorp, Inc. (BHLB) to Sell
Berkshire Hills Bancorp, Inc. (NASDAQ:BHLB) was downgraded by investment analysts at Compass Point from a “neutral” rating to a “sell” rating in a research report issued on Friday. They presently have a $29.00 target price on the stock. Compass Point’s price objective indicates a potential downside of 12.39% from the company’s previous close.
A number of other analysts also recently commented on BHLB. Zacks Investment Research downgraded shares of Berkshire Hills Bancorp from a “strong-buy” rating to a “hold” rating in a report on Friday, July 29th. Jefferies Group reiterated a “hold” rating on shares of Berkshire Hills Bancorp in a report on Monday, August 1st. Finally, Piper Jaffray Cos. downgraded shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 price objective for the company. in a report on Wednesday, November 16th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $31.50.
Berkshire Hills Bancorp (NASDAQ:BHLB) opened at 33.10 on Friday. The company has a market cap of $1.01 billion and a P/E ratio of 15.83. Berkshire Hills Bancorp has a 52 week low of $24.71 and a 52 week high of $33.20. The company has a 50-day moving average of $29.51 and a 200-day moving average of $27.70.
Berkshire Hills Bancorp (NASDAQ:BHLB) last released its quarterly earnings data on Monday, October 24th. The company reported $0.57 EPS for the quarter, beating the Zacks’ consensus estimate of $0.54 by $0.03. The business earned $76.90 million during the quarter, compared to analyst estimates of $58.75 million. On average, equities research analysts predict that Berkshire Hills Bancorp will post $2.20 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 23rd. Stockholders of record on Thursday, November 10th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Tuesday, November 8th. This represents a $0.80 annualized dividend and a dividend yield of 2.42%.
In related news, Director James Williar Dunlaevy sold 15,000 shares of the stock in a transaction that occurred on Tuesday, November 1st. The shares were sold at an average price of $29.52, for a total transaction of $442,800.00. Following the completion of the transaction, the director now owns 74,003 shares of the company’s stock, valued at approximately $2,184,568.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul T. Bossidy acquired 1,000 shares of the stock in a transaction that occurred on Friday, October 28th. The shares were bought at an average cost of $29.30 per share, with a total value of $29,300.00. Following the transaction, the director now directly owns 5,404 shares in the company, valued at approximately $158,337.20. The disclosure for this purchase can be found here.
Several institutional investors have recently bought and sold shares of the company. SG Americas Securities LLC bought a new position in Berkshire Hills Bancorp during the third quarter worth $122,000. Sit Investment Associates Inc. boosted its position in Berkshire Hills Bancorp by 31.2% in the third quarter. Sit Investment Associates Inc. now owns 4,525 shares of the company’s stock worth $125,000 after buying an additional 1,075 shares during the last quarter. Acrospire Investment Management LLC boosted its position in Berkshire Hills Bancorp by 95.7% in the third quarter. Acrospire Investment Management LLC now owns 4,500 shares of the company’s stock worth $125,000 after buying an additional 2,200 shares during the last quarter. Catalyst Capital Advisors LLC bought a new position in Berkshire Hills Bancorp during the third quarter worth $157,000. Finally, Menta Capital LLC bought a new position in Berkshire Hills Bancorp during the second quarter worth $207,000.
Berkshire Hills Bancorp Company Profile
Berkshire Hills Bancorp, Inc (Berkshire) is the 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. Its product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps.
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