Berkshire Hills Bancorp, Inc. (BHLB) Given “Hold” Rating at Jefferies Group LLC
Jefferies Group LLC reissued their hold rating on shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) in a research report report published on Friday. The firm currently has a $38.00 price target on the savings and loans company’s stock.
Several other brokerages have also recently weighed in on BHLB. BidaskClub raised Berkshire Hills Bancorp from a sell rating to a hold rating in a research note on Wednesday, June 14th. Zacks Investment Research cut Berkshire Hills Bancorp from a buy rating to a hold rating in a research note on Monday, July 10th. FIG Partners raised Berkshire Hills Bancorp from a market perform rating to an outperform rating in a research note on Tuesday, May 23rd. Finally, Piper Jaffray Companies raised Berkshire Hills Bancorp from a neutral rating to an overweight rating and set a $39.50 price objective on the stock in a research note on Thursday, September 7th. One analyst has rated the stock with a sell rating, two have issued 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.
Shares of Berkshire Hills Bancorp (BHLB) opened at 34.90 on Friday. The company’s 50-day moving average price is $34.36 and its 200 day moving average price is $35.44. Berkshire Hills Bancorp has a one year low of $26.80 and a one year high of $38.65. The stock has a market capitalization of $1.39 billion, a PE ratio of 19.27 and a beta of 0.65.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. The company had revenue of $102.34 million for the quarter, compared to analysts’ expectations of $102.75 million. Analysts anticipate that Berkshire Hills Bancorp will post $2.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th were paid a dividend of $0.21 per share. The ex-dividend date of this dividend was Tuesday, August 8th. This represents a $0.84 annualized dividend and a yield of 2.41%. Berkshire Hills Bancorp’s payout ratio is currently 46.15%.
In related news, Director Richard L. Murphy acquired 1,000 shares of Berkshire Hills Bancorp stock in a transaction on Monday, August 14th. The shares were bought at an average cost of $34.25 per share, with a total value of $34,250.00. Following the completion of the purchase, the director now directly owns 9,668 shares of the company’s stock, valued at approximately $331,129. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Richard M. Marotta sold 9,500 shares of the business’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 owns 28,523 shares of the company’s stock, valued at approximately $950,386.36. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
Large investors have recently made changes to their positions in the business. Two Sigma Securities LLC purchased a new position in shares of Berkshire Hills Bancorp during the first quarter valued at approximately $317,000. Los Angeles Capital Management & Equity Research Inc. boosted its position in shares of Berkshire Hills Bancorp by 0.4% during the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,500 shares of the savings and loans company’s stock valued at $1,857,000 after buying an additional 200 shares during the period. Stieven Capital Advisors L.P. purchased a new position in shares of Berkshire Hills Bancorp during the second quarter valued at approximately $5,080,000. Irving Magee Investment Management purchased a new position in shares of Berkshire Hills Bancorp during the first quarter valued at approximately $2,769,000. Finally, Vanguard Group Inc. boosted its position in shares of Berkshire Hills Bancorp by 10.2% during the first quarter. Vanguard Group Inc. now owns 2,584,068 shares of the savings and loans company’s stock valued at $93,155,000 after buying an additional 239,543 shares during the period. Institutional investors and hedge funds own 74.09% 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.
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