Zacks Investment Research Downgrades Berkshire Hills Bancorp, Inc. (BHLB) to Hold
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
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. “
Several other equities analysts also recently commented on the stock. BidaskClub downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, June 24th. Jefferies Group LLC reiterated a “hold” rating and set a $38.00 price target on shares of Berkshire Hills Bancorp in a report on Friday, September 15th. Piper Jaffray Companies upgraded shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 price target on the stock in a report on Thursday, September 7th. Finally, FIG Partners reiterated an “outperform” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a report on Wednesday, September 20th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $38.25.
Shares of Berkshire Hills Bancorp (NYSE:BHLB) opened at 38.00 on Tuesday. The firm has a 50-day moving average of $34.32 and a 200 day moving average of $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 $1.52 billion, a price-to-earnings ratio of 20.98 and a beta of 0.65.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.57 by $0.01. The company had revenue of $102.34 million for the quarter, compared to the consensus estimate of $102.75 million. Berkshire Hills Bancorp had a net margin of 15.03% and a return on equity of 6.93%. On average, equities research analysts predict that Berkshire Hills Bancorp will post $2.26 EPS for the current year.
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In related news, Director Richard L. Murphy bought 1,000 shares of the company’s stock in a transaction on Monday, August 14th. The shares were acquired at an average cost of $34.25 per share, for a total transaction of $34,250.00. Following the purchase, the director now directly owns 9,668 shares of the company’s stock, valued at $331,129. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Richard M. Marotta sold 9,500 shares of the company’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 owns 28,523 shares in the company, valued at $950,386.36. The disclosure for this sale can be found here. 2.82% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. Ameritas Investment Partners Inc. bought a new position in Berkshire Hills Bancorp in the 1st quarter worth about $101,000. New York State Teachers Retirement System grew its stake in 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 in the last quarter. SG Americas Securities LLC bought a new position in Berkshire Hills Bancorp in the 1st quarter worth about $109,000. Quantbot Technologies LP bought a new position in Berkshire Hills Bancorp in the 2nd quarter worth about $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in 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 in the last quarter. Institutional investors and hedge funds own 74.09% of the company’s stock.
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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