$0.57 EPS Expected for Berkshire Hills Bancorp, Inc. (BHLB) This Quarter
Wall Street analysts forecast that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will post earnings per share of $0.57 for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Berkshire Hills Bancorp’s earnings, with the lowest EPS estimate coming in at $0.56 and the highest estimate coming in at $0.57. Berkshire Hills Bancorp reported earnings of $0.56 per share during the same quarter last year, which indicates a positive year over year growth rate of 1.8%. The firm is scheduled to issue its next quarterly earnings report on Monday, January 29th.
On average, analysts expect that Berkshire Hills Bancorp will report full-year earnings of $2.29 per share for the current financial year, with EPS estimates ranging from $2.28 to $2.30. For the next fiscal year, analysts anticipate that the company will report earnings of $2.58 per share, with EPS estimates ranging from $2.55 to $2.60. Zacks Investment Research’s EPS calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.58 by $0.01. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 6.93%. The firm had revenue of $100.83 million during the quarter, compared to analysts’ expectations of $107.60 million.
A number of equities analysts recently commented on the stock. BidaskClub cut shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Zacks Investment Research cut shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research note on Thursday, November 2nd. Piper Jaffray Companies reiterated a “buy” rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a report on Sunday, October 22nd. Jefferies Group LLC reiterated a “hold” rating and set a $40.00 price objective on shares of Berkshire Hills Bancorp in a report on Wednesday, October 11th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a report on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $40.90.
In other 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 sale, the insider now owns 103,670 shares in the company, valued at approximately $3,501,972.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.71% of the company’s stock.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Berkshire Hills Bancorp by 20.9% during the 2nd quarter. Vanguard Group Inc. now owns 3,124,148 shares of the savings and loans company’s stock worth $109,814,000 after acquiring an additional 540,080 shares in the last quarter. Eagle Asset Management Inc. bought a new position in shares of Berkshire Hills Bancorp during the 2nd quarter worth approximately $15,179,000. Koch Industries Inc. bought a new position in shares of Berkshire Hills Bancorp during the 2nd quarter worth approximately $288,000. Peregrine Capital Management LLC bought a new position in shares of Berkshire Hills Bancorp during the 3rd quarter worth approximately $10,514,000. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Berkshire Hills Bancorp by 29.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,137,717 shares of the savings and loans company’s stock worth $39,991,000 after acquiring an additional 255,429 shares in the last quarter. Institutional investors and hedge funds own 67.40% of the company’s stock.
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Berkshire Hills Bancorp (BHLB) traded up $0.15 during mid-day trading on Monday, hitting $36.80. 169,200 shares of the company were exchanged, compared to its average volume of 212,045. Berkshire Hills Bancorp has a 52-week low of $32.80 and a 52-week high of $40.00. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.89 and a current ratio of 0.91. The stock has a market cap of $1,665.84, a PE ratio of 16.14 and a beta of 0.69.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 22nd. Stockholders of record on Thursday, November 9th will be issued a $0.21 dividend. The ex-dividend date is Wednesday, November 8th. This represents a $0.84 annualized dividend and a dividend yield of 2.28%. Berkshire Hills Bancorp’s dividend payout ratio is currently 45.16%.
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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