$112.80 Million in Sales Expected for Berkshire Hills Bancorp, Inc. (BHLB) This Quarter
Equities analysts forecast that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will post $112.80 million in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Berkshire Hills Bancorp’s earnings, with estimates ranging from $111.80 million to $113.80 million. Berkshire Hills Bancorp posted sales of $75.88 million during the same quarter last year, which would indicate a positive year over year growth rate of 48.7%. The company is expected to report its next quarterly earnings report on Monday, January 29th.
According to Zacks, analysts expect that Berkshire Hills Bancorp will report full year sales of $112.80 million for the current year, with estimates ranging from $418.50 million to $420.40 million. For the next fiscal year, analysts anticipate that the business will post sales of $501.35 million per share, with estimates ranging from $500.60 million to $502.10 million. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last posted 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 return on equity of 6.93% and a net margin of 15.54%. The business had revenue of $100.83 million during the quarter, compared to analysts’ expectations of $107.60 million.
Several brokerages have issued reports on BHLB. BidaskClub upgraded shares of Berkshire Hills Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, September 13th. Zacks Investment Research upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Monday, September 18th. Piper Jaffray Companies restated a “buy” rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a research report on Sunday, October 22nd. Finally, Keefe, Bruyette & Woods restated a “buy” rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a research report on Tuesday, October 3rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $40.90.
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Berkshire Hills Bancorp (NYSE BHLB) opened at $37.55 on Wednesday. Berkshire Hills Bancorp has a 1-year low of $32.85 and a 1-year high of $40.00. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $1,690.73, a PE ratio of 16.38 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 given a $0.21 dividend. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 2.24%. Berkshire Hills Bancorp’s payout ratio is 45.16%.
In other Berkshire Hills Bancorp news, insider Michael P. Daly sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $33.78, for a total transaction of $844,500.00. Following the completion of the transaction, the insider now directly owns 103,670 shares in the company, valued at $3,501,972.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 1.71% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. GSA Capital Partners LLP grew its stake in shares of Berkshire Hills Bancorp by 140.3% during the third quarter. GSA Capital Partners LLP now owns 55,483 shares of the savings and loans company’s stock worth $2,150,000 after buying an additional 32,394 shares during the last quarter. California Public Employees Retirement System grew its stake in shares of Berkshire Hills Bancorp by 1.9% during the third quarter. California Public Employees Retirement System now owns 112,776 shares of the savings and loans company’s stock worth $4,370,000 after buying an additional 2,076 shares during the last quarter. Cubist Systematic Strategies LLC grew its stake in shares of Berkshire Hills Bancorp by 47.7% during the third quarter. Cubist Systematic Strategies LLC now owns 10,659 shares of the savings and loans company’s stock worth $413,000 after buying an additional 3,441 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Berkshire Hills Bancorp during the third quarter worth $294,000. Finally, Cornerstone Capital Management Holdings LLC. grew its stake in shares of Berkshire Hills Bancorp by 19.2% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 122,824 shares of the savings and loans company’s stock worth $4,758,000 after buying an additional 19,800 shares during the last quarter. Institutional investors and hedge funds own 67.40% 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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