Berkshire Hills Bancorp (BHLB) Raised to Buy at Zacks Investment Research
Berkshire Hills Bancorp (NYSE:BHLB) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $42.00 price objective on the savings and loans company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.67% from the company’s current price.
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 research analysts have also recently commented on the company. Jefferies Group reaffirmed a “hold” rating and set a $40.00 target price on shares of Berkshire Hills Bancorp in a research note on Wednesday, October 11th. BidaskClub cut Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $39.50 target price on shares of Berkshire Hills Bancorp in a research note on Sunday, October 22nd. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Berkshire Hills Bancorp presently has a consensus rating of “Buy” and a consensus target price of $41.30.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Thursday, January 25th. The savings and loans company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. The company had revenue of $115.66 million during the quarter, compared to analysts’ expectations of $115.50 million. Berkshire Hills Bancorp had a return on equity of 7.44% and a net margin of 11.37%. equities analysts forecast that Berkshire Hills Bancorp will post 2.68 earnings per share for the current year.
In other news, Director William J. Ryan purchased 3,000 shares of the business’s stock in a transaction on Friday, December 15th. The shares were acquired at an average price of $37.87 per share, for a total transaction of $113,610.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael D. Carroll sold 2,000 shares of the stock in a transaction that occurred on Friday, December 1st. The stock was sold at an average price of $38.50, for a total value of $77,000.00. Following the completion of the transaction, the insider now owns 7,255 shares in the company, valued at approximately $279,317.50. The disclosure for this sale can be found here. Company insiders own 1.71% of the company’s stock.
A number of large investors have recently made changes to their positions in BHLB. Legal & General Group Plc boosted its holdings in Berkshire Hills Bancorp by 7.3% in the second quarter. Legal & General Group Plc now owns 8,539 shares of the savings and loans company’s stock worth $300,000 after acquiring an additional 582 shares in the last quarter. Swiss National Bank boosted its holdings in Berkshire Hills Bancorp by 25.0% in the second quarter. Swiss National Bank now owns 64,000 shares of the savings and loans company’s stock worth $2,250,000 after acquiring an additional 12,800 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in Berkshire Hills Bancorp by 203.2% in the second quarter. JPMorgan Chase & Co. now owns 83,681 shares of the savings and loans company’s stock worth $2,941,000 after acquiring an additional 56,078 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in Berkshire Hills Bancorp by 39.4% in the second quarter. Wells Fargo & Company MN now owns 114,539 shares of the savings and loans company’s stock worth $4,027,000 after acquiring an additional 32,394 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in Berkshire Hills Bancorp by 16.7% in the second quarter. Alliancebernstein L.P. now owns 51,745 shares of the savings and loans company’s stock worth $1,819,000 after acquiring an additional 7,400 shares in the last quarter. Institutional investors and hedge funds own 67.23% of the company’s stock.
COPYRIGHT VIOLATION NOTICE: “Berkshire Hills Bancorp (BHLB) Raised to Buy at Zacks Investment Research” was posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are reading this article on another website, it was illegally copied and republished in violation of international trademark and copyright laws. The original version of this article can be read at https://www.thecerbatgem.com/2018/01/31/berkshire-hills-bancorp-bhlb-raised-to-buy-at-zacks-investment-research.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Berkshire Hills Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Berkshire Hills Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.