Berkshire Hills Bancorp (NYSE:BHLB) Issues Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Berkshire Hills Bancorp (NYSE:BHLB) announced its quarterly earnings data on Tuesday. The savings and loans company reported $0.43 EPS for the quarter, topping the Zacks’ consensus estimate of $0.29 by $0.14, Fidelity Earnings reports. Berkshire Hills Bancorp had a positive return on equity of 4.29% and a negative net margin of 106.72%.

Shares of NYSE:BHLB traded down $0.83 during trading on Thursday, reaching $27.48. 9,032 shares of the stock were exchanged, compared to its average volume of 471,789. Berkshire Hills Bancorp has a 12 month low of $8.55 and a 12 month high of $28.89. The company has a market cap of $1.41 billion, a price-to-earnings ratio of -2.85 and a beta of 1.23. The company’s 50-day moving average is $27.49. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.92 and a current ratio of 0.93.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, July 8th. Stockholders of record on Tuesday, June 29th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date was Monday, June 28th. Berkshire Hills Bancorp’s dividend payout ratio is presently 80.00%.

A number of equities research analysts recently weighed in on the company. Piper Sandler raised Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and raised their price target for the company from $25.00 to $27.00 in a report on Tuesday, May 4th. Zacks Investment Research raised Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a research note on Monday, May 3rd. TheStreet raised Berkshire Hills Bancorp from a “d+” rating to a “c-” rating in a research report on Wednesday, April 28th. Finally, Compass Point reaffirmed a “neutral” rating and issued a $23.00 target price (down previously from $28.00) on shares of Berkshire Hills Bancorp in a research report on Thursday, May 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $20.80.

In other news, CEO Nitin J. Mhatre acquired 1,080 shares of Berkshire Hills Bancorp stock in a transaction dated Friday, June 4th. The stock was bought at an average price of $27.77 per share, for a total transaction of $29,991.60. Following the completion of the acquisition, the chief executive officer now directly owns 30,080 shares in the company, valued at approximately $835,321.60. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Subhadeep Basu purchased 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 5th. The stock was bought at an average price of $23.70 per share, with a total value of $118,500.00. Following the completion of the purchase, the chief financial officer now owns 5,000 shares of the company’s stock, valued at approximately $118,500. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 30,367 shares of company stock valued at $749,455. Corporate insiders own 0.90% of the company’s stock.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Earnings History for Berkshire Hills Bancorp (NYSE:BHLB)

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