Analysts Set Berkshire Hills Bancorp, Inc. (NYSE:BHLB) PT at $26.00

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) has earned a consensus rating of “Hold” from the eight brokerages that are presently covering the firm, MarketBeat reports. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $26.00.

BHLB has been the subject of a number of recent research reports. Seaport Global Securities initiated coverage on Berkshire Hills Bancorp in a research report on Tuesday, August 31st. They issued a “buy” rating and a $30.00 target price for the company. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, September 29th. Seaport Res Ptn reiterated a “buy” rating on shares of Berkshire Hills Bancorp in a research report on Tuesday, August 31st. Royal Bank of Canada lifted their price target on Berkshire Hills Bancorp from $29.00 to $30.00 and gave the company a “sector perform” rating in a research report on Tuesday, October 5th. Finally, Piper Sandler lowered Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 price objective for the company. in a research note on Wednesday, August 11th.

Shares of BHLB traded down $0.45 on Monday, reaching $26.43. 148,961 shares of the company’s stock traded hands, compared to its average volume of 351,735. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $1.29 billion, a PE ratio of 18.74 and a beta of 1.23. The stock’s 50 day simple moving average is $26.04 and its two-hundred day simple moving average is $25.89. Berkshire Hills Bancorp has a 52-week low of $10.31 and a 52-week high of $28.97.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Tuesday, July 20th. The savings and loans company reported $0.43 EPS for the quarter, beating the Zacks’ consensus estimate of $0.29 by $0.14. The company had revenue of $97.40 million during the quarter, compared to the consensus estimate of $97.10 million. Berkshire Hills Bancorp had a return on equity of 6.69% and a net margin of 15.59%. Analysts forecast that Berkshire Hills Bancorp will post 1.47 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 9th. Investors of record on Thursday, August 26th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, August 25th. This represents a $0.48 dividend on an annualized basis and a yield of 1.82%. Berkshire Hills Bancorp’s dividend payout ratio is presently 80.00%.

In related news, Director David Brunelle purchased 5,000 shares of the company’s stock in a transaction dated Monday, September 20th. The shares were purchased at an average cost of $23.79 per share, with a total value of $118,950.00. Following the transaction, the director now directly owns 7,707 shares in the company, valued at approximately $183,349.53. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Nitin J. Mhatre acquired 3,800 shares of the stock in a transaction that occurred on Monday, September 13th. The stock was acquired at an average cost of $24.64 per share, for a total transaction of $93,632.00. Following the completion of the transaction, the chief executive officer now directly owns 33,880 shares in the company, valued at approximately $834,803.20. The disclosure for this purchase can be found here. Insiders have acquired a total of 10,230 shares of company stock worth $246,828 in the last quarter. Company insiders own 0.90% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its stake in Berkshire Hills Bancorp by 1.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 26,844 shares of the savings and loans company’s stock worth $736,000 after buying an additional 372 shares in the last quarter. Eidelman Virant Capital increased its stake in Berkshire Hills Bancorp by 32.9% in the 3rd quarter. Eidelman Virant Capital now owns 1,637 shares of the savings and loans company’s stock worth $451,000 after buying an additional 405 shares in the last quarter. Mutual of America Capital Management LLC increased its stake in Berkshire Hills Bancorp by 6.8% in the 2nd quarter. Mutual of America Capital Management LLC now owns 7,279 shares of the savings and loans company’s stock worth $200,000 after buying an additional 463 shares in the last quarter. Arizona State Retirement System increased its stake in Berkshire Hills Bancorp by 3.8% in the 2nd quarter. Arizona State Retirement System now owns 13,818 shares of the savings and loans company’s stock worth $379,000 after buying an additional 500 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its stake in Berkshire Hills Bancorp by 2.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 23,600 shares of the savings and loans company’s stock worth $637,000 after buying an additional 500 shares in the last quarter. 81.48% of the stock is currently owned by hedge funds and other institutional investors.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc The firm offers deposit, lending, insurance, and wealth management products to retail and commercial customers in its market areas. It aims to expand and deepen market share and wallet share through organic growth and acquisition strategies.

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Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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