Brokerages Expect Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Will Announce Quarterly Sales of $91.00 Million

Equities analysts forecast that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will report sales of $91.00 million for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Berkshire Hills Bancorp’s earnings, with the lowest sales estimate coming in at $90.50 million and the highest estimate coming in at $91.60 million. Berkshire Hills Bancorp posted sales of $99.04 million in the same quarter last year, which suggests a negative year-over-year growth rate of 8.1%. The firm is expected to issue its next earnings results on Monday, January 24th.

On average, analysts expect that Berkshire Hills Bancorp will report full year sales of $386.20 million for the current year, with estimates ranging from $380.30 million to $390.60 million. For the next fiscal year, analysts anticipate that the business will report sales of $367.43 million, with estimates ranging from $362.30 million to $370.60 million. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Berkshire Hills Bancorp.

Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings data on Wednesday, October 20th. The savings and loans company reported $1.31 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.39 by $0.92. Berkshire Hills Bancorp had a return on equity of 6.60% and a net margin of 23.12%. During the same quarter last year, the company earned $0.53 EPS.

Several analysts have recently weighed in on BHLB shares. Seaport Res Ptn restated a “buy” rating on shares of Berkshire Hills Bancorp in a research report on Tuesday, August 31st. Royal Bank of Canada upped their price target on shares of Berkshire Hills Bancorp from $30.00 to $32.00 and gave the stock a “sector perform” rating in a research note on Friday, October 22nd. Piper Sandler cut shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 price objective on the stock. in a research note on Wednesday, August 11th. Seaport Global Securities began coverage on shares of Berkshire Hills Bancorp in a research note on Tuesday, August 31st. They issued a “buy” rating and a $30.00 price objective on the stock. Finally, TheStreet raised shares of Berkshire Hills Bancorp from a “c+” rating to a “b-” rating in a research note on Tuesday, November 2nd. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $29.60.

In other Berkshire Hills Bancorp news, CEO Nitin J. Mhatre bought 3,800 shares of the business’s stock in a transaction on Monday, September 13th. The shares were purchased at an average price of $24.64 per share, with a total value of $93,632.00. Following the purchase, the chief executive officer now directly owns 33,880 shares of the company’s stock, valued at $834,803.20. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jason T. White sold 5,280 shares of Berkshire Hills Bancorp stock in a transaction on Tuesday, November 9th. The shares were sold at an average price of $28.04, for a total value of $148,051.20. The disclosure for this sale can be found here. Insiders acquired a total of 10,230 shares of company stock worth $246,828 in the last quarter. 0.90% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Berkshire Hills Bancorp by 3.2% during the second quarter. Vanguard Group Inc. now owns 5,568,738 shares of the savings and loans company’s stock worth $152,639,000 after purchasing an additional 171,770 shares during the period. State Street Corp raised its position in shares of Berkshire Hills Bancorp by 6.6% during the second quarter. State Street Corp now owns 2,326,674 shares of the savings and loans company’s stock worth $64,052,000 after purchasing an additional 144,363 shares during the period. Alliancebernstein L.P. raised its position in shares of Berkshire Hills Bancorp by 541.1% during the third quarter. Alliancebernstein L.P. now owns 1,732,361 shares of the savings and loans company’s stock worth $46,739,000 after purchasing an additional 1,462,129 shares during the period. William Blair Investment Management LLC raised its position in shares of Berkshire Hills Bancorp by 63,153.5% during the third quarter. William Blair Investment Management LLC now owns 1,541,487 shares of the savings and loans company’s stock worth $41,589,000 after purchasing an additional 1,539,050 shares during the period. Finally, Invesco Ltd. grew its holdings in shares of Berkshire Hills Bancorp by 3.4% during the third quarter. Invesco Ltd. now owns 948,474 shares of the savings and loans company’s stock valued at $25,590,000 after buying an additional 31,199 shares in the last quarter. 81.23% of the stock is currently owned by institutional investors.

BHLB traded down $0.15 during mid-day trading on Thursday, hitting $28.65. 134,369 shares of the stock were exchanged, compared to its average volume of 332,462. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 0.09. The company has a market cap of $1.39 billion, a PE ratio of 12.46 and a beta of 1.17. The firm’s fifty day moving average is $27.24 and its two-hundred day moving average is $27.00. Berkshire Hills Bancorp has a 1-year low of $16.31 and a 1-year high of $29.16.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 24th. Shareholders of record on Thursday, November 11th were issued a $0.12 dividend. The ex-dividend date of this dividend was Tuesday, November 9th. This represents a $0.48 dividend on an annualized basis and a yield of 1.68%. Berkshire Hills Bancorp’s dividend payout ratio is currently 20.87%.

About Berkshire Hills Bancorp

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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