$91.00 Million in Sales Expected for Berkshire Hills Bancorp, Inc. (NYSE:BHLB) This Quarter

Equities research analysts expect Berkshire Hills Bancorp, Inc. (NYSE:BHLB) to announce sales of $91.00 million for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Berkshire Hills Bancorp’s earnings. The lowest sales estimate is $90.50 million and the highest is $91.60 million. Berkshire Hills Bancorp reported sales of $99.04 million in the same quarter last year, which would suggest a negative year over year growth rate of 8.1%. The company is expected to announce its next quarterly earnings report on Monday, January 24th.

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

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

Several research firms recently weighed in on BHLB. Seaport Global Securities began coverage on shares of Berkshire Hills Bancorp in a report on Tuesday, August 31st. They set a “buy” rating and a $30.00 target price on the stock. TheStreet upgraded shares of Berkshire Hills Bancorp from a “c+” rating to a “b-” rating in a report on Tuesday, November 2nd. Zacks Investment Research upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating and set a $32.00 target price on the stock in a report on Tuesday, October 26th. Royal Bank of Canada lifted their target price on shares of Berkshire Hills Bancorp from $30.00 to $32.00 and gave the company a “sector perform” rating in a report on Friday, October 22nd. Finally, Piper Sandler lowered shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating and set a $31.00 target price on the stock. in a report on Wednesday, August 11th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $29.60.

In related news, CEO Nitin J. Mhatre bought 3,800 shares of the company’s stock in a transaction dated Monday, September 13th. The stock was bought at an average price of $24.64 per share, with a total value of $93,632.00. Following the transaction, the chief executive officer now owns 33,880 shares of the company’s stock, valued at $834,803.20. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Nitin J. Mhatre bought 1,420 shares of the company’s stock in a transaction dated Monday, September 20th. The stock was bought at an average cost of $23.95 per share, with a total value of $34,009.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 10,230 shares of company stock worth $246,828 in the last ninety days. 0.90% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of BHLB. First Trust Advisors LP boosted its holdings in shares of Berkshire Hills Bancorp by 230.8% in the 1st quarter. First Trust Advisors LP now owns 44,275 shares of the savings and loans company’s stock valued at $1,206,000 after buying an additional 30,890 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Berkshire Hills Bancorp by 134.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 596,165 shares of the savings and loans company’s stock valued at $13,306,000 after buying an additional 341,909 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Berkshire Hills Bancorp by 6.2% in the 1st quarter. Nuveen Asset Management LLC now owns 577,461 shares of the savings and loans company’s stock valued at $12,888,000 after buying an additional 33,688 shares during the period. HRT Financial LP acquired a new position in shares of Berkshire Hills Bancorp in the 1st quarter valued at about $288,000. Finally, Captrust Financial Advisors boosted its stake in Berkshire Hills Bancorp by 856.9% during the 1st quarter. Captrust Financial Advisors now owns 3,885 shares of the savings and loans company’s stock valued at $87,000 after purchasing an additional 3,479 shares during the period. 81.23% of the stock is owned by institutional investors and hedge funds.

Shares of BHLB traded down $0.15 during mid-day trading on Thursday, reaching $28.65. The company had a trading volume of 134,369 shares, 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 stock has a market cap of $1.39 billion, a price-to-earnings ratio of 12.46 and a beta of 1.17. The firm has a fifty day simple moving average of $27.24 and a 200-day simple moving average of $27.00. Berkshire Hills Bancorp has a fifty-two week low of $16.31 and a fifty-two week high of $29.16.

The company also recently declared a quarterly dividend, which was paid on Wednesday, November 24th. Investors of record on Thursday, November 11th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.68%. The ex-dividend date of this dividend was Tuesday, November 9th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is 20.87%.

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.

Featured Article: Upside/Downside Explained

Get a free copy of the Zacks research report on Berkshire Hills Bancorp (BHLB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Berkshire Hills Bancorp (NYSE:BHLB)

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.