Berkshire Hills Bancorp, Inc. (BHLB) Expected to Announce Quarterly Sales of $112.80 Million
Wall Street analysts expect that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will report sales of $112.80 million for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Berkshire Hills Bancorp’s earnings. The highest sales estimate is $113.80 million and the lowest is $111.80 million. Berkshire Hills Bancorp posted sales of $75.88 million during the same quarter last year, which would indicate a positive year over year growth rate of 48.7%. The firm is expected to issue its next earnings results on Monday, January 29th.
On average, analysts expect that Berkshire Hills Bancorp will report full year sales of $112.80 million for the current fiscal year, with estimates ranging from $418.50 million to $420.40 million. For the next fiscal year, analysts expect that the business will report sales of $501.35 million per share, with estimates ranging from $500.60 million to $502.10 million. Zacks’ sales averages are a mean average based on a survey of research firms that follow Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last released its earnings results on Thursday, October 19th. The savings and loans company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.01. The business had revenue of $100.83 million for the quarter, compared to the consensus estimate of $107.60 million. Berkshire Hills Bancorp had a return on equity of 7.13% and a net margin of 15.54%.
A number of equities analysts recently commented on the company. Piper Jaffray Companies reiterated a “buy” rating and set a $39.50 price objective on shares of Berkshire Hills Bancorp in a research report on Sunday, October 22nd. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a research report on Tuesday, October 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $40.00 price objective on shares of Berkshire Hills Bancorp in a research report on Wednesday, October 11th. Zacks Investment Research downgraded Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, October 24th. Finally, BidaskClub upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, September 30th. One research analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $38.92.
In other Berkshire Hills Bancorp news, Director Richard L. Murphy bought 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was bought at an average price of $34.25 per share, with a total value of $34,250.00. Following the completion of the purchase, the director now directly owns 9,668 shares in the company, valued at $331,129. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael P. Daly sold 25,000 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total value of $844,500.00. Following the sale, the insider now directly owns 103,670 shares of the company’s stock, valued at approximately $3,501,972.60. The disclosure for this sale can be found here. 1.71% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of BHLB. New York State Teachers Retirement System increased its stake in Berkshire Hills Bancorp by 7.4% during the first quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock worth $105,000 after acquiring an additional 200 shares during the last quarter. SG Americas Securities LLC acquired a new stake in Berkshire Hills Bancorp during the first quarter worth $109,000. Ameritas Investment Partners Inc. increased its stake in Berkshire Hills Bancorp by 11.3% during the second quarter. Ameritas Investment Partners Inc. now owns 3,121 shares of the savings and loans company’s stock worth $110,000 after acquiring an additional 318 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Berkshire Hills Bancorp during the second quarter worth $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Berkshire Hills Bancorp by 263.2% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock worth $121,000 after acquiring an additional 2,500 shares during the last quarter. 74.96% of the stock is owned by institutional investors.
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Shares of Berkshire Hills Bancorp (BHLB) traded down $1.15 during trading on Thursday, reaching $36.95. The company had a trading volume of 190,507 shares, compared to its average volume of 164,265. Berkshire Hills Bancorp has a 52-week low of $29.35 and a 52-week high of $40.00. The stock has a market capitalization of $1,548.24, a P/E ratio of 16.80 and a beta of 0.69. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.90 and a current ratio of 0.92.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 22nd. Investors of record on Thursday, November 9th will be given a dividend of $0.21 per share. The ex-dividend date of this dividend is Wednesday, November 8th. This represents a $0.84 dividend on an annualized basis and a yield of 2.27%. Berkshire Hills Bancorp’s payout ratio is 45.16%.
Berkshire Hills Bancorp Company Profile
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.
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