Berkshire Hills Bancorp, Inc. (BHLB) Given Outperform Rating at FIG Partners
FIG Partners reaffirmed their outperform rating on shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) in a report published on Wednesday morning. They currently have a $41.00 target price on the savings and loans company’s stock.
Other equities analysts also recently issued reports about the company. BidaskClub downgraded Berkshire Hills Bancorp from a hold rating to a sell rating in a research note on Saturday, June 24th. Zacks Investment Research downgraded Berkshire Hills Bancorp from a buy rating to a hold rating in a research note on Monday, July 10th. Piper Jaffray Companies raised Berkshire Hills Bancorp from a neutral rating to an overweight rating and set a $39.50 price objective for the company in a research note on Thursday, September 7th. Finally, Jefferies Group LLC reaffirmed a hold rating and issued a $38.00 price objective on shares of Berkshire Hills Bancorp in a research note on Friday, September 15th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and an average target price of $38.08.
Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. The firm had revenue of $102.34 million during the quarter, compared to the consensus estimate of $102.75 million.
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The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 24th. Investors of record on Thursday, August 10th were paid a $0.21 dividend. This represents a $0.84 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Tuesday, August 8th. Berkshire Hills Bancorp’s payout ratio is currently 46.15%.
In related news, Director Richard L. Murphy bought 1,000 shares of the stock in a transaction on Monday, August 14th. The shares were purchased at an average price of $34.25 per share, for a total transaction of $34,250.00. Following the acquisition, the director now owns 9,668 shares in the company, valued at $331,129. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Michael P. Daly sold 25,000 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $33.78, for a total value of $844,500.00. Following the sale, the insider now owns 103,670 shares in the company, valued at approximately $3,501,972.60. The disclosure for this sale can be found here. 2.82% of the stock is currently owned by corporate insiders.
A number of large investors have recently made changes to their positions in BHLB. Vanguard Group Inc. grew its holdings in Berkshire Hills Bancorp by 20.9% during the 2nd quarter. Vanguard Group Inc. now owns 3,124,148 shares of the savings and loans company’s stock valued at $109,814,000 after buying an additional 540,080 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in Berkshire Hills Bancorp during the 2nd quarter valued at $15,179,000. Koch Industries Inc. acquired a new stake in Berkshire Hills Bancorp during the 2nd quarter valued at $288,000. The Manufacturers Life Insurance Company grew its holdings in Berkshire Hills Bancorp by 29.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,137,717 shares of the savings and loans company’s stock valued at $39,991,000 after buying an additional 255,429 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in Berkshire Hills Bancorp by 7.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,023,639 shares of the savings and loans company’s stock valued at $106,281,000 after buying an additional 202,898 shares during the last quarter. Hedge funds and other institutional investors own 74.09% of the company’s stock.
About Berkshire Hills Bancorp
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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