Berkshire Hills Bancorp’s (BHLB) “Buy” Rating Reiterated at Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reiterated their buy rating on shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) in a research note issued to investors on Tuesday. They currently have a $41.00 price target on the savings and loans company’s stock.
Other research analysts have also issued research reports about the stock. Zacks Investment Research raised shares of Berkshire Hills Bancorp from a hold rating to a buy rating and set a $38.00 price target for the company in a research report on Monday, September 11th. BidaskClub raised shares of Berkshire Hills Bancorp from a hold rating to a buy rating in a research report on Saturday, September 30th. Finally, Jefferies Group LLC reissued a hold rating and issued a $38.00 price target on shares of Berkshire Hills Bancorp in a research report on Friday, September 15th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Buy and an average price target of $38.08.
Shares of Berkshire Hills Bancorp (NYSE:BHLB) traded up 0.352% during trading on Tuesday, reaching $38.435. The company’s stock had a trading volume of 52,297 shares. The company’s 50-day moving average price is $35.13 and its 200 day moving average price is $35.67. Berkshire Hills Bancorp has a 1-year low of $27.25 and a 1-year high of $39.75. The stock has a market capitalization of $1.54 billion, a price-to-earnings ratio of 21.223 and a beta of 0.67.
Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a net margin of 15.03% and a return on equity of 6.93%. The firm had revenue of $102.34 million during the quarter, compared to analyst estimates of $102.75 million. Analysts anticipate that Berkshire Hills Bancorp will post $2.26 EPS for the current year.
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In other news, Director Richard L. Murphy acquired 1,000 shares of the firm’s stock in a transaction on Monday, August 14th. The shares were purchased at an average cost of $34.25 per share, with a total value of $34,250.00. Following the completion of the purchase, the director now owns 9,668 shares of the company’s stock, valued at $331,129. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Richard M. Marotta sold 9,500 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $33.32, for a total transaction of $316,540.00. Following the sale, the executive vice president now directly owns 28,523 shares in the company, valued at $950,386.36. The disclosure for this sale can be found here. 2.82% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in BHLB. Ameritas Investment Partners Inc. bought a new stake in shares of Berkshire Hills Bancorp during the first quarter valued at approximately $101,000. New York State Teachers Retirement System grew its stake in shares of 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 valued at $105,000 after purchasing an additional 200 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of Berkshire Hills Bancorp during the first quarter valued at approximately $109,000. Quantbot Technologies LP bought a new stake in shares of Berkshire Hills Bancorp during the second quarter valued at approximately $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of 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 valued at $121,000 after purchasing an additional 2,500 shares during the last quarter. 74.09% of the stock is currently owned by institutional investors and hedge funds.
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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