Berkshire Hills Bancorp, Inc. (BHLB) Lowered to “Hold” at Zacks Investment Research

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

According to Zacks, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those funds,together with funds generated from operations and borrowings, to originate residential mortgage loans, commercial business and real estate loans and consumer loans, primarily indirect automobile loans. “

A number of other brokerages have also commented on BHLB. BidaskClub raised Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, June 14th. Jefferies Group LLC reissued a “hold” rating and set a $38.00 price target on shares of Berkshire Hills Bancorp in a research note on Monday, May 15th. FIG Partners raised Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a research note on Tuesday, May 23rd. Finally, Piper Jaffray Companies raised Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 price target for the company in a research note on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $37.30.

Berkshire Hills Bancorp (NYSE:BHLB) traded up 1.47% during mid-day trading on Tuesday, reaching $34.45. The company had a trading volume of 219,439 shares. The company has a market capitalization of $1.38 billion, a PE ratio of 19.02 and a beta of 0.65. The firm has a 50-day moving average of $34.71 and a 200 day moving average of $35.50. Berkshire Hills Bancorp has a 1-year low of $26.45 and a 1-year high of $38.65.

Berkshire Hills Bancorp (NYSE:BHLB) last released its earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $102.75 million. On average, analysts predict that Berkshire Hills Bancorp will post $2.29 earnings per share for the current fiscal year.

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In related news, insider Michael P. Daly sold 25,000 shares of the stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total transaction of $844,500.00. Following the completion of the transaction, the insider now directly owns 103,670 shares of the company’s stock, valued at $3,501,972.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Richard L. Murphy purchased 1,000 shares of the company’s stock in a transaction that occurred 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 approximately $331,129. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Berkshire Hills Bancorp by 20.9% in 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 purchasing an additional 540,080 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Berkshire Hills Bancorp by 7.2% in 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 purchasing an additional 202,898 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Berkshire Hills Bancorp by 29.0% in 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 purchasing an additional 255,429 shares during the last quarter. State Street Corp lifted its stake in shares of Berkshire Hills Bancorp by 3.8% in the 2nd quarter. State Street Corp now owns 1,096,485 shares of the savings and loans company’s stock valued at $38,546,000 after purchasing an additional 39,632 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of Berkshire Hills Bancorp by 2.8% in the 2nd quarter. LSV Asset Management now owns 1,053,520 shares of the savings and loans company’s stock valued at $37,031,000 after purchasing an additional 29,100 shares during the last quarter. 74.11% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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