Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a research report issued to clients and investors on Wednesday.
BHLB has been the topic of several other research reports. Piper Jaffray Companies upgraded Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 target price on the stock in a research report on Thursday, September 7th. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a research report on Tuesday, June 27th. Finally, FIG Partners upgraded Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a research report on Tuesday, May 23rd. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Berkshire Hills Bancorp presently has an average rating of “Hold” and an average price target of $37.30.
Shares of Berkshire Hills Bancorp (NYSE:BHLB) opened at 34.45 on Wednesday. The company’s 50-day moving average price is $34.69 and its 200 day moving average price is $35.49. Berkshire Hills Bancorp has a 12-month low of $26.45 and a 12-month high of $38.65. The firm has a market capitalization of $1.38 billion, a PE ratio of 19.02 and a beta of 0.65.
Berkshire Hills Bancorp (NYSE:BHLB) last posted 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. The firm had revenue of $102.34 million for the quarter, compared to the consensus estimate of $102.75 million. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. On average, equities analysts forecast that Berkshire Hills Bancorp will post $2.29 earnings per share for the current year.
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In other news, insider Michael P. Daly sold 25,000 shares of the company’s 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 transaction, the insider now owns 103,670 shares of the company’s stock, valued at $3,501,972.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Richard L. Murphy purchased 1,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was purchased at an average cost of $34.25 per share, for a total transaction of $34,250.00. Following the acquisition, 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. Corporate insiders own 1.71% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Two Sigma Securities LLC bought a new position in shares of Berkshire Hills Bancorp in the first quarter worth $317,000. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Berkshire Hills Bancorp by 0.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 51,500 shares of the savings and loans company’s stock worth $1,857,000 after purchasing an additional 200 shares during the period. Stieven Capital Advisors L.P. bought a new position in shares of Berkshire Hills Bancorp in the second quarter worth $5,080,000. Irving Magee Investment Management bought a new position in shares of Berkshire Hills Bancorp in the first quarter worth $2,769,000. Finally, Vanguard Group Inc. increased its holdings in shares of Berkshire Hills Bancorp by 10.2% in the first quarter. Vanguard Group Inc. now owns 2,584,068 shares of the savings and loans company’s stock worth $93,155,000 after purchasing an additional 239,543 shares during the period. 74.11% of the stock is currently owned by hedge funds and other institutional investors.
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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