Bank of America Corp DE Decreases Stock Holdings in Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

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Bank of America Corp DE reduced its stake in shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 19.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 215,507 shares of the savings and loans company’s stock after selling 53,345 shares during the quarter. Bank of America Corp DE’s holdings in Berkshire Hills Bancorp were worth $6,765,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of BHLB. Meeder Asset Management Inc. purchased a new stake in shares of Berkshire Hills Bancorp during the 2nd quarter worth $29,000. Bank of Montreal Can raised its stake in Berkshire Hills Bancorp by 3,396.7% in the second quarter. Bank of Montreal Can now owns 4,266 shares of the savings and loans company’s stock valued at $134,000 after buying an additional 4,144 shares during the last quarter. Magnus Financial Group LLC purchased a new stake in Berkshire Hills Bancorp in the second quarter valued at about $205,000. Plimoth Trust Co. LLC purchased a new stake in Berkshire Hills Bancorp in the second quarter valued at about $216,000. Finally, Context BH Capital Management LP purchased a new stake in Berkshire Hills Bancorp in the second quarter valued at about $221,000. Hedge funds and other institutional investors own 72.29% of the company’s stock.

Berkshire Hills Bancorp stock opened at $28.87 on Friday. The stock has a 50-day moving average of $29.74 and a two-hundred day moving average of $29.98. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 0.93. Berkshire Hills Bancorp, Inc. has a one year low of $25.77 and a one year high of $40.17. The stock has a market cap of $1.44 billion, a PE ratio of 10.65 and a beta of 1.09.

Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings results on Tuesday, July 23rd. The savings and loans company reported $0.65 EPS for the quarter, beating analysts’ consensus estimates of $0.63 by $0.02. The company had revenue of $109.11 million during the quarter, compared to analysts’ expectations of $114.10 million. Berkshire Hills Bancorp had a return on equity of 7.76% and a net margin of 16.28%. As a group, sell-side analysts predict that Berkshire Hills Bancorp, Inc. will post 2.44 EPS for the current fiscal year.

BHLB has been the subject of a number of research analyst reports. DA Davidson reiterated a “buy” rating on shares of Berkshire Hills Bancorp in a research note on Monday, July 22nd. Sandler O’Neill cut Berkshire Hills Bancorp from a “buy” rating to a “hold” rating and set a $33.00 price target for the company. in a research note on Tuesday, July 2nd. ValuEngine upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Zacks Investment Research cut Berkshire Hills Bancorp from a “hold” rating to a “strong sell” rating in a research note on Monday, October 7th. Finally, Compass Point upgraded Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $31.80.

In other news, Director Rheo A. Brouillard sold 9,454 shares of the stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $32.80, for a total value of $310,091.20. Following the transaction, the director now directly owns 21,004 shares of the company’s stock, valued at $688,931.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 10.76% of the stock is currently owned by corporate insiders.

Berkshire Hills Bancorp Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Institutional Ownership by Quarter for Berkshire Hills Bancorp (NYSE:BHLB)

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