Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was upgraded by equities researchers at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a research report issued on Thursday, Marketbeat.com reports. The firm currently has a $39.50 target price on the savings and loans company’s stock. Piper Jaffray Companies’ price objective would indicate a potential upside of 17.91% from the stock’s previous close.

A number of other research analysts have also recently weighed in on BHLB. BidaskClub cut shares of Berkshire Hills Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $38.00 price objective on shares of Berkshire Hills Bancorp in a report on Monday, May 15th. Zacks Investment Research raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $39.00 price objective for the company in a report on Tuesday, June 27th. Finally, FIG Partners raised shares of Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $37.50.

Berkshire Hills Bancorp (NYSE BHLB) opened at 33.50 on Thursday. Berkshire Hills Bancorp has a one year low of $26.45 and a one year high of $38.65. The company has a market cap of $1.34 billion, a P/E ratio of 18.50 and a beta of 0.65. The company has a 50-day moving average of $34.75 and a 200 day moving average of $35.51.

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 analysts’ consensus estimates 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 company had revenue of $102.34 million during the quarter, compared to analysts’ expectations of $102.75 million. Analysts anticipate that Berkshire Hills Bancorp will post $2.29 earnings per share for the current year.

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In other Berkshire Hills Bancorp news, Director Richard L. Murphy purchased 1,000 shares of the stock in a transaction that occurred on Monday, August 14th. The shares were purchased at an average cost of $34.25 per share, for a total transaction of $34,250.00. Following the completion of the transaction, the director now owns 9,668 shares of the company’s stock, valued at approximately $331,129. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael P. Daly sold 25,000 shares of the business’s stock in a transaction dated Thursday, August 31st. The stock was sold at an average price of $33.78, for a total transaction of $844,500.00. Following the transaction, the insider now owns 103,670 shares in the company, valued at $3,501,972.60. The disclosure for this sale can be found here. 2.82% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. acquired a new position in Berkshire Hills Bancorp during the first quarter worth about $101,000. New York State Teachers Retirement System boosted its position in 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 worth $105,000 after acquiring an additional 200 shares during the last quarter. SG Americas Securities LLC acquired a new position in Berkshire Hills Bancorp during the first quarter worth about $109,000. Quantbot Technologies LP acquired a new position in Berkshire Hills Bancorp during the second quarter worth about $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its position in 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 worth $121,000 after acquiring an additional 2,500 shares during the last quarter. Hedge funds and other institutional investors own 74.11% 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.

Analyst Recommendations for Berkshire Hills Bancorp (NYSE:BHLB)

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