Berkshire Hills Bancorp, Inc. (BHLB) Raised to “Overweight” at Piper Jaffray Companies
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.
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.
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