Berkshire Hills Bancorp’s (BHLB) “Buy” Rating Reaffirmed at Keefe, Bruyette & Woods
Berkshire Hills Bancorp, Inc. (NYSE:BHLB)‘s stock had its “buy” rating reiterated by investment analysts at Keefe, Bruyette & Woods in a note issued to investors on Tuesday. They currently have a $41.00 target price on the savings and loans company’s stock. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 4.46% from the stock’s previous close.
Several other research analysts also recently commented on BHLB. BidaskClub downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research note on Saturday, June 24th. Zacks Investment Research lowered shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a report on Monday, July 10th. Piper Jaffray Companies raised shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 price target for the company in a research report on Thursday, September 7th. FIG Partners reissued an “outperform” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a research report on Wednesday, September 20th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $38.00 price target on shares of Berkshire Hills Bancorp in a report on Friday, September 15th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Berkshire Hills Bancorp presently has an average rating of “Buy” and a consensus target price of $38.08.
Berkshire Hills Bancorp (NYSE BHLB) traded down 0.76% on Tuesday, reaching $39.25. 355,010 shares of the company’s stock traded hands. The firm’s 50-day moving average is $34.89 and its 200 day moving average is $35.64. Berkshire Hills Bancorp has a 12 month low of $27.25 and a 12 month high of $39.75. The firm has a market cap of $1.57 billion, a PE ratio of 21.67 and a beta of 0.67.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share for the quarter, beating the Thomson Reuters’ 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 the consensus estimate of $102.75 million. Equities analysts predict that Berkshire Hills Bancorp will post $2.26 EPS for the current year.
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In other news, insider Michael P. Daly sold 25,000 shares of Berkshire Hills Bancorp stock in a transaction dated Thursday, August 31st. The shares were sold at an average price of $33.78, for a total transaction of $844,500.00. Following the sale, the insider now owns 103,670 shares of the company’s stock, valued at approximately $3,501,972.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard L. Murphy bought 1,000 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were bought at an average cost of $34.25 per share, for a total transaction of $34,250.00. Following the purchase, the director now directly owns 9,668 shares in the company, valued at approximately $331,129. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd bought a new position in Berkshire Hills Bancorp in the second quarter worth about $941,000. Koch Industries Inc. purchased a new stake in Berkshire Hills Bancorp in the second quarter worth about $288,000. Verition Fund Management LLC purchased a new stake in Berkshire Hills Bancorp in the second quarter worth about $467,000. Ameritas Investment Partners Inc. lifted its holdings in Berkshire Hills Bancorp by 11.3% in the second quarter. Ameritas Investment Partners Inc. now owns 3,121 shares of the savings and loans company’s stock worth $110,000 after buying an additional 318 shares during the period. Finally, Susquehanna International Group LLP lifted its holdings in Berkshire Hills Bancorp by 110.8% in the second quarter. Susquehanna International Group LLP now owns 72,059 shares of the savings and loans company’s stock worth $2,533,000 after buying an additional 37,879 shares during the period. Institutional investors own 74.09% of the company’s stock.
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.
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