Berkshire Hills Bancorp, Inc. (BHLB) Receives “Hold” Rating from Jefferies Group LLC
Berkshire Hills Bancorp, Inc. (NYSE:BHLB)‘s stock had its “hold” rating reaffirmed by Jefferies Group LLC in a research report issued on Wednesday. They presently have a $40.00 price target on the savings and loans company’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 2.17% from the stock’s current price.
Several other brokerages have also recently commented on BHLB. Keefe, Bruyette & Woods reissued a “buy” rating and set a $41.00 price target on shares of Berkshire Hills Bancorp in a research report on Tuesday, October 3rd. Zacks Investment Research raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $43.00 price target on the stock in a research report on Tuesday. BidaskClub raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating in a research report on Saturday, September 30th. Finally, 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. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $38.92.
Shares of Berkshire Hills Bancorp (BHLB) traded up 0.13% during mid-day trading on Wednesday, hitting $39.15. The company had a trading volume of 211,752 shares. The company has a market capitalization of $1.56 billion, a P/E ratio of 21.62 and a beta of 0.67. Berkshire Hills Bancorp has a one year low of $27.25 and a one year high of $39.75. The firm’s 50-day moving average price is $35.60 and its 200 day moving average price is $35.78.
Berkshire Hills Bancorp (NYSE:BHLB) last announced its earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share for the quarter, topping the Zacks’ consensus estimate 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 firm had revenue of $102.34 million during the quarter, compared to analyst estimates of $102.75 million. Analysts predict that Berkshire Hills Bancorp will post $2.26 earnings per share for the current fiscal year.
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In other news, EVP Richard M. Marotta sold 9,500 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $33.32, for a total value of $316,540.00. Following the sale, the executive vice president now directly owns 28,523 shares of the company’s stock, valued at approximately $950,386.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Michael P. Daly sold 25,000 shares of the company’s 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 completion of the sale, the insider now directly owns 103,670 shares in the company, valued at $3,501,972.60. The disclosure for this sale can be found here. Insiders own 1.71% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. bought a new stake in shares of Berkshire Hills Bancorp in the 1st quarter valued at about $101,000. New York State Teachers Retirement System raised its holdings in shares of Berkshire Hills Bancorp by 7.4% in the 1st quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock valued at $105,000 after purchasing an additional 200 shares during the period. SG Americas Securities LLC bought a new stake in shares of Berkshire Hills Bancorp in the 1st quarter valued at about $109,000. Quantbot Technologies LP bought a new stake in shares of Berkshire Hills Bancorp in the 2nd quarter valued at about $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Berkshire Hills Bancorp by 263.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock valued at $121,000 after purchasing an additional 2,500 shares during the period. 74.09% of the stock is currently owned by institutional investors.
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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