Berkshire Hills Bancorp, Inc. (BHLB) Rating Lowered to Hold at Zacks Investment Research
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those funds,together with funds generated from operations and borrowings, to originate residential mortgage loans, commercial business and real estate loans and consumer loans, primarily indirect automobile loans. “
A number of other analysts have also weighed in on the stock. Piper Jaffray Companies reiterated a “buy” rating and issued a $39.50 price objective on shares of Berkshire Hills Bancorp in a research note on Sunday. Jefferies Group LLC reiterated a “hold” rating and issued a $38.00 price objective on shares of Berkshire Hills Bancorp in a research note on Friday, September 15th. BidaskClub upgraded shares of Berkshire Hills Bancorp from a “strong sell” rating to a “sell” rating in a research note on Wednesday, September 13th. FIG Partners reiterated an “outperform” rating and issued a $41.00 price objective on shares of Berkshire Hills Bancorp in a research note on Wednesday, September 20th. Finally, Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $41.00 price objective on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Berkshire Hills Bancorp has an average rating of “Buy” and an average target price of $38.92.
Berkshire Hills Bancorp (BHLB) remained flat at $39.15 during midday trading on Tuesday. The company had a trading volume of 221,517 shares. The stock has a market cap of $1.56 billion, a PE ratio of 21.62 and a beta of 0.67. Berkshire Hills Bancorp has a 52 week low of $28.90 and a 52 week high of $40.00. The company’s 50-day moving average is $36.98 and its 200-day moving average is $36.02.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Thursday, October 19th. The savings and loans company reported $0.59 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.58 by $0.01. Berkshire Hills Bancorp had a net margin of 15.54% and a return on equity of 7.13%. The business had revenue of $100.83 million for the quarter, compared to analyst estimates of $107.60 million. On average, equities research analysts forecast that Berkshire Hills Bancorp will post $2.30 earnings per share for the current year.
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In related news, EVP Richard M. Marotta sold 9,500 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $33.32, for a total transaction of $316,540.00. Following the sale, the executive vice president now owns 28,523 shares in the company, valued at $950,386.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Michael P. Daly sold 25,000 shares of the firm’s stock in a transaction on 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 in the company, valued at approximately $3,501,972.60. The disclosure for this sale can be found here. 1.71% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Ameritas Investment Partners Inc. purchased a new position in Berkshire Hills Bancorp during the first quarter valued at $101,000. New York State Teachers Retirement System lifted its holdings 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 valued at $105,000 after purchasing an additional 200 shares in the last quarter. SG Americas Securities LLC purchased a new position in Berkshire Hills Bancorp during the first quarter valued at $109,000. Quantbot Technologies LP purchased a new position in Berkshire Hills Bancorp during the second quarter valued at $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings 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 valued at $121,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors own 74.06% 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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