Zacks Investment Research Downgrades Berkshire Hills Bancorp, Inc. (BHLB) to Sell
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.
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. “
Several other equities research analysts have also recently commented on BHLB. BidaskClub raised Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research note on Tuesday, July 11th. Piper Jaffray Companies raised Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 target price for the company in a research note on Thursday, September 7th. Jefferies Group LLC reaffirmed a “hold” rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a research note on Friday, September 15th. FIG Partners reissued 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 reissued a “buy” rating and issued a $41.00 price objective on shares of Berkshire Hills Bancorp in a research note on Tuesday, October 3rd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $38.92.
Berkshire Hills Bancorp (NYSE:BHLB) last released its earnings results on Thursday, October 19th. The savings and loans company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.58 by $0.01. Berkshire Hills Bancorp had a return on equity of 7.13% and a net margin of 15.54%. The business had revenue of $100.83 million during the quarter, compared to analysts’ expectations of $107.60 million.
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In other news, insider Michael P. Daly sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total value of $844,500.00. Following the transaction, the insider now owns 103,670 shares in the company, valued at $3,501,972.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Richard L. Murphy bought 1,000 shares of the company’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $34.25 per share, for a total transaction of $34,250.00. Following the acquisition, the director now directly owns 9,668 shares of the company’s stock, valued at $331,129. The disclosure for this purchase can be found here. Company insiders own 2.82% of the company’s stock.
A number of institutional investors have recently modified their holdings of BHLB. SG Americas Securities LLC bought a new stake in Berkshire Hills Bancorp during the first quarter worth $109,000. American International Group Inc. lifted its holdings in Berkshire Hills Bancorp by 7.5% during the first quarter. American International Group Inc. now owns 19,024 shares of the savings and loans company’s stock worth $686,000 after acquiring an additional 1,326 shares during the period. Alliancebernstein L.P. lifted its holdings in Berkshire Hills Bancorp by 1.6% during the first quarter. Alliancebernstein L.P. now owns 44,345 shares of the savings and loans company’s stock worth $1,599,000 after acquiring an additional 700 shares during the period. Wellington Management Group LLP lifted its holdings in Berkshire Hills Bancorp by 34.3% during the first quarter. Wellington Management Group LLP now owns 135,476 shares of the savings and loans company’s stock worth $4,884,000 after acquiring an additional 34,595 shares during the period. Finally, Teachers Advisors LLC lifted its holdings in Berkshire Hills Bancorp by 2.2% during the first quarter. Teachers Advisors LLC now owns 68,352 shares of the savings and loans company’s stock worth $2,464,000 after acquiring an additional 1,458 shares during the period. Institutional investors and hedge funds own 74.31% 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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