Berkshire Hills Bancorp, Inc. (NYSE:BHLB) announced its earnings results on Wednesday. The savings and loans company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.57 by $0.01, Bloomberg Earnings reports. The firm had revenue of $102.34 million for the quarter, compared to analysts’ expectations of $102.75 million. Berkshire Hills Bancorp had a return on equity of 7.05% and a net margin of 15.39%.
Berkshire Hills Bancorp (BHLB) traded down 1.23% during midday trading on Thursday, hitting $36.05. The stock had a trading volume of 47,392 shares. The firm has a 50 day moving average price of $35.78 and a 200 day moving average price of $35.71. Berkshire Hills Bancorp has a one year low of $25.90 and a one year high of $38.65. The stock has a market cap of $1.27 billion, a PE ratio of 20.03 and a beta of 0.62.
A number of equities research analysts have commented on BHLB shares. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a report on Tuesday, June 27th. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $42.00 target price on shares of Berkshire Hills Bancorp in a report on Wednesday, May 3rd. Jefferies Group LLC reiterated a “hold” rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a report on Monday, May 15th. BidaskClub upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, June 14th. Finally, FIG Partners upgraded Berkshire Hills Bancorp from a “market perform” rating to an “outperform” rating in a report on Tuesday, May 23rd. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Berkshire Hills Bancorp currently has an average rating of “Hold” and an average price target of $35.80.
A number of institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Berkshire Hills Bancorp by 10.2% in the first quarter. Vanguard Group Inc. now owns 2,584,068 shares of the savings and loans company’s stock valued at $93,155,000 after buying an additional 239,543 shares during the last quarter. State Street Corp boosted its position in Berkshire Hills Bancorp by 29.8% in the fourth quarter. State Street Corp now owns 869,903 shares of the savings and loans company’s stock valued at $32,056,000 after buying an additional 199,795 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in Berkshire Hills Bancorp by 6.8% in the first quarter. Dimensional Fund Advisors LP now owns 2,820,741 shares of the savings and loans company’s stock valued at $101,688,000 after buying an additional 179,787 shares during the last quarter. Nuveen Asset Management LLC boosted its position in Berkshire Hills Bancorp by 54.8% in the first quarter. Nuveen Asset Management LLC now owns 487,220 shares of the savings and loans company’s stock valued at $17,564,000 after buying an additional 172,470 shares during the last quarter. Finally, Schwerin Boyle Capital Management Inc. purchased a new position in Berkshire Hills Bancorp during the first quarter valued at $4,413,000. Hedge funds and other institutional investors own 63.90% 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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