Berkshire Hills Bancorp (NYSE:BHLB) Announces Quarterly Earnings Results

Berkshire Hills Bancorp (NYSE:BHLB) announced its quarterly earnings data on Thursday. The savings and loans company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.47 by $0.02, Briefing.com reports. The business had revenue of $169.32 million during the quarter, compared to the consensus estimate of $107.89 million. Berkshire Hills Bancorp had a return on equity of 8.77% and a net margin of 3.40%. During the same quarter in the previous year, the business earned $0.63 earnings per share.

Berkshire Hills Bancorp Stock Performance

Shares of BHLB stock opened at $21.71 on Friday. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.03 and a quick ratio of 0.93. The business has a 50 day simple moving average of $21.91 and a 200 day simple moving average of $22.19. Berkshire Hills Bancorp has a 12-month low of $18.07 and a 12-month high of $25.79. The firm has a market capitalization of $943.52 million, a price-to-earnings ratio of 43.42 and a beta of 0.87.

Berkshire Hills Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend was Wednesday, March 20th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 144.00%.

Insider Buying and Selling

In related news, Director Michael Zaitzeff sold 51,910 shares of the business’s stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $25.18, for a total value of $1,307,093.80. Following the completion of the transaction, the director now owns 2,665 shares in the company, valued at approximately $67,104.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Berkshire Hills Bancorp news, Director Michael Zaitzeff sold 51,910 shares of the company’s stock in a transaction on Monday, January 29th. The shares were sold at an average price of $25.18, for a total transaction of $1,307,093.80. Following the completion of the sale, the director now owns 2,665 shares in the company, valued at approximately $67,104.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Baye Adofo-Wilson sold 10,074 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $22.19, for a total transaction of $223,542.06. The disclosure for this sale can be found here. Insiders sold 224,788 shares of company stock worth $5,239,449 in the last quarter. Insiders own 1.02% of the company’s stock.

Hedge Funds Weigh In On Berkshire Hills Bancorp

Institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC boosted its stake in Berkshire Hills Bancorp by 3.8% in the 2nd quarter. FMR LLC now owns 13,959 shares of the savings and loans company’s stock worth $346,000 after purchasing an additional 515 shares during the period. Belpointe Asset Management LLC boosted its stake in Berkshire Hills Bancorp by 10.6% in the 1st quarter. Belpointe Asset Management LLC now owns 5,460 shares of the savings and loans company’s stock worth $137,000 after purchasing an additional 525 shares during the period. Teachers Retirement System of The State of Kentucky boosted its stake in Berkshire Hills Bancorp by 5.7% in the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 14,831 shares of the savings and loans company’s stock worth $308,000 after purchasing an additional 804 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Berkshire Hills Bancorp by 2.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 30,235 shares of the savings and loans company’s stock worth $751,000 after purchasing an additional 817 shares during the period. Finally, State of Tennessee Treasury Department boosted its stake in Berkshire Hills Bancorp by 3.8% in the 4th quarter. State of Tennessee Treasury Department now owns 24,683 shares of the savings and loans company’s stock worth $613,000 after purchasing an additional 896 shares during the period. Institutional investors and hedge funds own 83.07% of the company’s stock.

Wall Street Analyst Weigh In

BHLB has been the subject of a number of recent analyst reports. StockNews.com downgraded Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Piper Sandler upgraded Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 price target on the stock in a research note on Wednesday, January 10th. Keefe, Bruyette & Woods boosted their price target on Berkshire Hills Bancorp from $24.00 to $25.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $26.00 price objective on shares of Berkshire Hills Bancorp in a report on Friday, January 26th. Finally, Seaport Res Ptn raised Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a report on Monday, January 29th. One research analyst has rated the stock with a sell rating and four have given a hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $25.00.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services in the United States. The company provides various deposit accounts, including demand deposit, interest-bearing checking, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts.