Berkshire Hills Bancorp (NYSE: BHLB – Get a rating) has been updated by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note published on Tuesday, Zacks.com reports. The company currently has a target price of $33.00 on shares of the savings and loan company. Zacks Investment ResearchThe company’s price target indicates a potential upside of 9.63% from the company’s previous close.
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 areas surrounding its banking offices. full-service and uses these funds, along with funds generated from operations and borrowings, to originate residential mortgages, commercial and real estate loans, and consumer loans, primarily indirect auto loans.”
Shares of BHLB rose $0.54 on Tuesday, hitting $30.10. The company’s stock had a trading volume of 259,689 shares, compared to an average volume of 274,662. The stock’s fifty-day simple moving average is $30.22 and its 200-day simple moving average is from $28.39. Berkshire Hills Bancorp has a 1 year minimum of $21.00 and a 1 year maximum of $31.78. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt ratio of 0.09. The company has a market capitalization of $1.46 billion, a price-earnings ratio of 12.44 and a beta of 1.06.
Berkshire Hills Bancorp (NYSE: BHLB – Get a rating) last released its quarterly earnings data on Thursday, January 20. The savings and loan company reported EPS of $0.42 for the quarter, reaching the consensus estimate of $0.42. The company posted revenue of $90.72 million in the quarter, versus analyst estimates of $91.00 million. Berkshire Hills Bancorp had a net margin of 25.12% and a return on equity of 7.13%. In the same period a year earlier, the company earned earnings per share of $0.28. Equity research analysts expect Berkshire Hills Bancorp to post 1.78 earnings per share for the current year.
Separately, CEO Nitin J. Mhatre acquired 2,700 shares of the company in a transaction that took place on Tuesday, January 25. The shares were purchased at an average cost of $29.48 per share, for a total transaction of $79,596.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available via this link. Additionally, director Jeffrey W. Kip acquired 10,000 shares of the company in a transaction that took place on Monday, January 31. The shares were purchased at an average price of $29.25 per share, with a total value of $292,500.00. Disclosure of this purchase can be found here. 0.90% of the shares are held by insiders.
Hedge funds have recently increased or reduced their holdings in the stock. UMB Bank NA MO bought a new equity stake in Berkshire Hills Bancorp in the fourth quarter, valued at around $30,000. Advisor Group Holdings Inc. increased its holdings of Berkshire Hills Bancorp stock by 100.5% in the third quarter. Advisor Group Holdings Inc. now owns 1,568 shares of the savings and loan company valued at $42,000 after acquiring 786 additional shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings of Berkshire Hills Bancorp stock by 112.3% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,533 shares in the savings and loan company valued at $44,000 after acquiring 811 additional shares in the last quarter. Trust Co. of Vermont bought a new position in Berkshire Hills Bancorp in the fourth quarter worth about $128,000. Finally, American Century Companies Inc. bought a new position in Berkshire Hills Bancorp in the fourth quarter worth about $205,000. Hedge funds and other institutional investors hold 78.17% of the company’s shares.
About Berkshire Hills Bancorp (Get a rating)
Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank and Berkshire Insurance Group, Inc. The company offers deposit, lending, insurance and wealth management products to retail and business customers in its markets . It aims to expand and deepen market share and share of wallet through organic growth and acquisition strategies.
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