Berkshire Hills Bancorp (NYSE:BHLB) Share Price Passes Below 50-Day Moving Average – What’s Next?

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) crossed below its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $29.56 and traded as low as $27.55. Berkshire Hills Bancorp shares last traded at $27.86, with a volume of 354,557 shares traded.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on BHLB. Keefe, Bruyette & Woods upped their target price on Berkshire Hills Bancorp from $32.00 to $34.50 and gave the company a “market perform” rating in a research report on Tuesday, December 24th. Seaport Res Ptn raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Royal Bank of Canada reduced their target price on Berkshire Hills Bancorp from $32.00 to $31.00 and set a “sector perform” rating on the stock in a research report on Tuesday, December 17th. Finally, Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Berkshire Hills Bancorp currently has an average rating of “Moderate Buy” and a consensus price target of $31.13.

Berkshire Hills Bancorp Stock Down 2.2 %

The business has a fifty day moving average price of $29.57 and a two-hundred day moving average price of $27.31. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.98 and a quick ratio of 0.98. The firm has a market capitalization of $1.17 billion, a price-to-earnings ratio of 28.72 and a beta of 0.89.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $125.70 million for the quarter, compared to analyst estimates of $119.61 million. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%. The company’s revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.50 earnings per share. On average, equities analysts expect that Berkshire Hills Bancorp, Inc. will post 2.16 earnings per share for the current year.

Berkshire Hills Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend was Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is 75.79%.

Institutional Trading of Berkshire Hills Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of BHLB. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Berkshire Hills Bancorp during the third quarter worth about $34,000. nVerses Capital LLC boosted its position in Berkshire Hills Bancorp by 233.3% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company’s stock worth $54,000 after purchasing an additional 1,400 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Berkshire Hills Bancorp during the second quarter worth approximately $104,000. Northwestern Mutual Wealth Management Co. boosted its position in Berkshire Hills Bancorp by 58.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,879 shares of the savings and loans company’s stock worth $134,000 after purchasing an additional 2,169 shares in the last quarter. Finally, Joel Isaacson & Co. LLC purchased a new position in Berkshire Hills Bancorp during the third quarter worth approximately $211,000. 83.07% of the stock is owned by institutional investors and hedge funds.

About Berkshire Hills Bancorp

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.