Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Receives $29.70 Consensus Price Target from Analysts

Shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) have earned an average recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $29.70.

A number of equities research analysts have commented on the stock. Royal Bank of Canada decreased their price objective on shares of Berkshire Hills Bancorp from $32.00 to $31.00 and set a “sector perform” rating on the stock in a report on Tuesday, December 17th. Piper Sandler upgraded Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Seaport Res Ptn upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Berkshire Hills Bancorp from $32.00 to $34.50 and gave the company a “market perform” rating in a report on Tuesday, December 24th.

Berkshire Hills Bancorp Stock Up 1.0 %

Shares of BHLB opened at $28.22 on Friday. The company has a 50-day moving average price of $29.54 and a two-hundred day moving average price of $27.17. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.33. The stock has a market cap of $1.21 billion, a price-to-earnings ratio of 29.71 and a beta of 0.89. Berkshire Hills Bancorp has a 12 month low of $20.50 and a 12 month high of $32.36.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its earnings results on Thursday, October 24th. The savings and loans company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $125.70 million for the quarter, compared to the consensus estimate of $119.61 million. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%. Berkshire Hills Bancorp’s revenue was up 16.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.50 EPS. Equities analysts predict that Berkshire Hills Bancorp will post 2.16 EPS for the current fiscal year.

Berkshire Hills Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 75.79%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its position in shares of Berkshire Hills Bancorp by 61.2% during the third quarter. JPMorgan Chase & Co. now owns 190,673 shares of the savings and loans company’s stock worth $5,135,000 after acquiring an additional 72,402 shares in the last quarter. Barclays PLC lifted its holdings in shares of Berkshire Hills Bancorp by 105.0% in the third quarter. Barclays PLC now owns 96,380 shares of the savings and loans company’s stock valued at $2,595,000 after purchasing an additional 49,356 shares in the last quarter. Jane Street Group LLC lifted its holdings in shares of Berkshire Hills Bancorp by 6.7% in the third quarter. Jane Street Group LLC now owns 36,058 shares of the savings and loans company’s stock valued at $971,000 after purchasing an additional 2,268 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Berkshire Hills Bancorp by 21.4% during the third quarter. Wellington Management Group LLP now owns 1,664,138 shares of the savings and loans company’s stock worth $44,815,000 after buying an additional 293,784 shares in the last quarter. Finally, State Street Corp raised its position in Berkshire Hills Bancorp by 0.9% in the 3rd quarter. State Street Corp now owns 2,119,475 shares of the savings and loans company’s stock valued at $57,455,000 after buying an additional 18,307 shares during the last quarter. Institutional investors own 83.07% of the company’s stock.

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.