Berkshire Hills Bancorp (NYSE:BHLB) Hits New 12-Month High – Here’s Why

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) shares reached a new 52-week high during trading on Monday . The stock traded as high as $32.23 and last traded at $32.18, with a volume of 13445 shares trading hands. The stock had previously closed at $31.22.

Berkshire Hills Bancorp Stock Performance

The stock’s 50 day moving average price is $28.16 and its 200 day moving average price is $25.76. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The company has a market cap of $1.35 billion, a price-to-earnings ratio of 32.61 and a beta of 0.86.

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

Berkshire Hills Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date is Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 75.79%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BHLB. FMR LLC increased its holdings in Berkshire Hills Bancorp by 3.3% during the 3rd quarter. FMR LLC now owns 15,411 shares of the savings and loans company’s stock worth $415,000 after purchasing an additional 496 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Berkshire Hills Bancorp by 7.4% in the first quarter. ProShare Advisors LLC now owns 8,752 shares of the savings and loans company’s stock worth $201,000 after buying an additional 601 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in Berkshire Hills Bancorp by 4.9% in the second quarter. The Manufacturers Life Insurance Company now owns 22,799 shares of the savings and loans company’s stock valued at $520,000 after acquiring an additional 1,071 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Berkshire Hills Bancorp during the 3rd quarter valued at $34,000. Finally, nVerses Capital LLC grew its holdings in Berkshire Hills Bancorp by 233.3% during the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company’s stock worth $54,000 after acquiring an additional 1,400 shares in the last quarter. Hedge funds and other 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.