Berkshire Hills Bancorp (NYSE:BHLB) Price Target Cut to $31.00 by Analysts at Royal Bank of Canada

Berkshire Hills Bancorp (NYSE:BHLB) had its price target cut by Royal Bank of Canada from $32.00 to $31.00 in a research report report published on Tuesday,Benzinga reports. They currently have a sector perform rating on the savings and loans company’s stock.

Separately, Keefe, Bruyette & Woods upped their target price on shares of Berkshire Hills Bancorp from $29.00 to $32.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $29.20.

Berkshire Hills Bancorp Stock Down 1.1 %

BHLB stock opened at $27.80 on Tuesday. Berkshire Hills Bancorp has a one year low of $20.50 and a one year high of $32.36. The firm has a market cap of $1.19 billion, a PE ratio of 29.26 and a beta of 0.88. The firm’s 50 day moving average price is $29.36 and its 200-day moving average price is $26.59. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.98 and a current ratio of 0.98.

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

Berkshire Hills Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.59%. The ex-dividend date was Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio is currently 75.79%.

Institutional Trading of Berkshire Hills Bancorp

Several hedge funds have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Berkshire Hills Bancorp during the 3rd quarter worth approximately $34,000. nVerses Capital LLC raised its stake in shares of Berkshire Hills Bancorp by 233.3% in the third quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company’s stock valued at $54,000 after acquiring an additional 1,400 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Berkshire Hills Bancorp in the second quarter valued at $104,000. Northwestern Mutual Wealth Management Co. grew its stake in Berkshire Hills Bancorp by 58.5% during the 2nd 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 stake in Berkshire Hills Bancorp during the 3rd quarter worth about $211,000. Institutional investors and hedge funds 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.