Seaport Res Ptn Equities Analysts Cut Earnings Estimates for Berkshire Hills Bancorp, Inc. (NYSE:BHLB)


Berkshire Hills Bancorp, Inc. (NYSE:BHLBFree Report) – Seaport Res Ptn reduced their Q1 2024 earnings per share (EPS) estimates for shares of Berkshire Hills Bancorp in a research note issued on Monday, March 18th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the savings and loans company will post earnings of $0.47 per share for the quarter, down from their previous estimate of $0.49. Seaport Res Ptn has a “Neutral” rating on the stock. The consensus estimate for Berkshire Hills Bancorp’s current full-year earnings is $2.07 per share. Seaport Res Ptn also issued estimates for Berkshire Hills Bancorp’s Q2 2024 earnings at $0.48 EPS, Q3 2024 earnings at $0.50 EPS, Q4 2024 earnings at $0.55 EPS and FY2024 earnings at $2.00 EPS.

Other analysts also recently issued reports about the stock. Royal Bank of Canada reiterated a “sector perform” rating and issued a $26.00 price target on shares of Berkshire Hills Bancorp in a research report on Friday, January 26th. StockNews.com downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research report on Tuesday, March 12th. Piper Sandler upgraded shares of Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 price target on the stock in a research report on Wednesday, January 10th. Finally, Keefe, Bruyette & Woods increased their price target on shares of Berkshire Hills Bancorp from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. One equities research analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, Berkshire Hills Bancorp currently has a consensus rating of “Hold” and an average target price of $25.00.

Read Our Latest Analysis on Berkshire Hills Bancorp

Berkshire Hills Bancorp Stock Performance

Shares of NYSE:BHLB opened at $21.60 on Wednesday. The company has a market capitalization of $941.97 million, a price-to-earnings ratio of 13.50 and a beta of 0.86. The firm’s 50 day simple moving average is $22.80 and its 200 day simple moving average is $21.95. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.93 and a quick ratio of 0.93. Berkshire Hills Bancorp has a fifty-two week low of $18.07 and a fifty-two week high of $26.05.

Berkshire Hills Bancorp (NYSE:BHLBGet Free Report) last announced its quarterly earnings data on Thursday, January 25th. The savings and loans company reported $0.47 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.02). The firm had revenue of $142.15 million for the quarter, compared to the consensus estimate of $109.05 million. Berkshire Hills Bancorp had a return on equity of 9.48% and a net margin of 11.24%. During the same period in the prior year, the firm posted $0.64 earnings per share.

Berkshire Hills Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 4th. Investors of record on Thursday, March 21st will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $0.72 dividend on an annualized basis and a yield of 3.33%. Berkshire Hills Bancorp’s payout ratio is 45.00%.

Insider Buying and Selling

In other news, Director Baye Adofo-Wilson sold 10,074 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $22.19, for a total transaction of $223,542.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Baye Adofo-Wilson sold 10,074 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $22.19, for a total transaction of $223,542.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Michael Zaitzeff sold 27,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $22.43, for a total transaction of $605,610.00. Following the transaction, the director now directly owns 11,855 shares of the company’s stock, valued at $265,907.65. The disclosure for this sale can be found here. In the last three months, insiders sold 224,788 shares of company stock valued at $5,239,449. 0.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Berkshire Hills Bancorp

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. grew its stake in shares of Berkshire Hills Bancorp by 1.9% during the 1st quarter. BlackRock Inc. now owns 6,616,955 shares of the savings and loans company’s stock worth $165,821,000 after acquiring an additional 126,150 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Berkshire Hills Bancorp by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 5,253,783 shares of the savings and loans company’s stock valued at $152,203,000 after buying an additional 51,437 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Berkshire Hills Bancorp by 1.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,820,311 shares of the savings and loans company’s stock valued at $81,705,000 after buying an additional 45,304 shares during the last quarter. State Street Corp boosted its holdings in shares of Berkshire Hills Bancorp by 2.5% in the 1st quarter. State Street Corp now owns 2,352,989 shares of the savings and loans company’s stock valued at $68,166,000 after buying an additional 56,505 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in shares of Berkshire Hills Bancorp by 10.7% in the 2nd quarter. Alliancebernstein L.P. now owns 1,724,977 shares of the savings and loans company’s stock valued at $35,759,000 after buying an additional 167,243 shares during the last quarter. 82.24% of the stock is owned by institutional investors.

Berkshire Hills Bancorp Company Profile

(Get Free Report)

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.

Further Reading

Earnings History and Estimates for Berkshire Hills Bancorp (NYSE:BHLB)



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