Zacks Investment Research upgrades Berkshire Hills Bancorp (NYSE:BHLB) to buy
Berkshire Hills Bancorp (NYSE: BHLB – Get a rating) has been upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report released on Friday, Zacks.com reports. The brokerage currently has a price target of $29.00 on shares of the savings and loan company. Zacks Investment ResearchThe stock’s target price would suggest a potential upside of 10.56% from the current stock price.
According to Zacks, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in areas surrounding its banking offices. full-service and uses these funds, along with funds generated from operations and borrowings, to originate residential mortgages, commercial and real estate loans, and consumer loans, primarily indirect auto loans.”
A number of other brokerages have also recently commented on BHLB. StockNews.com began covering Berkshire Hills Bancorp in a research note on Thursday, March 31. They have set a “holding” rating on the stock. TheStreet upgraded Berkshire Hills Bancorp from a “b-” rating to a “c” rating in a Thursday, May 12 research note. Finally, Compass Point downgraded Berkshire Hills Bancorp from a “neutral” rating to a “sell” rating and lowered its price target for the stock from $29.00 to $23.00 in a research note from the Thursday April 21. One equity research analyst has assigned the stock a sell rating, three have issued a hold rating and three have assigned the company a buy rating. Based on data from MarketBeat.com, Berkshire Hills Bancorp has a consensus rating of “Hold” and an average price target of $29.00.
Berkshire Hills Bancorp stock traded down $0.32 at midday Friday, hitting $26.23. The stock recorded trading volume of 149,865 shares, compared to an average volume of 312,426. Berkshire Hills Bancorp has a 12-month low of $23.15 and a 12-month high of $31.78. The stock has a market capitalization of $1.26 billion, a PE ratio of 10.17 and a beta of 1.08. The company has a debt ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The stock’s 50-day simple moving average is $26.98 and its 200-day simple moving average is $28.47.
Berkshire Hills Bancorp (NYSE: BHLB – Get a rating) last released its quarterly earnings data on Wednesday, April 20. The savings and loans company reported EPS of $0.42 for the quarter, beating analyst consensus estimates of $0.40 by $0.02. Berkshire Hills Bancorp had a return on equity of 7.67% and a net margin of 27.75%. In the same quarter of the previous year, the company achieved EPS of $0.32. Stock analysts predict that Berkshire Hills Bancorp will post earnings per share of 1.83 for the current fiscal year.
Separately, director Michael Zaitzeff sold 1,274,279 shares of the company in a transaction dated Monday, May 16. The stock was sold at an average price of $24.70, for a total value of $31,474,691.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available via this link. Insiders hold 0.90% of the shares of the company.
A number of institutional investors have recently changed their positions in the stock. UMB Bank NA MO bought a new position in shares of Berkshire Hills Bancorp during the fourth quarter worth about $30,000. Lazard Asset Management LLC bought a new position in Berkshire Hills Bancorp stock during the first quarter worth about $35,000. Advisor Group Holdings Inc. increased its holdings of Berkshire Hills Bancorp shares by 100.5% during the third quarter. Advisor Group Holdings Inc. now owns 1,568 shares of the savings and loan company valued at $42,000 after buying 786 additional shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings of Berkshire Hills Bancorp stock by 112.3% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,533 shares of the savings and loan company valued at $44,000 after buying 811 additional shares in the last quarter. Finally, Nisa Investment Advisors LLC bought a new position in Berkshire Hills Bancorp stock during the first quarter worth approximately $87,000. 82.24% of the shares are held by hedge funds and other institutional investors.
About Berkshire Hills Bancorp (Get a rating)
Berkshire Hills Bancorp, Inc operates as a banking holding company for Berkshire Bank which provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, term deposit certificates and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer and residential loans.
For more information on Zacks Investment Research’s research offerings, visit Zacks.com
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