Berkshire Hills Bancorp (NYSE:BHLB) Releases Earnings Results, Beats Estimates By $0.14 EPS

Berkshire Hills Bancorp (NYSE:BHLB) posted its quarterly earnings data on Tuesday. The savings and loans company reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.14, Fidelity Earnings reports. Berkshire Hills Bancorp had a positive return on equity of 4.29% and a negative net margin of 106.72%.

Shares of NYSE:BHLB traded down $0.92 during trading on Thursday, hitting $27.39. 6,213 shares of the company’s stock were exchanged, compared to its average volume of 471,789. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.92 and a current ratio of 0.93. Berkshire Hills Bancorp has a 52-week low of $8.55 and a 52-week high of $28.89. The firm has a 50-day moving average of $27.49. The firm has a market capitalization of $1.40 billion, a P/E ratio of -2.85 and a beta of 1.23.

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 8th. Investors of record on Tuesday, June 29th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Monday, June 28th. Berkshire Hills Bancorp’s dividend payout ratio is currently 80.00%.

A number of analysts have commented on BHLB shares. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price target for the company in a research report on Monday, May 3rd. Compass Point restated a “neutral” rating and issued a $23.00 price target (down previously from $28.00) on shares of Berkshire Hills Bancorp in a research report on Thursday, May 6th. TheStreet upgraded Berkshire Hills Bancorp from a “d+” rating to a “c-” rating in a research report on Wednesday, April 28th. Finally, Piper Sandler upgraded Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $25.00 to $27.00 in a research report on Tuesday, May 4th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $20.80.

In other news, CEO Nitin J. Mhatre purchased 1,080 shares of the company’s stock in a transaction that occurred on Friday, June 4th. The stock was bought at an average cost of $27.77 per share, with a total value of $29,991.60. Following the completion of the purchase, the chief executive officer now owns 30,080 shares in the company, valued at $835,321.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Kevin Conn purchased 5,271 shares of the company’s stock in a transaction that occurred on Monday, May 3rd. The shares were purchased at an average cost of $23.00 per share, with a total value of $121,233.00. Following the completion of the purchase, the senior vice president now owns 6,379 shares of the company’s stock, valued at approximately $146,717. The disclosure for this purchase can be found here. Insiders have purchased 30,367 shares of company stock valued at $749,455 in the last quarter. 0.90% of the stock is currently owned by company insiders.

About Berkshire Hills Bancorp

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

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Earnings History for Berkshire Hills Bancorp (NYSE:BHLB)

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