Berkshire Hills Bancorp (NYSE:BHLB) Price Target Raised to $32.00

Berkshire Hills Bancorp (NYSE:BHLB) had its price objective hoisted by Keefe, Bruyette & Woods from $29.00 to $32.00 in a report issued on Wednesday,Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the savings and loans company’s stock.

Berkshire Hills Bancorp Stock Up 1.2 %

BHLB stock opened at $30.75 on Wednesday. The company has a 50 day moving average of $28.74 and a two-hundred day moving average of $26.13. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 32.37 and a beta of 0.88. Berkshire Hills Bancorp has a 12-month low of $20.50 and a 12-month high of $32.36. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.33.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business had revenue of $125.70 million during the quarter, compared to analyst estimates of $119.61 million. During the same period last year, the company earned $0.50 earnings per share. Berkshire Hills Bancorp’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, equities analysts anticipate that Berkshire Hills Bancorp will post 2.16 earnings per share for the current fiscal year.

Berkshire Hills Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a yield of 2.34%. Berkshire Hills Bancorp’s dividend payout ratio is currently 75.79%.

Institutional Trading of Berkshire Hills Bancorp

A number of institutional investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP increased its stake in shares of Berkshire Hills Bancorp by 1.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,632,671 shares of the savings and loans company’s stock worth $60,024,000 after purchasing an additional 36,521 shares during the last quarter. State Street Corp increased its position in Berkshire Hills Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,119,475 shares of the savings and loans company’s stock worth $57,455,000 after buying an additional 18,307 shares during the last quarter. Wellington Management Group LLP raised its holdings in Berkshire Hills Bancorp by 21.4% during the third quarter. Wellington Management Group LLP now owns 1,664,138 shares of the savings and loans company’s stock valued at $44,815,000 after buying an additional 293,784 shares in the last quarter. Systematic Financial Management LP lifted its position in shares of Berkshire Hills Bancorp by 13.7% in the third quarter. Systematic Financial Management LP now owns 952,627 shares of the savings and loans company’s stock worth $25,654,000 after buying an additional 114,433 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Berkshire Hills Bancorp by 6.5% during the 2nd quarter. American Century Companies Inc. now owns 624,192 shares of the savings and loans company’s stock worth $14,232,000 after acquiring an additional 38,327 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors and hedge funds.

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.