Analysts Set Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Price Target at $31.13

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) has received an average rating of “Moderate Buy” from the six analysts that are currently covering the firm, MarketBeat reports. Three investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating on the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $31.13.

BHLB has been the topic of a number of recent analyst reports. Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 16th. Royal Bank of Canada cut their price objective on Berkshire Hills Bancorp from $32.00 to $31.00 and set a “sector perform” rating on the stock in a research note on Tuesday, December 17th. Seaport Res Ptn raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 16th. Finally, Keefe, Bruyette & Woods lifted their target price on Berkshire Hills Bancorp from $32.00 to $34.50 and gave the stock a “market perform” rating in a report on Tuesday, December 24th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its position 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 valued at $60,024,000 after buying an additional 36,521 shares during the last quarter. State Street Corp lifted its position in shares of Berkshire Hills Bancorp by 0.9% during the 3rd quarter. State Street Corp now owns 2,119,475 shares of the savings and loans company’s stock valued at $57,455,000 after buying an additional 18,307 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Berkshire Hills Bancorp by 21.4% during the 3rd 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 during the last quarter. Systematic Financial Management LP lifted its position in shares of Berkshire Hills Bancorp by 13.7% during the 3rd quarter. Systematic Financial Management LP now owns 952,627 shares of the savings and loans company’s stock valued at $25,654,000 after buying an additional 114,433 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Berkshire Hills Bancorp by 28.5% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 340,694 shares of the savings and loans company’s stock valued at $9,175,000 after buying an additional 75,476 shares during the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Berkshire Hills Bancorp Stock Performance

NYSE:BHLB opened at $28.18 on Thursday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Berkshire Hills Bancorp has a twelve month low of $20.50 and a twelve month high of $32.36. The firm has a market cap of $1.21 billion, a price-to-earnings ratio of 29.66 and a beta of 0.89. The company has a 50-day moving average of $29.21 and a 200-day moving average of $27.80.

Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share for the quarter, beating 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 for the quarter, compared to analyst estimates of $119.61 million. During the same period last year, the firm posted $0.50 earnings per share. Berkshire Hills Bancorp’s revenue was up 16.6% compared to the same quarter last year. Analysts forecast that Berkshire Hills Bancorp will post 2.16 earnings per share for the current fiscal year.

Berkshire Hills Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, November 27th. Shareholders of record on Thursday, November 14th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.72 annualized dividend and a yield of 2.56%. Berkshire Hills Bancorp’s dividend payout ratio is currently 75.79%.

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.