Wall Street analysts expect Berkshire Hills Bancorp, Inc. (NYSE:BHLB – Get Rating) to report sales of $96.00 million for the current quarter, according to Zacks. Two analysts have made earnings estimates for Berkshire Hills Bancorp. The highest sales estimate is $97.10 million and the lowest is $94.90 million. Berkshire Hills Bancorp reported sales of $97.40 million in the same quarter last year, suggesting a negative 1.4% year-over-year growth rate. The company is expected to announce its next quarterly earnings report on Monday, January 1.
On average, analysts expect Berkshire Hills Bancorp to report revenue of $388.85 million for the current fiscal year, with estimates ranging from $383.10 to $394.60 million. For the next fiscal year, analysts expect the company to record sales of $417.75 million, with estimates ranging from $398.00 to $437.50 million. Zacks Investment Research’s sell calculations are an average based on a survey of sell-side analysts who provide coverage for Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB – Get Rating) last reported quarterly results on Wednesday, April 20. The savings and loan company reported earnings per share of $0.42 for the quarter, beating the consensus estimate of $0.40 by $0.02. Berkshire Hills Bancorp had a return on equity of 7.67% and a net margin of 27.75%. During the same period last year, the company posted earnings per share of $0.32.
BHLB has been the subject of several recent analyst reports. StockNews.com launched coverage on Berkshire Hills Bancorp in a research note on Thursday, March 31. They issued a “holding” rating for the company. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a price target of $29.00 on the stock in a Friday May 27 report. Compass Point upgraded 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 Thursday, April 21 report. Finally, TheStreet upgraded Berkshire Hills Bancorp from a “b-” rating to a “c” rating in a Thursday, May 12 report. One financial analyst has assigned the stock a sell rating, three have assigned a hold rating and three have assigned the stock a buy rating. According to MarketBeat.com, Berkshire Hills Bancorp currently has a consensus rating of “Hold” and an average price target of $29.00.
Berkshire Hills Bancorp shares opened at $25.41 on Friday. The company has a quick ratio of 0.82, a current ratio of 0.82 and a debt ratio of 0.10. Berkshire Hills Bancorp has a 12-month low of $23.15 and a 12-month high of $31.78. The company has a 50-day moving average price of $26.31 and a 200-day moving average price of $28.34. The company has a market capitalization of $1.22 billion, a PE ratio of 9.85 and a beta of 1.07.
The company also recently announced a quarterly dividend, which was paid on Thursday, May 26. Shareholders of record on Thursday, May 12 received a dividend of $0.12 per share. This represents an annualized dividend of $0.48 and a dividend yield of 1.89%. The ex-dividend date was Wednesday, May 11. Berkshire Hills Bancorp’s dividend payout ratio is currently 18.60%.
In other news, director Michael Zaitzeff sold 1,274,279 shares of the company in a trade that took place on Monday, May 16. The stock was sold at an average price of $24.70, for a total transaction of $31,474,691.30. The sale was disclosed in a legal filing with the SEC, accessible via this link. Insiders own 0.90% of the shares of the company.
Institutional investors and hedge funds have recently increased or reduced their stakes in the stock. Trust Co. of Vermont acquired a new position in Berkshire Hills Bancorp in the fourth quarter valued at approximately $128,000. Ironwood Investment Management LLC increased its stake in Berkshire Hills Bancorp by 2.5% in the fourth quarter. Ironwood Investment Management LLC now owns 16,956 shares of the savings and loan company valued at $482,000 after acquiring 411 additional shares in the last quarter. Journey Strategic Wealth LLC acquired a new stake in Berkshire Hills Bancorp in the fourth quarter worth approximately $210,000. Two Sigma Investments LP acquired a new stake in Berkshire Hills Bancorp in the third quarter worth approximately $2,220,000. Finally, Quantedge Capital Pte Ltd acquired a new stake in Berkshire Hills Bancorp in the fourth quarter worth approximately $500,000. Hedge funds and other institutional investors hold 82.24% of the company’s shares.
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.
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