Analysts expect that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will report sales of $120.17 million for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Berkshire Hills Bancorp’s earnings. The lowest sales estimate is $119.30 million and the highest is $121.90 million. Berkshire Hills Bancorp posted sales of $100.83 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 19.2%. The company is expected to announce its next quarterly earnings report on Thursday, October 18th.
According to Zacks, analysts expect that Berkshire Hills Bancorp will report full-year sales of $478.53 million for the current fiscal year, with estimates ranging from $472.80 million to $485.80 million. For the next year, analysts forecast that the company will report sales of $508.73 million per share, with estimates ranging from $496.10 million to $520.50 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side research analysts that follow Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Wednesday, July 18th. The savings and loans company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.04. Berkshire Hills Bancorp had a net margin of 14.79% and a return on equity of 8.02%. The firm had revenue of $121.15 million during the quarter, compared to analysts’ expectations of $122.23 million.
Several research analysts recently issued reports on BHLB shares. Piper Jaffray Companies lowered shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating in a research report on Friday, June 8th. Cowen raised shares of Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a report on Thursday, July 19th. Zacks Investment Research raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $44.00 price target for the company in a report on Friday, June 1st. Compass Point cut shares of Berkshire Hills Bancorp from a “neutral” rating to a “sell” rating and set a $38.00 price objective on the stock. in a research note on Tuesday, June 12th. Finally, Sandler O’Neill reaffirmed a “buy” rating and issued a $47.00 price objective on shares of Berkshire Hills Bancorp in a research note on Friday, July 20th. Nine research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Berkshire Hills Bancorp presently has a consensus rating of “Hold” and a consensus target price of $41.07.
Shares of NYSE BHLB traded up $0.95 during mid-day trading on Monday, hitting $42.60. The company had a trading volume of 339,525 shares, compared to its average volume of 171,791. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.89 and a current ratio of 0.91. Berkshire Hills Bancorp has a 12 month low of $33.90 and a 12 month high of $44.25. The stock has a market cap of $1.90 billion, a PE ratio of 18.60 and a beta of 0.73.
The company also recently declared a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Thursday, August 9th were issued a dividend of $0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.07%. The ex-dividend date of this dividend was Wednesday, August 8th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 38.43%.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Berkshire Hills Bancorp by 104.6% in the 2nd quarter. BlackRock Inc. now owns 5,464,477 shares of the savings and loans company’s stock valued at $221,859,000 after purchasing an additional 2,793,131 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Berkshire Hills Bancorp by 3.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,668,164 shares of the savings and loans company’s stock valued at $148,928,000 after purchasing an additional 138,069 shares during the last quarter. LSV Asset Management raised its holdings in shares of Berkshire Hills Bancorp by 0.7% in the second quarter. LSV Asset Management now owns 1,357,837 shares of the savings and loans company’s stock valued at $55,128,000 after purchasing an additional 9,299 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Berkshire Hills Bancorp by 1.7% during the first quarter. The Manufacturers Life Insurance Company now owns 1,166,601 shares of the savings and loans company’s stock worth $44,272,000 after buying an additional 19,396 shares during the last quarter. Finally, Jacobs Asset Management LLC increased its holdings in Berkshire Hills Bancorp by 3.6% during the first quarter. Jacobs Asset Management LLC now owns 866,370 shares of the savings and loans company’s stock worth $32,878,000 after buying an additional 30,336 shares during the last quarter. Institutional investors and hedge funds own 76.30% of the company’s stock.
Berkshire Hills Bancorp Company Profile
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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