Berkshire Hills Bancorp (NYSE:BHLB) Announces Quarterly Earnings Results, Beats Expectations By $0.14 EPS

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

Shares of NYSE:BHLB traded down $0.90 on Thursday, reaching $27.41. 6,601 shares of the company were exchanged, compared to its average volume of 471,789. The company has a current ratio of 0.93, a quick ratio of 0.92 and a debt-to-equity ratio of 0.38. Berkshire Hills Bancorp has a 1-year low of $8.55 and a 1-year high of $28.89. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -2.85 and a beta of 1.23. The stock’s 50-day simple moving average is $27.49.

The business also recently declared a quarterly dividend, which was paid on Thursday, July 8th. Stockholders of record on Tuesday, June 29th were paid a dividend of $0.12 per share. The ex-dividend date was Monday, June 28th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.75%. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 80.00%.

In other Berkshire Hills Bancorp news, CEO Nitin J. Mhatre acquired 1,080 shares of the firm’s stock in a transaction that occurred on Friday, June 4th. The shares were acquired at an average cost of $27.77 per share, for a total transaction of $29,991.60. Following the transaction, the chief executive officer now directly owns 30,080 shares of the company’s stock, valued at $835,321.60. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rheo A. Brouillard sold 10,574 shares of the business’s stock in a transaction dated Thursday, May 27th. The stock was sold at an average price of $26.91, for a total transaction of $284,546.34. Following the completion of the sale, the director now owns 15,166 shares in the company, valued at $408,117.06. The disclosure for this sale can be found here. Over the last ninety days, insiders have bought 30,367 shares of company stock worth $749,455. Corporate insiders own 0.90% of the company’s stock.

BHLB has been the subject of several research reports. Compass Point reiterated 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 raised shares of Berkshire Hills Bancorp from a “d+” rating to a “c-” rating in a research note on Wednesday, April 28th. Piper Sandler raised shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $25.00 to $27.00 in a research note on Tuesday, May 4th. Finally, Zacks Investment Research raised shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective on the stock in a research note on Monday, May 3rd. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $20.80.

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.

Read More: Diversification Important in Investing

Earnings History for Berkshire Hills Bancorp (NYSE:BHLB)

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