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

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

Shares of NYSE:BHLB traded down $0.79 during trading on Thursday, hitting $27.52. 6,092 shares of the company were exchanged, compared to its average volume of 471,789. The stock has a 50 day simple moving average of $27.49. The firm has a market cap of $1.41 billion, a P/E ratio of -2.85 and a beta of 1.23. The company has a quick ratio of 0.92, a current ratio of 0.93 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 business also recently declared a quarterly dividend, which was paid on Thursday, July 8th. Stockholders of record on Tuesday, June 29th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Monday, June 28th. This represents a $0.48 annualized dividend and a dividend yield of 1.74%. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 80.00%.

Several brokerages have commented on BHLB. Zacks Investment Research upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $25.00 price objective for the company in a research report on Monday, May 3rd. TheStreet upgraded shares of Berkshire Hills Bancorp from a “d+” rating to a “c-” rating in a research report on Wednesday, April 28th. Piper Sandler upgraded 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 report on Tuesday, May 4th. Finally, Compass Point restated a “neutral” rating and set a $23.00 price objective (down from $28.00) on shares of Berkshire Hills Bancorp in a research report on Thursday, May 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Berkshire Hills Bancorp currently has an average rating of “Buy” and an average price target of $20.80.

In related news, CEO Nitin J. Mhatre acquired 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 5th. The stock was acquired at an average cost of $24.51 per share, for a total transaction of $147,060.00. Following the completion of the acquisition, the chief executive officer now directly owns 6,000 shares of the company’s stock, valued at approximately $147,060. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Kevin Conn acquired 5,271 shares of the firm’s stock in a transaction that occurred on Monday, May 3rd. The stock was bought at an average price of $23.00 per share, with a total value of $121,233.00. Following the completion of the acquisition, the senior vice president now directly owns 6,379 shares of the company’s stock, valued at $146,717. The disclosure for this purchase can be found here. Insiders have bought 30,367 shares of company stock valued at $749,455 over the last quarter. Company insiders own 0.90% 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.

Recommended Story: Understanding and Trading Breakout Stocks

Earnings History for Berkshire Hills Bancorp (NYSE:BHLB)

Receive News & Ratings for Berkshire Hills Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Berkshire Hills Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.