Berkshire Hills Bancorp (NYSE:BHLB) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Berkshire Hills Bancorp (NYSE:BHLBGet Rating) from a buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports.

According to Zacks, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those funds,together with funds generated from operations and borrowings, to originate residential mortgage loans, commercial business and real estate loans and consumer loans, primarily indirect automobile loans. “

BHLB has been the subject of a number of other reports. TheStreet cut shares of Berkshire Hills Bancorp from a b- rating to a c rating in a research report on Thursday, May 12th. StockNews.com assumed coverage on shares of Berkshire Hills Bancorp in a research report on Thursday, March 31st. They issued a hold rating for the company. Finally, Compass Point cut shares of Berkshire Hills Bancorp from a neutral rating to a sell rating and reduced their target price for the company from $29.00 to $23.00 in a research report on Thursday, April 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Berkshire Hills Bancorp has a consensus rating of Hold and an average price target of $29.00.

NYSE:BHLB opened at $26.23 on Wednesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.82 and a current ratio of 0.82. The company has a fifty day moving average of $26.91 and a two-hundred day moving average of $28.46. The stock has a market capitalization of $1.26 billion, a PE ratio of 10.17 and a beta of 1.08. Berkshire Hills Bancorp has a fifty-two week low of $23.15 and a fifty-two week high of $31.78.

Berkshire Hills Bancorp (NYSE:BHLBGet Rating) last posted its quarterly earnings data on Wednesday, April 20th. The savings and loans company reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Berkshire Hills Bancorp had a net margin of 27.75% and a return on equity of 7.67%. During the same quarter in the previous year, the firm earned $0.32 earnings per share. Research analysts forecast that Berkshire Hills Bancorp will post 1.83 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 26th. Investors of record on Thursday, May 12th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.83%. The ex-dividend date was Wednesday, May 11th. Berkshire Hills Bancorp’s payout ratio is currently 18.60%.

In related news, Director Michael Zaitzeff sold 1,274,279 shares of the firm’s stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $24.70, for a total transaction of $31,474,691.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.90% of the stock is currently owned by company insiders.

Hedge funds have recently made changes to their positions in the business. Trust Co. of Vermont purchased a new position in Berkshire Hills Bancorp during the fourth quarter worth about $128,000. Ironwood Investment Management LLC boosted its stake in Berkshire Hills Bancorp by 2.5% during the fourth quarter. Ironwood Investment Management LLC now owns 16,956 shares of the savings and loans company’s stock worth $482,000 after buying an additional 411 shares during the period. Two Sigma Investments LP purchased a new position in Berkshire Hills Bancorp during the third quarter worth about $2,220,000. Barclays PLC boosted its stake in Berkshire Hills Bancorp by 10.4% during the third quarter. Barclays PLC now owns 95,861 shares of the savings and loans company’s stock worth $2,588,000 after buying an additional 9,011 shares during the period. Finally, Quantedge Capital Pte Ltd purchased a new position in Berkshire Hills Bancorp during the fourth quarter worth about $500,000. 82.24% of the stock is owned by institutional investors.

Berkshire Hills Bancorp Company Profile (Get Rating)

Berkshire Hills Bancorp, Inc operates as the 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.

Featured Articles

Get a free copy of the Zacks research report on Berkshire Hills Bancorp (BHLB)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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.