Berkshire Hills Bancorp (BHLB) Upgraded at Zacks Investment Research

Berkshire Hills Bancorp (NYSE:BHLB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.

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. FIG Partners lowered Berkshire Hills Bancorp from an “outperform” rating to a “market-perform” rating in a report on Wednesday, October 31st. Compass Point lowered Berkshire Hills Bancorp from a “neutral” rating to a “sell” rating and set a $38.00 price objective for the company. in a report on Tuesday, January 8th. TheStreet lowered Berkshire Hills Bancorp from a “b-” rating to a “c+” rating in a report on Friday, January 4th. Finally, ValuEngine lowered Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Friday, October 19th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Berkshire Hills Bancorp presently has a consensus rating of “Hold” and a consensus target price of $40.50.



Berkshire Hills Bancorp stock traded down $0.17 during midday trading on Wednesday, reaching $28.14. The stock had a trading volume of 246,000 shares, compared to its average volume of 232,977. Berkshire Hills Bancorp has a 12 month low of $25.77 and a 12 month high of $44.25. The firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 12.29 and a beta of 1.16. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.91 and a quick ratio of 0.90.

In related news, EVP Wm Gordon Prescott acquired 1,235 shares of the firm’s stock in a transaction on Monday, December 17th. The stock was purchased at an average cost of $28.43 per share, with a total value of $35,111.05. Following the acquisition, the executive vice president now owns 4,785 shares of the company’s stock, valued at approximately $136,037.55. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director John B. Davies acquired 1,380 shares of the firm’s stock in a transaction on Monday, December 17th. The shares were bought at an average cost of $28.60 per share, with a total value of $39,468.00. Following the completion of the acquisition, the director now directly owns 15,971 shares in the company, valued at approximately $456,770.60. The disclosure for this purchase can be found here. Insiders have acquired a total of 8,475 shares of company stock valued at $238,183 over the last three months. Corporate insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BHLB. Schwab Charles Investment Management Inc. boosted its stake in shares of Berkshire Hills Bancorp by 5.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 197,140 shares of the savings and loans company’s stock worth $8,004,000 after buying an additional 10,313 shares during the last quarter. Legal & General Group Plc boosted its stake in shares of Berkshire Hills Bancorp by 343.1% in the 2nd quarter. Legal & General Group Plc now owns 80,992 shares of the savings and loans company’s stock worth $3,297,000 after buying an additional 62,712 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new position in shares of Berkshire Hills Bancorp in the 2nd quarter worth approximately $264,000. California Public Employees Retirement System boosted its stake in shares of Berkshire Hills Bancorp by 5.8% in the 2nd quarter. California Public Employees Retirement System now owns 124,390 shares of the savings and loans company’s stock worth $5,050,000 after buying an additional 6,872 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Berkshire Hills Bancorp by 62.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 628,616 shares of the savings and loans company’s stock worth $25,522,000 after buying an additional 240,647 shares during the last quarter. Hedge funds and other institutional investors own 74.76% of the company’s stock.

About Berkshire Hills Bancorp

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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