Berkshire Hills Bancorp (NYSE:BHLB) Downgraded by BidaskClub to “Hold”

BidaskClub cut shares of Berkshire Hills Bancorp (NYSE:BHLB) from a buy rating to a hold rating in a research report report published on Friday, BidAskClub reports.

A number of other research analysts also recently issued reports on the company. Keefe, Bruyette & Woods boosted their price target on Berkshire Hills Bancorp from $13.50 to $16.00 and gave the company a market perform rating in a report on Tuesday, October 27th. They noted that the move was a valuation call. Piper Sandler cut their price objective on Berkshire Hills Bancorp from $13.00 to $12.50 and set an overweight rating for the company in a research report on Monday, September 28th. Zacks Investment Research cut Berkshire Hills Bancorp from a buy rating to a hold rating in a research report on Tuesday. Finally, Compass Point upgraded Berkshire Hills Bancorp from a sell rating to a neutral rating in a research report on Thursday, September 24th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the stock. Berkshire Hills Bancorp currently has a consensus rating of Hold and a consensus target price of $13.63.

Berkshire Hills Bancorp stock opened at $17.12 on Friday. Berkshire Hills Bancorp has a 52 week low of $8.55 and a 52 week high of $33.04. The company has a market capitalization of $870.24 million, a price-to-earnings ratio of -1.65 and a beta of 1.20. The stock has a 50-day moving average price of $17.38 and a 200 day moving average price of $12.25. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.51.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Monday, October 26th. The savings and loans company reported $0.53 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.40. Berkshire Hills Bancorp had a positive return on equity of 3.61% and a negative net margin of 102.52%. The company had revenue of $97.02 million during the quarter, compared to the consensus estimate of $96.60 million. Research analysts anticipate that Berkshire Hills Bancorp will post 0.56 EPS for the current fiscal year.

In other Berkshire Hills Bancorp news, Director D Jeffrey Templeton sold 8,000 shares of the company’s stock in a transaction dated Wednesday, December 9th. The stock was sold at an average price of $19.02, for a total transaction of $152,160.00. Following the sale, the director now owns 25,343 shares in the company, valued at approximately $482,023.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 5.60% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Brinker Capital Investments LLC purchased a new stake in shares of Berkshire Hills Bancorp in the third quarter valued at $103,000. Schonfeld Strategic Advisors LLC boosted its holdings in Berkshire Hills Bancorp by 88.6% in the third quarter. Schonfeld Strategic Advisors LLC now owns 64,300 shares of the savings and loans company’s stock valued at $650,000 after acquiring an additional 30,200 shares during the last quarter. Voloridge Investment Management LLC boosted its holdings in Berkshire Hills Bancorp by 15.5% in the third quarter. Voloridge Investment Management LLC now owns 147,925 shares of the savings and loans company’s stock valued at $1,496,000 after acquiring an additional 19,829 shares during the last quarter. Highlander Capital Management LLC acquired a new position in Berkshire Hills Bancorp in the third quarter valued at $30,000. Finally, Cubist Systematic Strategies LLC boosted its holdings in Berkshire Hills Bancorp by 27.9% in the third quarter. Cubist Systematic Strategies LLC now owns 64,860 shares of the savings and loans company’s stock valued at $656,000 after acquiring an additional 14,141 shares during the last quarter. Institutional investors and hedge funds own 69.07% 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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