Berkshire Hills Bancorp (NYSE:BHLB) Price Target Raised to $34.50

Berkshire Hills Bancorp (NYSE:BHLB) had its target price upped by stock analysts at Keefe, Bruyette & Woods from $32.00 to $34.50 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a “market perform” rating on the savings and loans company’s stock. Keefe, Bruyette & Woods’ price target points to a potential upside of 20.63% from the company’s current price.

A number of other equities research analysts also recently weighed in on the company. Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, December 16th. Seaport Res Ptn upgraded Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Finally, Royal Bank of Canada cut their price objective on Berkshire Hills Bancorp from $32.00 to $31.00 and set a “sector perform” rating for the company in a report on Tuesday, December 17th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $29.70.

Berkshire Hills Bancorp Stock Performance

Shares of NYSE BHLB opened at $28.60 on Tuesday. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of 30.11 and a beta of 0.88. Berkshire Hills Bancorp has a one year low of $20.50 and a one year high of $32.36. The business has a fifty day simple moving average of $29.41 and a 200 day simple moving average of $26.76. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Berkshire Hills Bancorp had a net margin of 5.86% and a return on equity of 8.68%. The company had revenue of $125.70 million during the quarter, compared to analysts’ expectations of $119.61 million. During the same quarter in the prior year, the company posted $0.50 EPS. The business’s revenue was up 16.6% on a year-over-year basis. Sell-side analysts expect that Berkshire Hills Bancorp will post 2.16 EPS for the current year.

Institutional Trading of Berkshire Hills Bancorp

Large investors have recently made changes to their positions in the business. Barclays PLC lifted its position in Berkshire Hills Bancorp by 105.0% during the 3rd quarter. Barclays PLC now owns 96,380 shares of the savings and loans company’s stock worth $2,595,000 after buying an additional 49,356 shares in the last quarter. Jane Street Group LLC lifted its position in shares of Berkshire Hills Bancorp by 6.7% during the third quarter. Jane Street Group LLC now owns 36,058 shares of the savings and loans company’s stock worth $971,000 after purchasing an additional 2,268 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Berkshire Hills Bancorp by 21.4% during the third quarter. Wellington Management Group LLP now owns 1,664,138 shares of the savings and loans company’s stock valued at $44,815,000 after purchasing an additional 293,784 shares during the last quarter. State Street Corp grew its stake in shares of Berkshire Hills Bancorp by 0.9% during the third quarter. State Street Corp now owns 2,119,475 shares of the savings and loans company’s stock valued at $57,455,000 after purchasing an additional 18,307 shares during the last quarter. Finally, Systematic Financial Management LP increased its holdings in shares of Berkshire Hills Bancorp by 13.7% in the third quarter. Systematic Financial Management LP now owns 952,627 shares of the savings and loans company’s stock valued at $25,654,000 after purchasing an additional 114,433 shares in the last quarter. Institutional investors own 83.07% of the company’s stock.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services in the United States. The company provides various deposit accounts, including demand deposit, interest-bearing checking, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts.