Berkshire Hills Bancorp, Inc. (NYSE:BHLB) to Post Q2 2024 Earnings of $0.53 Per Share, Seaport Res Ptn Forecasts

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) – Equities research analysts at Seaport Res Ptn lifted their Q2 2024 earnings per share (EPS) estimates for Berkshire Hills Bancorp in a research note issued on Wednesday, May 1st. Seaport Res Ptn analyst L. Hunsicker now anticipates that the savings and loans company will post earnings of $0.53 per share for the quarter, up from their prior estimate of $0.48. Seaport Res Ptn currently has a “Neutral” rating on the stock. The consensus estimate for Berkshire Hills Bancorp’s current full-year earnings is $2.06 per share. Seaport Res Ptn also issued estimates for Berkshire Hills Bancorp’s Q3 2024 earnings at $0.51 EPS, FY2024 earnings at $2.05 EPS, Q2 2025 earnings at $0.57 EPS and FY2025 earnings at $2.31 EPS.

BHLB has been the topic of several other reports. Piper Sandler upgraded shares of Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 price objective on the stock in a report on Wednesday, January 10th. Keefe, Bruyette & Woods boosted their target price on shares of Berkshire Hills Bancorp from $24.00 to $25.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 30th. StockNews.com cut shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $26.00 price objective on shares of Berkshire Hills Bancorp in a research report on Friday, January 26th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $25.00.

Berkshire Hills Bancorp Trading Up 0.3 %

Shares of BHLB opened at $22.36 on Friday. Berkshire Hills Bancorp has a 1-year low of $18.07 and a 1-year high of $25.79. The stock has a market cap of $971.77 million, a price-to-earnings ratio of 44.72 and a beta of 0.87. The firm has a 50 day simple moving average of $21.85 and a 200-day simple moving average of $22.32. The company has a debt-to-equity ratio of 0.45, a current ratio of 1.03 and a quick ratio of 1.03.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, April 18th. The savings and loans company reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.02. The company had revenue of $169.32 million during the quarter, compared to the consensus estimate of $107.89 million. Berkshire Hills Bancorp had a net margin of 3.40% and a return on equity of 8.77%. During the same quarter in the prior year, the firm earned $0.63 EPS.

Berkshire Hills Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 4th. Shareholders of record on Thursday, March 21st were paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date was Wednesday, March 20th. Berkshire Hills Bancorp’s dividend payout ratio is presently 144.00%.

Insider Activity at Berkshire Hills Bancorp

In other Berkshire Hills Bancorp news, Director Baye Adofo-Wilson sold 10,074 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $22.19, for a total transaction of $223,542.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Baye Adofo-Wilson sold 10,074 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $22.19, for a total value of $223,542.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Michael Zaitzeff sold 19,660 shares of the stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $22.20, for a total transaction of $436,452.00. Following the transaction, the director now directly owns 200,054 shares in the company, valued at $4,441,198.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 152,850 shares of company stock worth $3,437,063. 1.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Victory Capital Management Inc. bought a new position in shares of Berkshire Hills Bancorp during the fourth quarter valued at $219,000. Teton Advisors Inc. bought a new position in Berkshire Hills Bancorp during the 4th quarter valued at about $240,000. Private Advisor Group LLC bought a new position in Berkshire Hills Bancorp during the 3rd quarter valued at about $202,000. J.W. Cole Advisors Inc. acquired a new position in Berkshire Hills Bancorp in the fourth quarter valued at about $258,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Berkshire Hills Bancorp by 55.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,967 shares of the savings and loans company’s stock worth $297,000 after buying an additional 4,287 shares during the last quarter. Institutional investors and hedge funds own 83.07% of the company’s stock.

About Berkshire Hills Bancorp

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.