Comerica Bank Sells 622 Shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Comerica Bank lessened its stake in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 3.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 17,923 shares of the savings and loans company’s stock after selling 622 shares during the quarter. Comerica Bank’s holdings in Berkshire Hills Bancorp were worth $510,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of BHLB. Adage Capital Partners GP L.L.C. purchased a new position in shares of Berkshire Hills Bancorp in the 4th quarter worth about $29,410,000. ExodusPoint Capital Management LP raised its position in shares of Berkshire Hills Bancorp by 623.8% in the 4th quarter. ExodusPoint Capital Management LP now owns 516,603 shares of the savings and loans company’s stock worth $14,687,000 after purchasing an additional 445,228 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Berkshire Hills Bancorp in the 4th quarter worth about $6,672,000. Invesco Ltd. raised its position in shares of Berkshire Hills Bancorp by 20.8% in the 4th quarter. Invesco Ltd. now owns 1,291,547 shares of the savings and loans company’s stock worth $36,719,000 after purchasing an additional 222,162 shares during the last quarter. Finally, Glendon Capital Management LP purchased a new position in shares of Berkshire Hills Bancorp in the 4th quarter worth about $4,902,000. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Berkshire Hills Bancorp Trading Down 0.6%

Berkshire Hills Bancorp stock opened at $26.61 on Thursday. The business has a 50-day simple moving average of $25.13 and a two-hundred day simple moving average of $27.71. The company has a market cap of $1.23 billion, a P/E ratio of 18.48 and a beta of 0.53. Berkshire Hills Bancorp, Inc. has a 52-week low of $20.76 and a 52-week high of $32.36. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38.

Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings data on Thursday, April 24th. The savings and loans company reported $0.60 earnings per share for the quarter, beating analysts’ consensus estimates of $0.54 by $0.06. Berkshire Hills Bancorp had a return on equity of 8.91% and a net margin of 8.56%. The firm had revenue of $110.44 million for the quarter, compared to analysts’ expectations of $109.71 million. During the same period in the previous year, the firm earned $0.49 EPS. The business’s quarterly revenue was up 4.7% on a year-over-year basis. Analysts predict that Berkshire Hills Bancorp, Inc. will post 2.52 EPS for the current year.

Berkshire Hills Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, May 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.71%. Berkshire Hills Bancorp’s payout ratio is currently 29.15%.

Wall Street Analyst Weigh In

Separately, Royal Bank of Canada reiterated a “sector perform” rating and issued a $31.00 price objective on shares of Berkshire Hills Bancorp in a report on Monday, April 28th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $31.13.

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.