Seaport Res Ptn Weighs in on Berkshire Hills Bancorp, Inc.’s Q2 2024 Earnings (NYSE:BHLB)

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) – Equities research analysts at Seaport Res Ptn lifted their Q2 2024 earnings per share estimates for Berkshire Hills Bancorp in a research note issued to investors on Wednesday, May 1st. Seaport Res Ptn analyst L. Hunsicker now forecasts that the savings and loans company will post earnings of $0.53 per share for the quarter, up from their previous 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 $2.05 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 subject of several other research reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $26.00 target price on shares of Berkshire Hills Bancorp in a research report on Friday, January 26th. Keefe, Bruyette & Woods boosted their target price on shares of Berkshire Hills Bancorp from $24.00 to $25.00 and gave the company a “market perform” rating in a report on Tuesday, January 30th. StockNews.com downgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, March 21st. Finally, Piper Sandler raised shares of Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 price target for the company in a research report on Wednesday, January 10th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $25.00.

Berkshire Hills Bancorp Price Performance

BHLB stock opened at $22.36 on Friday. 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 has a 1 year low of $18.07 and a 1 year high of $25.79. The firm has a 50-day moving average of $21.85 and a 200 day moving average of $22.31. The company has a market cap of $971.86 million, a P/E ratio of 44.72 and a beta of 0.87.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Thursday, April 18th. The savings and loans company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.47 by $0.02. The business had revenue of $169.32 million during the quarter, compared to analyst estimates 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 period in the prior year, the business earned $0.63 EPS.

Institutional Trading of Berkshire Hills Bancorp

Hedge funds have recently bought and sold shares of the company. Wellington Management Group LLP increased its holdings in Berkshire Hills Bancorp by 17.1% during the third quarter. Wellington Management Group LLP now owns 1,382,777 shares of the savings and loans company’s stock valued at $27,725,000 after buying an additional 201,948 shares during the last quarter. American Century Companies Inc. raised its holdings in Berkshire Hills Bancorp by 15.4% in the 3rd quarter. American Century Companies Inc. now owns 397,579 shares of the savings and loans company’s stock worth $7,971,000 after purchasing an additional 53,162 shares during the period. Jacobs Levy Equity Management Inc. raised its holdings in Berkshire Hills Bancorp by 8.7% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 205,597 shares of the savings and loans company’s stock worth $4,122,000 after purchasing an additional 16,440 shares during the period. LSV Asset Management purchased a new position in Berkshire Hills Bancorp during the third quarter valued at $719,000. Finally, LPL Financial LLC grew its holdings in Berkshire Hills Bancorp by 1.0% during the third quarter. LPL Financial LLC now owns 208,947 shares of the savings and loans company’s stock valued at $4,189,000 after purchasing an additional 2,115 shares during the period. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Insider Activity

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

Berkshire Hills Bancorp Announces Dividend

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

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.