Berkshire Hills Bancorp (NYSE:BHLB) Releases Earnings Results, Beats Expectations By $0.06 EPS

Berkshire Hills Bancorp (NYSE:BHLB) issued its quarterly earnings results on Thursday. The savings and loans company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.54 by $0.06, Zacks reports. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%.

Berkshire Hills Bancorp Trading Up 1.0 %

Shares of NYSE BHLB traded up $0.29 during trading hours on Thursday, reaching $28.86. The stock had a trading volume of 28,172 shares, compared to its average volume of 382,891. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. The business’s fifty day moving average price is $29.13 and its two-hundred day moving average price is $27.91. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of 30.38 and a beta of 0.89. Berkshire Hills Bancorp has a 52-week low of $20.50 and a 52-week high of $32.36.

Berkshire Hills Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.49%. The ex-dividend date was Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 75.79%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on BHLB. Royal Bank of Canada lowered their target price on Berkshire Hills Bancorp from $32.00 to $31.00 and set a “sector perform” rating on the stock in a report on Tuesday, December 17th. Seaport Res Ptn upgraded Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Keefe, Bruyette & Woods lifted their price objective on Berkshire Hills Bancorp from $32.00 to $34.50 and gave the stock a “market perform” rating in a research note on Tuesday, December 24th. Finally, Piper Sandler upgraded Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Berkshire Hills Bancorp presently has an average rating of “Moderate Buy” and an average price target 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.