Brokers Offer Predictions for Berkshire Hills Bancorp, Inc.’s Q2 2024 Earnings (NYSE:BHLB)

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) – Equities researchers at Seaport Res Ptn raised their Q2 2024 earnings per share (EPS) estimates for Berkshire Hills Bancorp in a research report issued to clients and investors 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 forecast 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.

Berkshire Hills Bancorp (NYSE:BHLB) last released 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. Berkshire Hills Bancorp had a return on equity of 8.77% and a net margin of 3.40%. The company had revenue of $169.32 million for the quarter, compared to the consensus estimate of $107.89 million. During the same period last year, the business posted $0.63 EPS.

Several other equities research analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed 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 upped their price objective on shares of Berkshire Hills Bancorp from $24.00 to $25.00 and gave the company a “market perform” rating in a research report on Tuesday, January 30th. StockNews.com downgraded Berkshire Hills Bancorp from a “hold” rating to a “sell” rating in a report on Thursday, March 21st. Finally, Piper Sandler upgraded Berkshire Hills Bancorp from an “underweight” rating to a “neutral” rating and set a $24.00 target price for the company in a research note on Wednesday, January 10th. One research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. According to data from MarketBeat, Berkshire Hills Bancorp has a consensus rating of “Hold” and an average price target of $25.00.

Berkshire Hills Bancorp Stock Performance

NYSE:BHLB opened at $22.29 on Friday. Berkshire Hills Bancorp has a twelve month low of $18.07 and a twelve month high of $25.79. The firm has a market capitalization of $968.72 million, a price-to-earnings ratio of 44.58 and a beta of 0.87. The company has a current ratio of 1.03, a quick ratio of 1.03 and a debt-to-equity ratio of 0.45. The firm’s fifty day simple moving average is $21.84 and its 200 day simple moving average is $22.29.

Berkshire Hills Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 4th. Stockholders of record on Thursday, March 21st were given 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 3.23%. Berkshire Hills Bancorp’s payout ratio is currently 144.00%.

Insider Buying and Selling

In related news, Director Michael Zaitzeff sold 29,062 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $23.09, for a total value of $671,041.58. Following the sale, the director now owns 127,147 shares of the company’s stock, valued at approximately $2,935,824.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director Baye Adofo-Wilson sold 10,074 shares of the business’s stock in a transaction that occurred on 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 legal filing with the SEC, which is available at this hyperlink. Also, Director Michael Zaitzeff sold 29,062 shares of the stock in a transaction on Monday, February 12th. The shares were sold at an average price of $23.09, for a total value of $671,041.58. Following the transaction, the director now directly owns 127,147 shares of the company’s stock, valued at $2,935,824.23. The disclosure for this sale can be found here. Insiders have sold a total of 152,850 shares of company stock worth $3,437,063 over the last quarter. 1.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in BHLB. Norges Bank acquired a new stake in shares of Berkshire Hills Bancorp during the fourth quarter worth $7,963,000. LSV Asset Management boosted its holdings in shares of Berkshire Hills Bancorp by 777.8% in the fourth quarter. LSV Asset Management now owns 314,951 shares of the savings and loans company’s stock worth $7,820,000 after buying an additional 279,071 shares during the period. Wellington Management Group LLP increased its position in shares of Berkshire Hills Bancorp by 17.1% in the third quarter. Wellington Management Group LLP now owns 1,382,777 shares of the savings and loans company’s stock worth $27,725,000 after acquiring an additional 201,948 shares in the last quarter. Hsbc Holdings PLC lifted its position in shares of Berkshire Hills Bancorp by 272.6% in the 4th quarter. Hsbc Holdings PLC now owns 83,050 shares of the savings and loans company’s stock valued at $2,074,000 after acquiring an additional 60,762 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new position in Berkshire Hills Bancorp during the 3rd quarter worth approximately $1,146,000. Institutional investors and hedge funds 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.