Berkshire Hills Bancorp, Inc. to Post Q3 2023 Earnings of $0.48 Per Share, Seaport Res Ptn Forecasts (NYSE:BHLB)

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) – Research analysts at Seaport Res Ptn issued their Q3 2023 earnings per share (EPS) estimates for shares of Berkshire Hills Bancorp in a report issued on Tuesday, September 12th. Seaport Res Ptn analyst L. Hunsicker expects that the savings and loans company will post earnings of $0.48 per share for the quarter. Seaport Res Ptn currently has a “Sell” rating on the stock. The consensus estimate for Berkshire Hills Bancorp’s current full-year earnings is $2.13 per share. Seaport Res Ptn also issued estimates for Berkshire Hills Bancorp’s Q4 2023 earnings at $0.44 EPS, FY2023 earnings at $2.09 EPS, Q2 2024 earnings at $0.39 EPS, Q3 2024 earnings at $0.40 EPS, Q4 2024 earnings at $0.41 EPS and FY2024 earnings at $1.61 EPS.

BHLB has been the subject of a number of other reports. StockNews.com upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a report on Friday, August 25th. TheStreet upgraded Berkshire Hills Bancorp from a “c” rating to a “b-” rating in a report on Thursday, July 20th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. According to MarketBeat, Berkshire Hills Bancorp currently has a consensus rating of “Hold” and an average target price of $29.00.

Berkshire Hills Bancorp Trading Up 4.0 %

Shares of NYSE BHLB opened at $20.55 on Thursday. Berkshire Hills Bancorp has a 52 week low of $18.07 and a 52 week high of $31.63. The stock has a market cap of $904.16 million, a price-to-earnings ratio of 8.97 and a beta of 0.99. The business has a 50 day simple moving average of $21.83 and a 200 day simple moving average of $22.49. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.90 and a current ratio of 0.90.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Thursday, July 20th. The savings and loans company reported $0.55 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.05). The firm had revenue of $111.82 million during the quarter, compared to the consensus estimate of $112.39 million. Berkshire Hills Bancorp had a net margin of 17.72% and a return on equity of 11.14%. During the same period in the previous year, the firm posted $0.51 EPS.

Berkshire Hills Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 31st. Investors of record on Thursday, August 17th were paid a $0.18 dividend. The ex-dividend date was Wednesday, August 16th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 3.50%. Berkshire Hills Bancorp’s payout ratio is 31.44%.

Insider Activity at Berkshire Hills Bancorp

In other news, CEO Nitin J. Mhatre bought 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 25th. The stock was acquired at an average cost of $22.29 per share, for a total transaction of $33,435.00. Following the completion of the purchase, the chief executive officer now owns 57,030 shares of the company’s stock, valued at approximately $1,271,198.70. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.83% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. ST Germain D J Co. Inc. acquired a new position in Berkshire Hills Bancorp during the second quarter worth $141,000. Teachers Retirement System of The State of Kentucky raised its stake in Berkshire Hills Bancorp by 5.7% during the second quarter. Teachers Retirement System of The State of Kentucky now owns 14,831 shares of the savings and loans company’s stock worth $308,000 after acquiring an additional 804 shares in the last quarter. Orion Portfolio Solutions LLC acquired a new position in Berkshire Hills Bancorp during the second quarter worth $257,000. Alliancebernstein L.P. raised its stake in Berkshire Hills Bancorp by 10.7% during the second quarter. Alliancebernstein L.P. now owns 1,724,977 shares of the savings and loans company’s stock worth $35,759,000 after acquiring an additional 167,243 shares in the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Berkshire Hills Bancorp by 33.7% during the second quarter. Wells Fargo & Company MN now owns 22,234 shares of the savings and loans company’s stock worth $461,000 after purchasing an additional 5,609 shares during the last quarter. 82.24% of the stock is currently owned by institutional investors and hedge funds.

About Berkshire Hills Bancorp

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, interest-bearing checking, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.