Seaport Res Ptn Has Positive Outlook of BHLB FY2024 Earnings

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) – Equities research analysts at Seaport Res Ptn boosted their FY2024 earnings estimates for Berkshire Hills Bancorp in a note issued to investors on Tuesday, October 29th. Seaport Res Ptn analyst L. Hunsicker now anticipates that the savings and loans company will post earnings of $2.10 per share for the year, up from their prior forecast of $2.09. The consensus estimate for Berkshire Hills Bancorp’s current full-year earnings is $2.12 per share. Seaport Res Ptn also issued estimates for Berkshire Hills Bancorp’s Q4 2024 earnings at $0.48 EPS, Q3 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.63 EPS and FY2025 earnings at $2.36 EPS.

Berkshire Hills Bancorp (NYSE:BHLB) last released its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $125.70 million during the quarter, compared to analysts’ expectations of $119.61 million. Berkshire Hills Bancorp had a net margin of 3.37% and a return on equity of 8.61%. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.50 EPS.

Several other equities research analysts have also weighed in on the company. StockNews.com raised Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Janney Montgomery Scott cut shares of Berkshire Hills Bancorp from a “buy” rating to a “neutral” rating and set a $28.00 price objective on the stock. in a report on Monday, July 22nd. Finally, Hovde Group upped their target price on shares of Berkshire Hills Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, Berkshire Hills Bancorp currently has an average rating of “Hold” and a consensus price target of $26.80.

Berkshire Hills Bancorp Stock Down 1.0 %

Berkshire Hills Bancorp stock opened at $27.47 on Wednesday. The stock’s fifty day moving average is $26.92 and its two-hundred day moving average is $24.60. The stock has a market cap of $1.19 billion, a PE ratio of 54.94 and a beta of 0.86. Berkshire Hills Bancorp has a 1-year low of $19.38 and a 1-year high of $28.51. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.01 and a quick ratio of 1.01.

Berkshire Hills Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 30th were issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, September 30th. Berkshire Hills Bancorp’s payout ratio is currently 144.00%.

Hedge Funds Weigh In On Berkshire Hills Bancorp

A number of institutional investors have recently modified their holdings of the business. ProShare Advisors LLC boosted its stake in Berkshire Hills Bancorp by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 8,752 shares of the savings and loans company’s stock worth $201,000 after purchasing an additional 601 shares during the period. Commonwealth Equity Services LLC boosted its stake in shares of Berkshire Hills Bancorp by 0.7% during the first quarter. Commonwealth Equity Services LLC now owns 122,812 shares of the savings and loans company’s stock worth $2,815,000 after buying an additional 876 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Berkshire Hills Bancorp by 4.9% during the second quarter. The Manufacturers Life Insurance Company now owns 22,799 shares of the savings and loans company’s stock worth $520,000 after buying an additional 1,071 shares during the last quarter. nVerses Capital LLC increased its position in Berkshire Hills Bancorp by 233.3% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company’s stock valued at $54,000 after acquiring an additional 1,400 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in Berkshire Hills Bancorp by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,988 shares of the savings and loans company’s stock valued at $734,000 after acquiring an additional 1,753 shares during the last quarter. 83.07% of the stock is 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 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.