Berkshire Hills Bancorp (NYSE:BHLB) Given “Sector Perform” Rating at Royal Bank of Canada

Royal Bank of Canada reiterated their sector perform rating on shares of Berkshire Hills Bancorp (NYSE:BHLB) in a research note issued to investors on Friday,Benzinga reports. The firm currently has a $31.00 price target on the savings and loans company’s stock.

Several other brokerages have also issued reports on BHLB. Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Seaport Res Ptn upgraded Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, December 16th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Berkshire Hills Bancorp from $32.00 to $34.50 and gave the company a “market perform” rating in a report on Tuesday, December 24th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Berkshire Hills Bancorp has a consensus rating of “Moderate Buy” and a consensus price target of $31.13.

Berkshire Hills Bancorp Stock Up 0.7 %

Shares of Berkshire Hills Bancorp stock opened at $29.34 on Friday. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Berkshire Hills Bancorp has a 12-month low of $20.50 and a 12-month high of $32.36. The company has a market cap of $1.26 billion, a P/E ratio of 30.88 and a beta of 0.89. The company’s fifty day simple moving average is $29.06 and its two-hundred day simple moving average is $27.94.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Thursday, January 30th. The savings and loans company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.06. Berkshire Hills Bancorp had a net margin of 5.86% and a return on equity of 8.68%. Research analysts anticipate that Berkshire Hills Bancorp will post 2.16 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in shares of Berkshire Hills Bancorp by 21.4% during the third quarter. Wellington Management Group LLP now owns 1,664,138 shares of the savings and loans company’s stock valued at $44,815,000 after purchasing an additional 293,784 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Berkshire Hills Bancorp during the 4th quarter valued at about $6,672,000. Systematic Financial Management LP boosted its holdings in shares of Berkshire Hills Bancorp by 13.7% during the 3rd quarter. Systematic Financial Management LP now owns 952,627 shares of the savings and loans company’s stock valued at $25,654,000 after acquiring an additional 114,433 shares during the last quarter. Millennium Management LLC grew its stake in shares of Berkshire Hills Bancorp by 126.0% in the second quarter. Millennium Management LLC now owns 183,616 shares of the savings and loans company’s stock worth $4,186,000 after acquiring an additional 102,384 shares during the period. Finally, Jacobs Levy Equity Management Inc. raised its holdings in shares of Berkshire Hills Bancorp by 28.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 340,694 shares of the savings and loans company’s stock valued at $9,175,000 after purchasing an additional 75,476 shares during the last quarter. 83.07% of the stock is owned by hedge funds and other institutional investors.

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.