Berkshire Hills Bancorp, Inc. (BHLB) Anticipated to Post Quarterly Sales of $120.17 Million

Berkshire Hills Bancorp, Inc. (BHLB) Anticipated to Post Quarterly Sales of $120.17 Million

Equities analysts predict that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will announce $120.17 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Berkshire Hills Bancorp’s earnings, with estimates ranging from $119.30 million to $121.90 million. Berkshire Hills Bancorp posted sales of $100.83 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 19.2%. The firm is expected to report its next quarterly earnings report on Thursday, October 18th.

On average, analysts expect that Berkshire Hills Bancorp will report full year sales of $478.53 million for the current financial year, with estimates ranging from $472.80 million to $485.80 million. For the next year, analysts expect that the business will report sales of $508.73 million per share, with estimates ranging from $496.10 million to $520.50 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Berkshire Hills Bancorp.

Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Wednesday, July 18th. The savings and loans company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.70 by $0.04. Berkshire Hills Bancorp had a net margin of 14.79% and a return on equity of 8.02%. The company had revenue of $121.15 million during the quarter, compared to analysts’ expectations of $122.23 million.

Several research analysts have recently issued reports on BHLB shares. Zacks Investment Research cut shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a report on Thursday, May 24th. Piper Jaffray Companies cut shares of Berkshire Hills Bancorp from an “overweight” rating to a “neutral” rating in a report on Friday, June 8th. Compass Point cut shares of Berkshire Hills Bancorp from a “neutral” rating to a “sell” rating and set a $38.00 target price for the company. in a report on Tuesday, June 12th. Cowen upgraded shares of Berkshire Hills Bancorp from a “sell” rating to a “neutral” rating in a report on Thursday, July 19th. Finally, FIG Partners cut shares of Berkshire Hills Bancorp from an “outperform” rating to a “market perform” rating in a report on Friday, July 20th. Nine investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $41.07.

Institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in Berkshire Hills Bancorp by 104.6% in the 2nd quarter. BlackRock Inc. now owns 5,464,477 shares of the savings and loans company’s stock valued at $221,859,000 after purchasing an additional 2,793,131 shares during the last quarter. Principal Financial Group Inc. raised its position in Berkshire Hills Bancorp by 5,532.8% in the 1st quarter. Principal Financial Group Inc. now owns 373,677 shares of the savings and loans company’s stock valued at $14,181,000 after purchasing an additional 367,043 shares during the last quarter. Bank of New York Mellon Corp raised its position in Berkshire Hills Bancorp by 62.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 628,616 shares of the savings and loans company’s stock valued at $25,522,000 after purchasing an additional 240,647 shares during the last quarter. Foundry Partners LLC raised its position in Berkshire Hills Bancorp by 958.9% in the 1st quarter. Foundry Partners LLC now owns 160,372 shares of the savings and loans company’s stock valued at $6,086,000 after purchasing an additional 145,227 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Berkshire Hills Bancorp by 3.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,668,164 shares of the savings and loans company’s stock valued at $148,928,000 after purchasing an additional 138,069 shares during the last quarter. Institutional investors and hedge funds own 76.30% of the company’s stock.

Shares of Berkshire Hills Bancorp stock traded down $0.65 during trading hours on Monday, hitting $41.95. The company had a trading volume of 255,500 shares, compared to its average volume of 258,163. Berkshire Hills Bancorp has a twelve month low of $34.40 and a twelve month high of $44.25. The company has a current ratio of 0.91, a quick ratio of 0.89 and a debt-to-equity ratio of 0.25. The stock has a market cap of $1.90 billion, a price-to-earnings ratio of 18.32 and a beta of 0.73.

The business also recently announced a quarterly dividend, which was paid on Thursday, August 23rd. Stockholders of record on Thursday, August 9th were issued a $0.22 dividend. This represents a $0.88 annualized dividend and a dividend yield of 2.10%. The ex-dividend date was Wednesday, August 8th. Berkshire Hills Bancorp’s payout ratio is 38.43%.

Berkshire Hills Bancorp Company Profile

Berkshire Hills Bancorp, Inc operates as a bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, 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.

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