Berkshire Hills Bancorp (NYSE:BHLB) Posts Earnings Results, Beats Expectations By $0.03 EPS

Berkshire Hills Bancorp (NYSE:BHLB) announced its quarterly earnings results on Thursday. The savings and loans company reported $0.58 EPS for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03, Briefing.com reports. Berkshire Hills Bancorp had a return on equity of 8.61% and a net margin of 3.37%. The company had revenue of $125.70 million during the quarter, compared to analyst estimates of $119.61 million. During the same period in the prior year, the company earned $0.50 earnings per share. The firm’s revenue was up 16.6% on a year-over-year basis.

Berkshire Hills Bancorp Trading Down 1.2 %

Shares of NYSE:BHLB traded down $0.32 during trading hours on Friday, hitting $26.98. 250,215 shares of the company’s stock traded hands, compared to its average volume of 255,575. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.01 and a quick ratio of 1.01. The business has a fifty day moving average price of $26.90 and a 200-day moving average price of $24.51. Berkshire Hills Bancorp has a 1 year low of $18.87 and a 1 year high of $28.51. The firm has a market capitalization of $1.17 billion, a P/E ratio of 54.00 and a beta of 0.86.

Berkshire Hills Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Monday, September 30th were paid a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 2.67%. The ex-dividend date was Monday, September 30th. Berkshire Hills Bancorp’s payout ratio is currently 144.00%.

Analyst Ratings Changes

A number of research firms recently weighed in on BHLB. StockNews.com raised shares of Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a 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 target price on the stock. in a research report on Monday, July 22nd. Finally, Hovde Group lifted their price target on Berkshire Hills Bancorp from $28.00 to $31.00 and gave the stock an “outperform” rating in a research 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $26.80.

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.