Short Interest in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Rises By 25.8%

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) was the recipient of a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,490,000 shares, a growth of 25.8% from the February 28th total of 1,980,000 shares. Currently, 5.4% of the company’s shares are short sold. Based on an average daily volume of 493,800 shares, the days-to-cover ratio is currently 5.0 days.

Berkshire Hills Bancorp Stock Down 0.1 %

Berkshire Hills Bancorp stock traded down $0.03 during trading hours on Tuesday, hitting $26.06. The stock had a trading volume of 483,687 shares, compared to its average volume of 472,008. The stock’s 50-day moving average price is $27.93 and its 200-day moving average price is $28.30. Berkshire Hills Bancorp has a 12-month low of $20.50 and a 12-month high of $32.36. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $1.21 billion, a P/E ratio of 18.09 and a beta of 0.85.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Thursday, January 30th. The savings and loans company reported $0.60 EPS for the quarter, topping the consensus estimate of $0.54 by $0.06. Berkshire Hills Bancorp had a return on equity of 8.91% and a net margin of 8.56%. Equities research analysts anticipate that Berkshire Hills Bancorp will post 2.52 EPS for the current fiscal year.

Berkshire Hills Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Thursday, February 20th were paid a $0.18 dividend. The ex-dividend date was Thursday, February 20th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.76%. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is presently 50.00%.

Insider Activity

In other news, EVP Ellen Tulchiner sold 1,052 shares of the stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $29.97, for a total transaction of $31,528.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.02% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Smartleaf Asset Management LLC raised its stake in Berkshire Hills Bancorp by 282.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,112 shares of the savings and loans company’s stock valued at $31,000 after purchasing an additional 821 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Berkshire Hills Bancorp during the third quarter valued at approximately $34,000. Quarry LP lifted its holdings in shares of Berkshire Hills Bancorp by 142.7% in the fourth quarter. Quarry LP now owns 1,291 shares of the savings and loans company’s stock worth $37,000 after buying an additional 759 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Berkshire Hills Bancorp by 805.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,376 shares of the savings and loans company’s stock worth $39,000 after acquiring an additional 1,224 shares during the last quarter. Finally, Russell Investments Group Ltd. grew its stake in Berkshire Hills Bancorp by 2,259.4% during the fourth quarter. Russell Investments Group Ltd. now owns 2,265 shares of the savings and loans company’s stock valued at $64,000 after acquiring an additional 2,169 shares in the last quarter. Hedge funds and other institutional investors own 83.07% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on BHLB shares. Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 16th. Keefe, Bruyette & Woods lifted their price target 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. Seaport Res Ptn upgraded shares of Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a report on Monday, December 16th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $31.00 target price on shares of Berkshire Hills Bancorp in a research report on Friday, January 31st. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $31.13.

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.