$107.70 Million in Sales Expected for Berkshire Hills Bancorp, Inc. (BHLB) This Quarter
Equities analysts expect that Berkshire Hills Bancorp, Inc. (NYSE:BHLB) will post $107.70 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Berkshire Hills Bancorp’s earnings. The lowest sales estimate is $107.40 million and the highest is $108.00 million. Berkshire Hills Bancorp reported sales of $76.91 million in the same quarter last year, which indicates a positive year over year growth rate of 40%. The company is scheduled to report its next quarterly earnings report on Monday, October 23rd.
On average, analysts expect that Berkshire Hills Bancorp will report full-year sales of $107.70 million for the current year, with estimates ranging from $420.30 million to $431.10 million. For the next year, analysts forecast that the firm will post sales of $509.70 million per share, with estimates ranging from $501.80 million to $517.60 million. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that follow Berkshire Hills Bancorp.
Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. The firm had revenue of $102.34 million during the quarter, compared to the consensus estimate of $102.75 million.
A number of brokerages recently weighed in on BHLB. FIG Partners restated an “outperform” rating and set a $41.00 target price on shares of Berkshire Hills Bancorp in a report on Wednesday, September 20th. BidaskClub upgraded shares of Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 20th. Zacks Investment Research cut shares of Berkshire Hills Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Jefferies Group LLC restated a “hold” rating and set a $38.00 target price on shares of Berkshire Hills Bancorp in a report on Friday, September 15th. Finally, Piper Jaffray Companies upgraded shares of Berkshire Hills Bancorp from a “neutral” rating to an “overweight” rating and set a $39.50 target price for the company in a report on Thursday, September 7th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $38.08.
In related news, insider Michael P. Daly sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $33.78, for a total value of $844,500.00. Following the completion of the sale, the insider now owns 103,670 shares in the company, valued at approximately $3,501,972.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard L. Murphy purchased 1,000 shares of Berkshire Hills Bancorp stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $34.25 per share, with a total value of $34,250.00. Following the transaction, the director now owns 9,668 shares in the company, valued at approximately $331,129. The disclosure for this purchase can be found here. 1.71% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Ameritas Investment Partners Inc. purchased a new stake in shares of Berkshire Hills Bancorp in the 1st quarter valued at approximately $101,000. New York State Teachers Retirement System lifted its position in shares of Berkshire Hills Bancorp by 7.4% in the 1st quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock valued at $105,000 after acquiring an additional 200 shares in the last quarter. SG Americas Securities LLC purchased a new stake in shares of Berkshire Hills Bancorp in the 1st quarter valued at approximately $109,000. Quantbot Technologies LP purchased a new stake in shares of Berkshire Hills Bancorp in the 2nd quarter valued at approximately $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Berkshire Hills Bancorp by 263.2% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock valued at $121,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors and hedge funds own 74.09% of the company’s stock.
Berkshire Hills Bancorp (NYSE BHLB) opened at 36.15 on Monday. Berkshire Hills Bancorp has a 12 month low of $26.80 and a 12 month high of $38.65. The firm has a market capitalization of $1.44 billion, a P/E ratio of 19.96 and a beta of 0.65. The company’s 50 day moving average price is $34.32 and its 200 day moving average price is $35.44.
About Berkshire Hills Bancorp
Berkshire Hills Bancorp, Inc (Berkshire) is a holding company for Berkshire Bank (the Bank) and Berkshire Insurance Group. Berkshire offers a range of deposit, lending, insurance and wealth management products to retail, commercial, not-for-profit and municipal customers in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps.
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