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

Berkshire Hills Bancorp (NYSE:BHLB) issued its quarterly earnings data 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. The business had revenue of $125.70 million for the quarter, compared to analyst estimates of $119.61 million. Berkshire Hills Bancorp had a return on equity of 8.61% and a net margin of 3.37%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.50 EPS.

Berkshire Hills Bancorp Stock Performance

Shares of BHLB traded down $0.14 during trading hours on Friday, reaching $27.16. 66,379 shares of the company traded hands, compared to its average volume of 254,676. Berkshire Hills Bancorp has a 1-year low of $18.87 and a 1-year high of $28.51. The stock has a market cap of $1.18 billion, a P/E ratio of 54.62 and a beta of 0.86. The stock’s fifty day moving average is $26.89 and its 200 day moving average is $24.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.01 and a current ratio of 1.01.

Berkshire Hills Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Monday, September 30th were issued a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $0.72 annualized dividend and a dividend yield of 2.65%. Berkshire Hills Bancorp’s payout ratio is 144.00%.

Analyst Ratings Changes

A number of equities analysts have recently commented on BHLB shares. StockNews.com raised shares of Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, July 24th. Janney Montgomery Scott downgraded 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 report on Monday, July 22nd. Finally, Hovde Group upped their price target on shares of Berkshire Hills Bancorp from $28.00 to $31.00 and gave the company an “outperform” rating in a report on Friday, July 19th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $26.80.

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.