Glendon Capital Management LP Invests $4.90 Million in Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Glendon Capital Management LP bought a new stake in shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 172,413 shares of the savings and loans company’s stock, valued at approximately $4,902,000. Berkshire Hills Bancorp comprises 0.3% of Glendon Capital Management LP’s investment portfolio, making the stock its 15th largest position. Glendon Capital Management LP owned approximately 0.40% of Berkshire Hills Bancorp at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BHLB. PNC Financial Services Group Inc. raised its holdings in Berkshire Hills Bancorp by 3.0% during the 4th quarter. PNC Financial Services Group Inc. now owns 13,241 shares of the savings and loans company’s stock worth $376,000 after buying an additional 382 shares during the period. FMR LLC raised its holdings in shares of Berkshire Hills Bancorp by 3.3% during the third quarter. FMR LLC now owns 15,411 shares of the savings and loans company’s stock valued at $415,000 after acquiring an additional 496 shares during the period. Smartleaf Asset Management LLC raised its holdings in shares of Berkshire Hills Bancorp by 282.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,112 shares of the savings and loans company’s stock valued at $31,000 after acquiring an additional 821 shares during the period. KBC Group NV lifted its position in shares of Berkshire Hills Bancorp by 57.8% in the 4th quarter. KBC Group NV now owns 2,869 shares of the savings and loans company’s stock valued at $82,000 after acquiring an additional 1,051 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Berkshire Hills Bancorp in the 3rd quarter worth approximately $34,000. 83.07% of the stock is owned by institutional investors and hedge funds.

Berkshire Hills Bancorp Stock Performance

Shares of NYSE BHLB opened at $26.27 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.00 and a quick ratio of 1.00. Berkshire Hills Bancorp, Inc. has a one year low of $20.50 and a one year high of $32.36. The business’s 50-day moving average price is $27.84 and its two-hundred day moving average price is $28.28. The company has a market capitalization of $1.22 billion, a P/E ratio of 18.24 and a beta of 0.58.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings results on Thursday, January 30th. The savings and loans company reported $0.60 EPS for the quarter, beating 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%. Analysts anticipate that Berkshire Hills Bancorp, Inc. will post 2.52 earnings per share for the current fiscal year.

Berkshire Hills Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 6th. Stockholders of record on Thursday, February 20th were issued a dividend of $0.18 per share. The ex-dividend date was Thursday, February 20th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.74%. Berkshire Hills Bancorp’s dividend payout ratio is currently 50.00%.

Analysts Set New Price Targets

A number of research firms have recently issued reports on BHLB. Keefe, Bruyette & Woods increased their target price on Berkshire Hills Bancorp from $32.00 to $34.50 and gave the company a “market perform” rating in a report on Tuesday, December 24th. Piper Sandler raised Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research note on Monday, December 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $31.00 target price on shares of Berkshire Hills Bancorp in a research note on Friday, January 31st. Finally, Seaport Res Ptn raised shares of Berkshire Hills Bancorp from a “hold” rating to a “strong-buy” rating in a research report on Monday, December 16th. Four investment 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 stock. According to MarketBeat, Berkshire Hills Bancorp presently has a consensus rating of “Moderate Buy” and an average price target of $31.13.

Insider Activity

In related news, EVP Ellen Tulchiner sold 1,052 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $29.97, for a total value of $31,528.44. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.02% of the stock is owned by insiders.

Berkshire Hills Bancorp 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.