Berkshire Hills Bancorp (NYSE:BHLB) Reaches New 52-Week High – What’s Next?

Berkshire Hills Bancorp, Inc. (NYSE:BHLB)’s share price hit a new 52-week high on Monday . The stock traded as high as $32.23 and last traded at $32.18, with a volume of 13445 shares trading hands. The stock had previously closed at $31.22.

Berkshire Hills Bancorp Price Performance

The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.33. The company has a 50 day simple moving average of $28.16 and a 200-day simple moving average of $25.76. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of 32.61 and a beta of 0.86.

Berkshire Hills Bancorp (NYSE:BHLB) last announced its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.03. The firm had revenue of $125.70 million for the quarter, compared to analysts’ expectations of $119.61 million. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the business posted $0.50 earnings per share. As a group, research analysts anticipate that Berkshire Hills Bancorp, Inc. will post 2.16 EPS for the current fiscal year.

Berkshire Hills Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th will be given a dividend of $0.18 per share. The ex-dividend date is Thursday, November 14th. This represents a $0.72 annualized dividend and a dividend yield of 2.30%. Berkshire Hills Bancorp’s dividend payout ratio is presently 75.79%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. ProShare Advisors LLC increased its stake in Berkshire Hills Bancorp by 7.4% during the 1st quarter. ProShare Advisors LLC now owns 8,752 shares of the savings and loans company’s stock valued at $201,000 after buying an additional 601 shares during the period. CANADA LIFE ASSURANCE Co lifted its position in Berkshire Hills Bancorp by 4.8% in the first quarter. CANADA LIFE ASSURANCE Co now owns 49,819 shares of the savings and loans company’s stock worth $1,142,000 after purchasing an additional 2,278 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in Berkshire Hills Bancorp by 5.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 31,988 shares of the savings and loans company’s stock valued at $734,000 after purchasing an additional 1,753 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Berkshire Hills Bancorp in the 2nd quarter worth $6,330,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Berkshire Hills Bancorp by 47.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,858 shares of the savings and loans company’s stock worth $270,000 after acquiring an additional 3,789 shares during the period. 83.07% of the stock is owned by institutional investors and hedge funds.

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.