Royal Bank of Canada Lowers Berkshire Hills Bancorp (NYSE:BHLB) Price Target to $31.00

Berkshire Hills Bancorp (NYSE:BHLB) had its target price decreased by equities researchers at Royal Bank of Canada from $32.00 to $31.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “sector perform” rating on the savings and loans company’s stock. Royal Bank of Canada’s target price indicates a potential upside of 10.24% from the stock’s previous close.

Separately, Keefe, Bruyette & Woods increased their price objective on Berkshire Hills Bancorp from $29.00 to $32.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Berkshire Hills Bancorp presently has a consensus rating of “Hold” and an average price target of $29.20.

Berkshire Hills Bancorp Stock Down 3.5 %

Shares of NYSE BHLB opened at $28.12 on Tuesday. The firm’s fifty day moving average is $29.29 and its 200 day moving average is $26.57. Berkshire Hills Bancorp has a 52 week low of $20.50 and a 52 week high of $32.36. 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 market cap of $1.21 billion, a price-to-earnings ratio of 29.60 and a beta of 0.88.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $125.70 million during the quarter, compared to the consensus estimate of $119.61 million. Berkshire Hills Bancorp had a net margin of 5.86% and a return on equity of 8.68%. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.50 earnings per share. On average, equities research analysts expect that Berkshire Hills Bancorp will post 2.16 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Berkshire Hills Bancorp during the third quarter valued at approximately $34,000. nVerses Capital LLC grew its position in shares of Berkshire Hills Bancorp by 233.3% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company’s stock worth $54,000 after buying an additional 1,400 shares during the period. Meeder Asset Management Inc. purchased a new stake in shares of Berkshire Hills Bancorp in the 2nd quarter worth about $104,000. Northwestern Mutual Wealth Management Co. lifted its position in Berkshire Hills Bancorp by 58.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,879 shares of the savings and loans company’s stock valued at $134,000 after acquiring an additional 2,169 shares during the period. Finally, Joel Isaacson & Co. LLC bought a new stake in Berkshire Hills Bancorp during the third quarter worth about $211,000. Institutional investors own 83.07% of the company’s stock.

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.