Berkshire Hills Bancorp (NYSE:BHLB) Issues Quarterly Earnings Results

Key Points

• Berkshire Hills Bancorp reported $0.69 earnings per share for the quarter, exceeding the consensus estimate of $0.58 by $0.11, with revenue of $113.67 million.
• The company announced a quarterly dividend of $0.18 per share, reflecting a 2.80% dividend yield and a payout ratio of 29.15%.
• Institutional investors hold a significant share of the company, with 83.07% of the stock owned by large investors and hedge funds, indicating strong investor confidence.

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) posted its quarterly earnings data on Thursday. The savings and loans company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.11, Briefing.com reports. The firm had revenue of $113.67 million for the quarter, compared to analysts' expectations of $113.34 million. Berkshire Hills Bancorp had a return on equity of 9.45% and a net margin of 15.93%. The company's quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.55 EPS.

Berkshire Hills Bancorp Stock Performance

BHLB opened at $25.69 on Friday. The firm has a market cap of $1.19 billion, a P/E ratio of 10.04 and a beta of 0.61. Berkshire Hills Bancorp has a 52-week low of $22.27 and a 52-week high of $32.36. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.99 and a current ratio of 1.02. The business's fifty day moving average is $25.44 and its 200-day moving average is $26.28.

Berkshire Hills Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 29th. Stockholders of record on Thursday, May 15th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend was Thursday, May 15th. Berkshire Hills Bancorp's dividend payout ratio (DPR) is currently 29.15%.

Institutional Trading of Berkshire Hills Bancorp

Large investors have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Berkshire Hills Bancorp by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,523 shares of the savings and loans company's stock valued at $666,000 after buying an additional 1,117 shares in the last quarter. Royal Bank of Canada boosted its stake in Berkshire Hills Bancorp by 10.9% in the first quarter. Royal Bank of Canada now owns 25,671 shares of the savings and loans company's stock valued at $669,000 after buying an additional 2,516 shares in the last quarter. AQR Capital Management LLC boosted its stake in Berkshire Hills Bancorp by 266.3% in the first quarter. AQR Capital Management LLC now owns 142,057 shares of the savings and loans company's stock valued at $3,706,000 after buying an additional 103,276 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Berkshire Hills Bancorp by 17.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 142,694 shares of the savings and loans company's stock valued at $3,723,000 after buying an additional 21,525 shares in the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Royal Bank Of Canada reiterated a "sector perform" rating and set a $31.00 price objective on shares of Berkshire Hills Bancorp in a research report on Monday, April 28th.

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.

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