Adage Capital Partners GP L.L.C. Grows Stake in Berkshire Hills Bancorp, Inc. $BHLB

Key Points

• Adage Capital Partners GP L.L.C. increased its stake in Berkshire Hills Bancorp by 13.6% in the first quarter, acquiring an additional 141,137 shares, bringing its total ownership to approximately 2.53% valued at $30.67 million.
• Berkshire Hills Bancorp reported earnings of $0.69 per share for the last quarter, exceeding analyst expectations, with a revenue of $113.67 million, marking a 4.6% year-over-year increase.
• The company declared a quarterly dividend of $0.18 per share, resulting in an annualized dividend yield of 2.8% and a payout ratio of 28.13%.

Adage Capital Partners GP L.L.C. lifted its stake in Berkshire Hills Bancorp, Inc. (NYSE:BHLB - Free Report) by 13.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,175,620 shares of the savings and loans company's stock after purchasing an additional 141,137 shares during the quarter. Adage Capital Partners GP L.L.C. owned about 2.53% of Berkshire Hills Bancorp worth $30,672,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BHLB. Fuller & Thaler Asset Management Inc. increased its stake in Berkshire Hills Bancorp by 166.4% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,842,975 shares of the savings and loans company's stock worth $48,083,000 after acquiring an additional 1,151,107 shares during the last quarter. Nuveen LLC acquired a new stake in Berkshire Hills Bancorp during the first quarter worth $17,966,000. Strategic Value Bank Partners LLC increased its stake in Berkshire Hills Bancorp by 134.6% during the first quarter. Strategic Value Bank Partners LLC now owns 530,489 shares of the savings and loans company's stock worth $13,840,000 after acquiring an additional 304,376 shares during the last quarter. Millennium Management LLC boosted its position in shares of Berkshire Hills Bancorp by 79.3% during the fourth quarter. Millennium Management LLC now owns 537,221 shares of the savings and loans company's stock worth $15,273,000 after buying an additional 237,607 shares during the period. Finally, Assenagon Asset Management S.A. boosted its position in shares of Berkshire Hills Bancorp by 83.2% during the first quarter. Assenagon Asset Management S.A. now owns 429,887 shares of the savings and loans company's stock worth $11,216,000 after buying an additional 195,222 shares during the period. Institutional investors and hedge funds own 83.07% of the company's stock.

Berkshire Hills Bancorp Price Performance

Berkshire Hills Bancorp, Inc. has a 52-week low of $22.27 and a 52-week high of $32.36. The stock's 50 day moving average price is $25.77 and its two-hundred day moving average price is $25.50. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $1.19 billion, a price-to-earnings ratio of 10.02 and a beta of 0.73.

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.11. The business 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 business's revenue was up 4.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.55 earnings per share. Sell-side analysts expect that Berkshire Hills Bancorp, Inc. will post 2.52 earnings per share for the current year.

Berkshire Hills Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 2.8%. The ex-dividend date of this dividend was Thursday, August 14th. Berkshire Hills Bancorp's dividend payout ratio (DPR) is 28.13%.

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.