Wellington Management Group LLP Decreases Stock Holdings in Berkshire Hills Bancorp, Inc. $BHLB

Key Points

• Wellington Management Group LLP significantly reduced its stake in Berkshire Hills Bancorp by 57.0%, selling 599,336 shares and holding 452,814 shares worth approximately $11.81 million as of the latest SEC filing.
• Berkshire Hills Bancorp's quarterly earnings exceeded expectations, reporting an EPS of $0.69, which is higher than the consensus estimate of $0.58, and a revenue of $113.67 million, marking a 4.6% year-over-year increase.
• The company recently declared a $0.18 quarterly dividend, resulting in an annualized yield of 2.7%, indicating its commitment to returning value to shareholders.

Wellington Management Group LLP reduced its position in shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB - Free Report) by 57.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 452,814 shares of the savings and loans company's stock after selling 599,336 shares during the quarter. Wellington Management Group LLP owned 0.98% of Berkshire Hills Bancorp worth $11,814,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Meeder Asset Management Inc. grew its stake in shares of Berkshire Hills Bancorp by 130.9% during the 1st quarter. Meeder Asset Management Inc. now owns 1,374 shares of the savings and loans company's stock valued at $36,000 after purchasing an additional 779 shares during the period. Quarry LP grew its stake in shares of Berkshire Hills Bancorp by 142.7% during the 4th quarter. Quarry LP now owns 1,291 shares of the savings and loans company's stock valued at $37,000 after purchasing an additional 759 shares during the period. CWM LLC grew its stake in shares of Berkshire Hills Bancorp by 508.7% during the 1st quarter. CWM LLC now owns 4,413 shares of the savings and loans company's stock valued at $115,000 after purchasing an additional 3,688 shares during the period. Man Group plc bought a new stake in shares of Berkshire Hills Bancorp during the 4th quarter valued at about $216,000. Finally, Algert Global LLC bought a new stake in shares of Berkshire Hills Bancorp during the 4th quarter valued at about $237,000. 83.07% of the stock is currently owned by institutional investors.

Berkshire Hills Bancorp Stock Performance

Shares of Berkshire Hills Bancorp stock traded down $0.65 during trading hours on Tuesday, reaching $25.66. 2,575,853 shares of the stock traded hands, compared to its average volume of 509,286. The company has a 50 day moving average price of $25.72 and a 200 day moving average price of $25.61. The firm 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, Inc. has a one year low of $22.27 and a one year high of $32.36. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.18.

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The savings and loans company reported $0.69 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.58 by $0.11. The company had revenue of $113.67 million during the quarter, compared to the consensus estimate of $113.34 million. Berkshire Hills Bancorp had a return on equity of 9.45% and a net margin of 15.93%.The firm's revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the company posted $0.55 EPS. On average, equities research analysts expect that Berkshire Hills Bancorp, Inc. will post 2.52 earnings per share for the current fiscal year.

Berkshire Hills Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, August 21st. Investors of record on Thursday, August 14th were paid a dividend of $0.18 per share. The ex-dividend date was Thursday, August 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.8%. Berkshire Hills Bancorp's payout ratio is 28.13%.

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.