Wellington Management Group LLP lifted its stake in shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB - Free Report) by 21.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,664,138 shares of the savings and loans company's stock after purchasing an additional 293,784 shares during the quarter. Wellington Management Group LLP owned about 3.87% of Berkshire Hills Bancorp worth $44,815,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. bought a new stake in Berkshire Hills Bancorp in the 3rd quarter valued at about $34,000. nVerses Capital LLC raised its holdings in shares of Berkshire Hills Bancorp by 233.3% during the third quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company's stock valued at $54,000 after buying an additional 1,400 shares during the last quarter. Meeder Asset Management Inc. bought a new position in Berkshire Hills Bancorp in the 2nd quarter worth approximately $104,000. Northwestern Mutual Wealth Management Co. increased its position in Berkshire Hills Bancorp by 58.5% in 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 3rd quarter valued at $211,000. 83.07% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Separately, Keefe, Bruyette & Woods increased their price target on Berkshire Hills Bancorp from $29.00 to $32.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.20.
View Our Latest Stock Report on Berkshire Hills Bancorp
Berkshire Hills Bancorp Price Performance
BHLB traded down $0.34 during trading on Thursday, reaching $30.27. The stock had a trading volume of 63,856 shares, compared to its average volume of 254,404. The stock has a 50 day moving average of $28.99 and a two-hundred day moving average of $26.32. 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 firm has a market capitalization of $1.30 billion, a price-to-earnings ratio of 31.88 and a beta of 0.88. Berkshire Hills Bancorp, Inc. has a 1-year low of $20.50 and a 1-year high of $32.36.
Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) last announced its earnings results on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.55 by $0.03. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%. The business had revenue of $125.70 million during the quarter, compared to analysts' expectations of $119.61 million. During the same quarter last year, the business posted $0.50 earnings per share. The company's quarterly revenue was up 16.6% on a year-over-year basis. As a group, equities 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 announced a quarterly dividend, which was paid on Wednesday, November 27th. Investors of record on Thursday, November 14th were issued a $0.18 dividend. The ex-dividend date of this dividend was Thursday, November 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.38%. Berkshire Hills Bancorp's payout ratio is currently 75.79%.
About Berkshire Hills Bancorp
(
Free Report)
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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