Cinctive Capital Management LP Invests $2.05 Million in Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Cinctive Capital Management LP purchased a new stake in Berkshire Hills Bancorp, Inc. (NYSE:BHLB - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 72,047 shares of the savings and loans company's stock, valued at approximately $2,048,000. Cinctive Capital Management LP owned 0.17% of Berkshire Hills Bancorp at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in BHLB. PNC Financial Services Group Inc. raised its position in Berkshire Hills Bancorp by 3.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 13,241 shares of the savings and loans company's stock worth $376,000 after purchasing an additional 382 shares in the last quarter. FMR LLC raised its holdings in shares of Berkshire Hills Bancorp by 3.3% in the 3rd quarter. FMR LLC now owns 15,411 shares of the savings and loans company's stock worth $415,000 after buying an additional 496 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Berkshire Hills Bancorp by 282.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,112 shares of the savings and loans company's stock worth $31,000 after buying an additional 821 shares during the period. KBC Group NV grew its position in Berkshire Hills Bancorp by 57.8% in the fourth quarter. KBC Group NV now owns 2,869 shares of the savings and loans company's stock valued at $82,000 after acquiring an additional 1,051 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Berkshire Hills Bancorp during the third quarter worth $34,000. 83.07% of the stock is owned by institutional investors.

Analysts Set New Price Targets

BHLB has been the topic of several analyst reports. Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $31.00 target price on shares of Berkshire Hills Bancorp in a report on Friday, January 31st. Seaport Res Ptn upgraded shares of Berkshire Hills Bancorp from a "hold" rating to a "strong-buy" rating in a research note on Monday, December 16th. Piper Sandler upgraded Berkshire Hills Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Monday, December 16th. Finally, Keefe, Bruyette & Woods lifted their price objective on Berkshire Hills Bancorp from $32.00 to $34.50 and gave the company a "market perform" rating in a research report on Tuesday, December 24th. Four investment analysts have rated the stock with a hold rating, one has issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $31.13.

Berkshire Hills Bancorp Price Performance

Shares of Berkshire Hills Bancorp stock traded up $0.29 during midday trading on Tuesday, reaching $23.88. The company had a trading volume of 129,221 shares, compared to its average volume of 342,562. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.38. The stock has a fifty day simple moving average of $27.57 and a 200 day simple moving average of $28.21. Berkshire Hills Bancorp, Inc. has a 1-year low of $20.50 and a 1-year high of $32.36. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of 16.60 and a beta of 0.58.

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) last released its earnings results on Thursday, January 30th. The savings and loans company reported $0.60 earnings per share for the quarter, topping analysts' consensus estimates of $0.54 by $0.06. Berkshire Hills Bancorp had a return on equity of 8.91% and a net margin of 8.56%. As a group, equities research analysts forecast that Berkshire Hills Bancorp, Inc. will post 2.52 earnings per share for the current year.

Berkshire Hills Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 6th. Shareholders of record on Thursday, February 20th were given a dividend of $0.18 per share. The ex-dividend date of this dividend was Thursday, February 20th. This represents a $0.72 dividend on an annualized basis and a yield of 3.02%. Berkshire Hills Bancorp's payout ratio is presently 50.00%.

Insider Transactions at Berkshire Hills Bancorp

In other Berkshire Hills Bancorp news, EVP Ellen Tulchiner sold 1,052 shares of the stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $29.97, for a total value of $31,528.44. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.02% of the stock is owned by corporate insiders.

Berkshire Hills Bancorp 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.