Royal Bank of Canada Lowers Berkshire Hills Bancorp (NYSE:BHLB) Price Target to $31.00

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) had its price objective lowered by stock analysts at Royal Bank of Canada from $32.00 to $31.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a "sector perform" rating on the savings and loans company's stock. Royal Bank of Canada's price target would indicate a potential upside of 6.42% from the company's previous close.

Separately, Keefe, Bruyette & Woods lifted their price target on shares of 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 analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $29.20.

Berkshire Hills Bancorp Stock Performance

Berkshire Hills Bancorp stock traded down $0.74 during mid-day trading on Tuesday, reaching $29.13. The company had a trading volume of 1,795,018 shares, compared to its average volume of 268,090. The company has a 50 day moving average of $29.23 and a 200-day moving average of $26.52. Berkshire Hills Bancorp has a 52 week low of $20.50 and a 52 week high of $32.36. 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 cap of $1.25 billion, a price-to-earnings ratio of 30.66 and a beta of 0.88.

Berkshire Hills Bancorp (NYSE:BHLB - Get Free Report) last released its earnings results on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $119.61 million. During the same period last year, the business earned $0.50 earnings per share. The firm's revenue for the quarter was up 16.6% compared to the same quarter last year. On average, sell-side analysts expect that Berkshire Hills Bancorp will post 2.16 EPS for the current fiscal year.

Hedge Funds Weigh In On Berkshire Hills Bancorp

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Berkshire Hills Bancorp by 3.3% in the third quarter. FMR LLC now owns 15,411 shares of the savings and loans company's stock worth $415,000 after purchasing an additional 496 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Berkshire Hills Bancorp by 4.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 22,799 shares of the savings and loans company's stock worth $520,000 after buying an additional 1,071 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Berkshire Hills Bancorp during the 3rd quarter worth about $34,000. nVerses Capital LLC increased its position in Berkshire Hills Bancorp by 233.3% in the 3rd quarter. nVerses Capital LLC now owns 2,000 shares of the savings and loans company's stock valued at $54,000 after acquiring an additional 1,400 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Berkshire Hills Bancorp by 13.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,423 shares of the savings and loans company's stock worth $361,000 after acquiring an additional 1,565 shares during the last quarter. 83.07% of the stock is owned by institutional investors.

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.