The stock of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) hit a new 52-week high and has $35.99 target or 6.00% above today’s $33.95 share price. The 6 months bullish chart indicates low risk for the $1.09B company. The 1-year high was reported on Nov, 23 by Barchart.com. If the $35.99 price target is reached, the company will be worth $65.40M more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 44,187 shares traded hands. Berkshire Hills Bancorp, Inc. (NYSE:BHLB) has risen 21.78% since April 21, 2016 and is uptrending. It has outperformed by 16.45% the S&P500.
Analysts await Berkshire Hills Bancorp, Inc. (NYSE:BHLB) to report earnings on January, 23. They expect $0.57 earnings per share, up 5.56% or $0.03 from last year’s $0.54 per share. BHLB’s profit will be $18.30M for 14.89 P/E if the $0.57 EPS becomes a reality. After $0.57 actual earnings per share reported by Berkshire Hills Bancorp, Inc. for the previous quarter, Wall Street now forecasts 0.00% EPS growth.
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Ratings Coverage
Out of 6 analysts covering Berkshire Hills Bancorp (NYSE:BHLB), 2 rate it a “Buy”, 1 “Sell”, while 3 “Hold”. This means 33% are positive. Berkshire Hills Bancorp has been the topic of 10 analyst reports since July 23, 2015 according to StockzIntelligence Inc. The stock of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) earned “Sell” rating by Compass Point on Friday, November 18. The stock has “Neutral” rating given by Compass Point on Tuesday, October 25. On Wednesday, November 16 the stock rating was downgraded by PiperJaffray to “Neutral”. The rating was upgraded by Keefe Bruyette & Woods to “Outperform” on Tuesday, November 10. The stock of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) has “Buy” rating given on Thursday, July 23 by Sandler O’Neill. Piper Jaffray downgraded the shares of BHLB in a report on Wednesday, November 16 to “Neutral” rating. Compass Point maintained the stock with “Neutral” rating in Tuesday, October 27 report.
According to Zacks Investment Research, “Berkshire Hills Bancorp, Inc. is a bank holding company. Through its subsidiaries, the company is engaged as a community bank that accepts retail deposits from the general public in the areas surrounding its full-service banking offices and uses those funds,together with funds generated from operations and borrowings, to originate residential mortgage loans, commercial business and real estate loans and consumer loans, primarily indirect automobile loans.”
Insitutional Activity: The institutional sentiment increased to 1.75 in Q2 2016. Its up 0.42, from 1.33 in 2016Q1. The ratio increased, as 18 funds sold all Berkshire Hills Bancorp, Inc. shares owned while 34 reduced positions. 12 funds bought stakes while 57 increased positions. They now own 21.73 million shares or 2.58% less from 22.31 million shares in 2016Q1.
Los Angeles Cap Mngmt Equity Research, a California-based fund reported 59,780 shares. Jacobs Asset Management Ltd Limited Liability Company has 8.44% invested in the company for 1.05 million shares. The New York-based Millennium Mngmt Limited Liability Company has invested 0.03% in Berkshire Hills Bancorp, Inc. (NYSE:BHLB). Columbia Ptnrs L L C Investment Mngmt last reported 0.17% of its portfolio in the stock. Voya Investment Limited Liability Corp accumulated 13,044 shares or 0% of the stock. Moreover, Invesco Limited has 0% invested in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) for 32,269 shares. Alliancebernstein Limited Partnership accumulated 44,445 shares or 0% of the stock. The New York-based Teachers Advsrs has invested 0% in Berkshire Hills Bancorp, Inc. (NYSE:BHLB). Livforsakringsbolaget Skandia Omsesidigt holds 0% of its portfolio in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) for 2,900 shares. Goldman Sachs Gru accumulated 0% or 65,181 shares. Moreover, Morgan Stanley has 0% invested in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) for 176,837 shares. Johnson Counsel holds 0.02% of its portfolio in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) for 22,000 shares. Geode Mgmt Ltd Liability Corp, a Massachusetts-based fund reported 236,972 shares. Aperio Group Inc Ltd Liability Company has 0% invested in the company for 11,800 shares. Blackrock Institutional Trust Com Na has 0% invested in the company for 900,052 shares.
Insider Transactions: Since August 18, 2016, the stock had 2 buys, and 8 selling transactions for $3.89 million net activity. Bossidy Paul T also bought $29,300 worth of Berkshire Hills Bancorp, Inc. (NYSE:BHLB) on Friday, October 28. Moffatt Laurie Norton bought $9,981 worth of stock. Another trade for 15,000 shares valued at $439,921 was made by Dunlaevy James Williar on Wednesday, November 2. Carroll Michael D. sold $16,305 worth of stock or 500 shares.
BHLB Company Profile
Berkshire Hills Bancorp, Inc. (Berkshire), incorporated on January 10, 2000, is the holding firm for Berkshire Bank (the Bank) and Berkshire Insurance Group. Berkshire offers a range of deposit, lending, insurance and wealth management products to retail, commercial, not-for-profit and municipal clients in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps. The Bank has over 90 full-service banking offices in its New England and upstate New York footprint. The Bank also has commercial and retail lending offices located in Eastern Massachusetts. The Bank serves regions, including Western New England, with over 20 banking offices; New York, with over 40 banking offices serving the Albany Capital District and Central New York; Hartford/Springfield, with over 25 banking offices serving the market along the Connecticut River in this region, which is in New England, and Eastern Massachusetts, with lending offices and over two branch offices located in towns west and north of Boston.
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