Lazard Asset Management LLC Boosts Stake in Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

Lazard Asset Management LLC increased its position in Berkshire Hills Bancorp, Inc. (NYSE:BHLBGet Rating) by 110.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 2,595 shares of the savings and loans company’s stock after purchasing an additional 1,359 shares during the period. Lazard Asset Management LLC’s holdings in Berkshire Hills Bancorp were worth $64,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Rutabaga Capital Management LLC MA bought a new stake in Berkshire Hills Bancorp during the second quarter worth approximately $589,000. Jennison Associates LLC increased its stake in Berkshire Hills Bancorp by 110.1% during the second quarter. Jennison Associates LLC now owns 67,580 shares of the savings and loans company’s stock worth $1,674,000 after acquiring an additional 35,407 shares during the last quarter. Cambria Investment Management L.P. increased its stake in Berkshire Hills Bancorp by 59.1% during the second quarter. Cambria Investment Management L.P. now owns 11,830 shares of the savings and loans company’s stock worth $293,000 after acquiring an additional 4,394 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new stake in Berkshire Hills Bancorp during the second quarter worth approximately $363,000. Finally, KBC Group NV bought a new stake in Berkshire Hills Bancorp during the second quarter worth approximately $96,000. 80.61% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Piper Sandler cut Berkshire Hills Bancorp from a “neutral” rating to an “underweight” rating and reduced their price objective for the stock from $31.00 to $29.00 in a research note on Friday, October 14th. TheStreet raised Berkshire Hills Bancorp from a “c” rating to a “b-” rating in a research note on Monday, November 7th. StockNews.com started coverage on Berkshire Hills Bancorp in a research note on Wednesday, October 12th. They set a “hold” rating on the stock. Finally, Hovde Group started coverage on Berkshire Hills Bancorp in a research note on Tuesday, September 13th. They set an “outperform” rating and a $33.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, Berkshire Hills Bancorp presently has an average rating of “Hold” and an average target price of $29.00.

Berkshire Hills Bancorp Trading Down 0.1 %

BHLB opened at $30.84 on Friday. Berkshire Hills Bancorp, Inc. has a one year low of $23.62 and a one year high of $31.78. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of 17.52 and a beta of 0.99. The stock’s 50 day moving average price is $28.96 and its 200-day moving average price is $27.49. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.86 and a current ratio of 0.86.

Berkshire Hills Bancorp (NYSE:BHLBGet Rating) last announced its quarterly earnings data on Thursday, October 20th. The savings and loans company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.04. Berkshire Hills Bancorp had a return on equity of 8.74% and a net margin of 19.76%. The company had revenue of $108.34 million for the quarter, compared to analysts’ expectations of $104.25 million. On average, equities analysts forecast that Berkshire Hills Bancorp, Inc. will post 2.21 EPS for the current year.

Berkshire Hills Bancorp Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 1st. Investors of record on Thursday, November 17th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, November 16th. This represents a $0.72 annualized dividend and a yield of 2.33%. This is a boost from Berkshire Hills Bancorp’s previous quarterly dividend of $0.12. Berkshire Hills Bancorp’s dividend payout ratio is 40.91%.

About Berkshire Hills Bancorp

(Get Rating)

Berkshire Hills Bancorp, Inc operates as the bank holding company for Berkshire Bank that provides various banking products and services. It offers various deposit accounts, including demand deposit, NOW, regular savings, money market savings, time certificates of deposit, and retirement deposit accounts; and loans, such as commercial real estate, commercial and industrial, consumer, and residential mortgage loans.

Further Reading

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Institutional Ownership by Quarter for Berkshire Hills Bancorp (NYSE:BHLB)

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