PNC Financial Services Group Inc. Sells 2,072 Shares of Berkshire Hills Bancorp, Inc. (NYSE:BHLB)

PNC Financial Services Group Inc. cut its holdings in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 12.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,552 shares of the savings and loans company’s stock after selling 2,072 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Berkshire Hills Bancorp were worth $361,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in BHLB. Victory Capital Management Inc. bought a new position in shares of Berkshire Hills Bancorp in the fourth quarter valued at approximately $219,000. Teton Advisors Inc. acquired a new position in Berkshire Hills Bancorp during the 4th quarter worth $240,000. J.W. Cole Advisors Inc. bought a new stake in Berkshire Hills Bancorp during the fourth quarter valued at about $258,000. Private Advisor Group LLC grew its position in shares of Berkshire Hills Bancorp by 8.0% in the fourth quarter. Private Advisor Group LLC now owns 10,884 shares of the savings and loans company’s stock valued at $270,000 after purchasing an additional 806 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Berkshire Hills Bancorp by 55.8% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,967 shares of the savings and loans company’s stock worth $297,000 after purchasing an additional 4,287 shares during the period. 83.07% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, StockNews.com upgraded Berkshire Hills Bancorp from a “sell” rating to a “hold” rating in a research note on Monday, June 10th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Berkshire Hills Bancorp presently has an average rating of “Hold” and a consensus price target of $25.00.

Berkshire Hills Bancorp Stock Performance

NYSE:BHLB opened at $22.80 on Friday. The firm’s 50-day moving average is $22.09 and its 200-day moving average is $22.67. The company has a market cap of $987.01 million, a price-to-earnings ratio of 45.60 and a beta of 0.89. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.01 and a current ratio of 1.01. Berkshire Hills Bancorp, Inc. has a 52-week low of $18.31 and a 52-week high of $25.79.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings results on Thursday, April 18th. The savings and loans company reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.02. The firm had revenue of $169.32 million for the quarter, compared to analyst estimates of $107.89 million. Berkshire Hills Bancorp had a return on equity of 8.77% and a net margin of 3.40%. During the same period in the previous year, the company posted $0.63 earnings per share. Equities research analysts anticipate that Berkshire Hills Bancorp, Inc. will post 2.06 earnings per share for the current year.

Berkshire Hills Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Thursday, June 20th were given a $0.18 dividend. The ex-dividend date of this dividend was Thursday, June 20th. This represents a $0.72 annualized dividend and a yield of 3.16%. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is currently 144.00%.

About Berkshire Hills Bancorp

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.