Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company cut its holdings in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 5.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 21,476 shares of the savings and loans company’s stock after selling 1,323 shares during the period. The Manufacturers Life Insurance Company’s holdings in Berkshire Hills Bancorp were worth $578,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in Berkshire Hills Bancorp during the second quarter worth about $6,330,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Berkshire Hills Bancorp by 47.0% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,858 shares of the savings and loans company’s stock valued at $270,000 after purchasing an additional 3,789 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Berkshire Hills Bancorp during the 2nd quarter worth approximately $676,000. Quest Partners LLC raised its position in shares of Berkshire Hills Bancorp by 57.3% during the 2nd quarter. Quest Partners LLC now owns 38,821 shares of the savings and loans company’s stock worth $885,000 after purchasing an additional 14,149 shares during the period. Finally, Texas Permanent School Fund Corp lifted its holdings in shares of Berkshire Hills Bancorp by 33.5% in the 2nd quarter. Texas Permanent School Fund Corp now owns 49,903 shares of the savings and loans company’s stock worth $1,138,000 after purchasing an additional 12,528 shares during the last quarter. 83.07% of the stock is owned by institutional investors and hedge funds.

Berkshire Hills Bancorp Price Performance

NYSE BHLB opened at $30.20 on Friday. The company has a 50-day moving average price of $29.15 and a two-hundred day moving average price of $26.43. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of 31.79 and a beta of 0.88. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33. Berkshire Hills Bancorp, Inc. has a 52 week low of $20.50 and a 52 week high of $32.36.

Berkshire Hills Bancorp (NYSE:BHLB) last issued its quarterly earnings data on Thursday, October 24th. The savings and loans company reported $0.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.03. The business had revenue of $125.70 million during the quarter, compared to analyst estimates of $119.61 million. Berkshire Hills Bancorp had a return on equity of 8.68% and a net margin of 5.86%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.50 EPS. Analysts forecast that Berkshire Hills Bancorp, Inc. will post 2.16 EPS for the current year.

Berkshire Hills Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 27th. Stockholders of record on Thursday, November 14th were issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend was Thursday, November 14th. Berkshire Hills Bancorp’s dividend payout ratio (DPR) is 75.79%.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods upped their price objective on 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’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $28.20.

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.