Clinton Group Inc. reduced its holdings in Berkshire Hills Bancorp, Inc. (NYSE:BHLB) by 62.8% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,739 shares of the savings and loans company’s stock after selling 9,699 shares during the quarter. Clinton Group Inc.’s holdings in Berkshire Hills Bancorp were worth $202,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Ameritas Investment Partners Inc. bought a new stake in shares of Berkshire Hills Bancorp in the first quarter worth about $101,000. New York State Teachers Retirement System increased its holdings in shares of Berkshire Hills Bancorp by 7.4% in the first quarter. New York State Teachers Retirement System now owns 2,900 shares of the savings and loans company’s stock worth $105,000 after acquiring an additional 200 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Berkshire Hills Bancorp in the first quarter worth about $109,000. Quantbot Technologies LP bought a new stake in shares of Berkshire Hills Bancorp in the second quarter worth about $112,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Berkshire Hills Bancorp by 263.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,450 shares of the savings and loans company’s stock worth $121,000 after acquiring an additional 2,500 shares in the last quarter. Institutional investors own 74.09% of the company’s stock.
In related news, insider Michael P. Daly sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $33.78, for a total transaction of $844,500.00. Following the transaction, the insider now directly owns 103,670 shares of the company’s stock, valued at approximately $3,501,972.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Richard M. Marotta sold 9,500 shares of the business’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $33.32, for a total value of $316,540.00. Following the sale, the executive vice president now directly owns 28,523 shares of the company’s stock, valued at $950,386.36. The disclosure for this sale can be found here. 1.71% of the stock is currently owned by corporate insiders.
Berkshire Hills Bancorp, Inc. (NYSE:BHLB) opened at 39.10 on Wednesday. Berkshire Hills Bancorp, Inc. has a 12-month low of $27.25 and a 12-month high of $39.75. The company’s 50 day moving average price is $35.60 and its 200-day moving average price is $35.78. The company has a market capitalization of $1.56 billion, a P/E ratio of 21.59 and a beta of 0.67.
Berkshire Hills Bancorp (NYSE:BHLB) last posted its quarterly earnings results on Wednesday, July 19th. The savings and loans company reported $0.58 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.01. Berkshire Hills Bancorp had a return on equity of 6.93% and a net margin of 15.03%. The business had revenue of $102.34 million for the quarter, compared to the consensus estimate of $102.75 million. Equities analysts forecast that Berkshire Hills Bancorp, Inc. will post $2.26 earnings per share for the current fiscal year.
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BHLB has been the subject of a number of research reports. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a report on Tuesday, October 3rd. BidaskClub downgraded Berkshire Hills Bancorp from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 8th. Zacks Investment Research upgraded Berkshire Hills Bancorp from a “hold” rating to a “buy” rating and set a $40.00 price objective for the company in a report on Monday, September 25th. Finally, FIG Partners reiterated an “outperform” rating and set a $41.00 price objective on shares of Berkshire Hills Bancorp in a report on Wednesday, September 20th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $38.58.
Berkshire Hills Bancorp Profile
Berkshire Hills Bancorp, Inc (Berkshire) is a holding company 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 customers in its market areas. Berkshire product offerings also include retail and commercial electronic banking, commercial cash management and commercial interest rate swaps.
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