Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:Berkshire Hills Bancorp, Inc. (BHLB) is a bank holding company. The Zacks Consensus Estimate for its current year earnings has been revised 3.4% downward over the last 60 days.Blackstone Inc. (BX) is an alternative asset management firm specializing in real estate, private equity, hedge fund solutions. The Zacks Consensus Estimate for its current year earnings has been revised 7.5% downward over the last 60 days.CNX Resources Corporat ...

Berkshire Hills Bancorp, Inc. (NYSE:BHLB) Q4 2023 Earnings Conference Call January 25, 2024 9:00 AM ET Company Participants Kevin Conn - IR & Corporate Development Officer Nitin Mhatre - CEO David Rosato - CFO Conference Call Participants Bill Young - RBC Capital Markets Christopher O'Connell - KBW Mark Fitzgibbon - Piper Sandler Laurie Hunsicker - Seaport Research David Bishop - Hovde Group Operator Good morning, ladies and gentlemen, and welcome to the Berkshire Hills Bancorp Fourth Quarter 2023 Earnings ...

Rate environment weighed on earnings1 3 4,385 4,469 1,436 84 38 1,367 2,618 2,656 513 498 3Q23 CRE C&I Resi Consumer 4Q23 8,952 -69 -15 8,990 +38 (+0.4%) CRE C&I Resi Consumer QoQ Accordingly, you should not place undue reliance on forward-looking statements, which reflect our expectations only as of the date of this document. Berkshire does not undertake any obligation to update forward-looking statements. | --- | --- | --- | --- | |----------------|--------------------------------------------------------- ...

Berkshire Hills Bancorp (BHLB) reported $125.48 million in revenue for the quarter ended December 2023, representing a year-over-year increase of 6.6%. EPS of $0.47 for the same period compares to $0.64 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $109.05 million, representing a surprise of +15.07%. The company delivered an EPS surprise of -6.00%, with the consensus EPS estimate being $0.50.While investors closely watch year-over-year changes in headline numbers -- revenue and ...

Announces $40 Million Share Repurchase Authorization Fourth quarter loss of $1 million, ($0.03) per share; operating income of $20 million, $0.47 per share $267 million securities sale resulting in $25.1 million pre-tax non-operating loss Net loan charge-offs and non-performing assets decreased 18% linked quarter TCE ratio of 8.0% and CET1 ratio of 12.0% Tangible book value per share of $22.82, up $1.57, or 7%, in the quarter BOSTON, Jan. 25, 2024 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) ...

In its upcoming report, Berkshire Hills Bancorp (BHLB) is predicted by Wall Street analysts to post quarterly earnings of $0.50 per share, reflecting a decline of 21.9% compared to the same period last year. Revenues are forecasted to be $109.05 million, representing a year-over-year decrease of 7.4%.Over the past 30 days, the consensus EPS estimate for the quarter has remained unchanged. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Ahead o ...

BOSTON, Jan. 12, 2024 /PRNewswire/ -- The Berkshire Hills Bancorp, Inc. (NYSE: BHLB) fourth quarter 2023 earnings release and conference call are scheduled as follows:Earnings Release: Thursday, January 25, 2024, at approximately 7:30 a.m. (Eastern)Conference Call: Thursday, January 25, 2024, at 9:00 a.m. (Eastern)Webcast (listen-only): Register at: https://events.q4inc.com/attendee/627795005Dial-in Number: Toll Free: 888-259-6580; Conference ID: 33077376Webcast Replay: https://ir.berkshirebank.com (for the ...

Management has identified the Company's most critical accounting policies as related to: CORPORATE RESPONSIBILITY UPDATE 76 For additional discussion about the Company's Quantitative and Qualitative Aspects of Market Risk, please review Item 7A of the most recent report on Form 10-K which sets forth the methodologies employed by the Company and the various aspects of its analysis of its interest rate sensitivity. Net Interest Income at Risk Simulation is used to measure the sensitivity of net interest incom ...

Financial Data and Key Metrics Changes - Operating earnings for Q3 2023 were $21.5 million or $0.50 per fully diluted share, down $0.05 linked quarter and down $0.12 year-over-year [10] - Average loans increased by $161 million or 2% linked quarter, while average deposits increased by $62 million or 1% [11] - Net interest margin (NIM) was 3.18%, down 6 basis points linked quarter and down 30 basis points year-over-year [34] - Net interest income declined by $2.4 million or 3% linked quarter and was down $1.8 million or 2% year-over-year [34] Business Line Data and Key Metrics Changes - Average loan balances showed balanced growth across commercial and consumer loans [7] - Operating noninterest income was up 2% in the quarter and up 7% year-over-year [11] - Deposit-related fees increased by $221,000, while loan and other fees decreased by $310,000 [37] Market Data and Key Metrics Changes - Deposits were stable, up 1% linked quarter on an average balance basis, but down 1% on an end-of-period basis [4] - Noninterest-bearing deposits as a percentage of total average deposits decreased to 26% in Q3 from 27% in Q2 [13] - The deposit cost was 181 basis points, up 30 basis points from the second quarter [36] Company Strategy and Development Direction - The company is focused on rationalizing its real estate footprint, including the consolidation of four branches and the sale of one office building [31] - The company is committed to managing expenses with discipline and transparency, instituting biweekly meetings to review vendor expenses and hiring requests [16] - The company aims to improve its medium-term performance despite the current operating environment presenting headwinds [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the Northeast markets and acknowledged typical banking industry cyclicality issues such as NIM compression [20] - The company is focused on controlling its operational environment through opportunistic hiring and rigorous expense management [21] - Management expects credit costs to increase modestly but significantly lower than during the Global Financial Crisis [43] Other Important Information - The company repurchased $3.9 million of stock at an average cost of $20.01, believing its stock is undervalued [42] - The company’s ESG score remains in the top quartile at the 19th percentile nationally [9] - The company has added a new ROTCE calculation to align its reporting with peers [32] Q&A Session Summary Question: Should we expect more branch consolidations and restructuring charges in coming quarters? - Yes, the company is constantly evaluating opportunities for consolidation while retaining clients and bankers [45] Question: Where would you expect the effective rate to settle out? - The company anticipates a mid single-digit decline in NIM due to competitive pressures around deposits [26] Question: What are your thoughts on growing or shrinking tax credit investments over time? - The company is still working through tax credit investments and will provide more clarity in January [47] Question: What is your outlook on loan growth for the second half of the year? - The company expects to be on the lower end of the $9.2 billion to $9.4 billion target due to a slowdown in pipelines [71] Question: Can you provide updates on the overall office portfolio and market conditions? - The company has not seen early signs of weakness in the office portfolio and is monitoring credit quality closely [110]

Securities available for sale and held to maturity with unrealized losses, segregated by the duration of their continuous unrealized loss positions, are summarized as follows: Less Than Twelve Months Over Twelve Months Total Gross Gross Gross Unrealized Fair Unrealized Fair Unrealized Fair (In thousands) Losses Value Losses Value Losses Value June 30, 2023 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AFS municipal bonds and obligations AFS commercial and residential mortgage-backed securities AFS other bonds ...