2024-05-01 06:00:13 ET
Summary
- Berkshire Hills Bancorp reported a loss in 1Q due to the implementation of the first part of its strategic plan. The implementation of the second part will nullify the 1Q’s loss.
- The strength of business activity in the New England region and New York will lift the loan portfolio and consequently earnings.
- The December 2024 target price suggests a high upside from the current market price. Further, BHLB is offering a decent dividend yield.
- Risks are high because of large unrealized losses on the securities portfolio. The management’s 1Q steps create fears that it could sell more securities at a loss.
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Berkshire Hills Bancorp: Earnings Likely To Bounce Back, But Risks Are High