Berkshire Hills Bancorp Has Been on a Tear. Is It Still an Acquisition Target?

As it did to many, many companies this year, the coronavirus pandemic sent Berkshire Hills Bancorp (NYSE: BHLB) into an absolute tailspin.

The Boston-based regional bank, which was trading above $40 per share just a little more than two years ago and opened 2020 above $32, cratered to below $10 per share this spring, and sank to $8.71 per share in late September. At that record low, the $12.6 billion asset bank was trading at just below 40% of its tangible book value. At that point, I think many investors (myself included) were speculating that it could eventually become an acquisition target.

But as bank stocks rebounded in recent months, Berkshire Hills did too. On Tuesday, it closed at $16.75, a little more than 75% of tangible book value. So at current levels, is Berkshire Hills still a takeout candidate?

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Source Fool.com