On September 12, 2023, President and CEO Nitin Mhatre of Berkshire Hills Bancorp Inc (BHLB, Financial) purchased 1,000 shares of the company, signaling a strong vote of confidence in the financial institution's prospects. This latest acquisition brings Mhatre's total purchases over the past year to 6,400 shares, with no recorded sales.
Nitin Mhatre, a seasoned banking executive with over 30 years of experience, took the helm of Berkshire Hills Bancorp Inc in early 2021. His extensive background in community banking and his commitment to driving growth and shareholder value have been instrumental in steering the company through a challenging economic landscape.
Berkshire Hills Bancorp Inc is a bank holding company headquartered in Boston, Massachusetts. The company operates through its subsidiary, Berkshire Bank, providing various banking products and services. It serves businesses, non-profit organizations, government entities, and individuals through its network of branches, online platforms, and wealth management offices.
The insider's recent acquisition comes at a time when the stock is trading at $19.82 per share, giving the company a market cap of $903.946 million. The price-earnings ratio stands at 8.97, slightly higher than the industry median of 8.29, but lower than the company's historical median price-earnings ratio.
The insider transaction history for Berkshire Hills Bancorp Inc shows a positive trend, with four insider buys recorded over the past year and no insider sells. This trend suggests that insiders, including Mhatre, have a bullish outlook on the company's future performance.
The GuruFocus Value of Berkshire Hills Bancorp Inc stands at $34.06, indicating that the stock is significantly undervalued with a price-to-GF-Value ratio of 0.58. The GF Value is an intrinsic value estimate that takes into account historical multiples, a GuruFocus adjustment factor based on past returns and growth, and future business performance estimates from Morningstar analysts.
In conclusion, the insider's recent purchase, coupled with the stock's undervalued status, could be a positive signal for investors. However, as always, potential investors should conduct their own due diligence before making investment decisions.
