Piper Sandler upgraded Berkshire Hills Bancorp (BHLB) to Overweight from Neutral with a price target of $34, up from $31, after Berkshire Hills and Brookline Bancorp (BRKL) announced an agreement pursuant to which Brookline will merge with and into Berkshire in an all-stock transaction valued at approximately $1.1B, or $12.68 per share of Brookline common stock. The deal “catapults” the combined company to $24B in assets from about $12B each, creating scale in the Northeast, the analyst tells investors.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on BHLB:
- Berkshire Hills and Brookline Bancorp Announce Merger Plan
- Brookline to merge with Berkshire in all-stock transaction valued at $1.1B
- Berkshire Hills Bancorp management to meet with Seaport Research
- Berkshire Hills Reports Strong Q3 2024 Performance
- Berkshire Hills Bancorp reports Q3 operating EPS 58c, consensus 55c
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue