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.
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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
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- Berkshire Hills Reports Strong Q3 2024 Performance
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