Berkshire Hills Announces 50% Increase in Quarterly Shareholder Dividend

Rhea-AI Summary

Berkshire Hills Bancorp (NYSE: BHLB) announced a quarterly cash dividend of $0.18 per share, a 50% increase from the previous $0.12, for shareholders of record by November 17, 2022. The dividend is payable on December 1, 2022. CEO Nitin Mhatre emphasized that this decision aligns with the company’s BEST strategic plan aimed at enhancing shareholder returns. With earnings up 62% since early 2021, the dividend yield is approximately 2.6% based on the closing price of $27.44 as of November 3, 2022.

Positive

• Quarterly dividend increased to $0.18, enhancing shareholder return.
• Earnings increased by 62% since Q1 2021.
• Dividend yield improved to approximate 2.6%.

Negative

• None.

BOSTON, Nov. 4, 2022 /PRNewswire/ -- Berkshire Hills Bancorp, Inc. (NYSE: BHLB) today announced that its Board of Directors has approved a quarterly cash dividend of $0.18 per common share to shareholders of record at the close of business on November 17, 2022, payable on December 1, 2022.  This is a 50% increase from the former quarterly dividend of $0.12 per share.

CEO Nitin Mhatre stated, "Increasing the shareholder dividend to improve total shareholder return is an integral component of our BEST strategic transformation plan announced in May 2021.  Berkshire's per share earnings have increased by 62% since the first quarter of 2021 and the Company is tracking well ahead of its BEST plan strategic objectives.  Our plan targets supporting our organic growth to serve our customers and communities, while also prudently managing capital and shareholder returns."

"We're pleased to announce this 50% dividend increase which improves our quarterly cash return to shareholders and increases the yield on our stock to approximately 2.6% based on the closing share price of $27.44 on November 3, 2022.  We're grateful for the support of our shareholders as we execute on our vision of becoming a high performing, leading socially responsible community bank."

ABOUT BERKSHIRE HILLS BANCORP

Berkshire Hills Bancorp is the parent of Berkshire Bank. The Bank's goal is to be a high-performing, leading socially responsible community bank in New England, Upstate New York, and beyond. Berkshire Bank provides business and consumer banking, mortgage, wealth management, and investment services. Headquartered in Boston, Berkshire has approximately $11.3 billion in assets and operates 100 financial centers in New England and New York, and is a member of the Bloomberg Gender-Equality Index. To learn more, call 800-773-5601 or follow us on Facebook, Twitter, Instagram, and LinkedIn.

Investor Relations Contacts

Kevin Conn, SVP, Investor Relations & Corporate Development
Email: KAConn@berkshirebank.com 
Tel: (617) 641-9206

David Gonci, Capital Markets Director
Email: dgonci@berkshirebank.com 
Tel: (413) 281-1973

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SOURCE Berkshire Hills Bancorp, Inc.

FAQ

What is the new dividend amount for BHLB?

Berkshire Hills Bancorp increased its quarterly dividend to $0.18 per share.

When is the dividend payable for BHLB?

The dividend is payable on December 1, 2022.

What was the dividend increase percentage for BHLB?

The dividend was increased by 50% from the previous amount.

What is the dividend yield for BHLB based on recent prices?

The dividend yield is approximately 2.6% based on the closing price of $27.44 on November 3, 2022.

Who is the CEO of Berkshire Hills Bancorp?

The CEO is Nitin Mhatre.