Berkshire Hills Bancorp (BHLB) Declares $0.23 Quarterly Dividend, 3% Yield; Board Authorizes 2.4M Share Buyback

Berkshire Hills Bancorp (NYSE: BHLB) declared a quarterly dividend of $0.23 per share, or $0.92 annualized.

The dividend will be payable on May 23, 2019, to stockholders of record on May 9, 2019, with an ex-dividend date of May 8, 2019.

The annual yield on the dividend is 3 percent.

Share Buyback Authorization

The Board authorized the repurchase of 2.4 million common shares for the period expiring on March 31, 2020. This replaces the Company's existing unused 500,000 share repurchase authorization. Berkshire CFO Jamie Moses stated "We're focused on the profitability metrics that drive shareholder value and plan to adjust our balance sheet and capital allocation opportunistically based on our strategic plan and to support shareholder value." The authorization does not constitute a commitment to repurchase shares and share repurchases are subject to regulatory approval, as well as market and other conditions. This authorization is equivalent to approximately 4.7% of Berkshire's outstanding shares including 5.7 million shares expected to be issued as merger consideration for the SI Financial Group acquisition. Under the authorization, stock repurchases may be made through open market purchases, block trades, privately negotiated transactions, or pursuant to a trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission.

For a dividend history and other dividend-related data on Berkshire Hills Bancorp (BHLB) click here.

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