Brookline Bancorp (BRKL) Hits New 12-Month Low at $14.22

Brookline Bancorp, Inc. (NASDAQ:BRKL)’s share price reached a new 52-week low during trading on Thursday . The stock traded as low as $14.22 and last traded at $14.39, with a volume of 19785 shares traded. The stock had previously closed at $14.50.

Several research firms have commented on BRKL. Zacks Investment Research downgraded shares of Brookline Bancorp from a “hold” rating to a “sell” rating in a research report on Thursday, November 1st. BidaskClub downgraded shares of Brookline Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, October 19th. Two equities research analysts have rated the stock with a sell rating and three have assigned a hold rating to the company. Brookline Bancorp presently has a consensus rating of “Hold” and a consensus target price of $18.67.

The company has a current ratio of 1.17, a quick ratio of 1.17 and a debt-to-equity ratio of 1.20. The stock has a market capitalization of $1.17 billion, a P/E ratio of 18.18 and a beta of 0.89.

Brookline Bancorp (NASDAQ:BRKL) last posted its earnings results on Wednesday, October 24th. The bank reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.01. The firm had revenue of $69.40 million for the quarter, compared to the consensus estimate of $68.80 million. Brookline Bancorp had a net margin of 21.27% and a return on equity of 9.13%. As a group, equities research analysts anticipate that Brookline Bancorp, Inc. will post 1.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 23rd. Shareholders of record on Friday, November 9th were given a dividend of $0.105 per share. This represents a $0.42 annualized dividend and a yield of 2.89%. This is an increase from Brookline Bancorp’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, November 8th. Brookline Bancorp’s dividend payout ratio is presently 52.50%.

Brookline Bancorp announced that its board has initiated a share buyback plan on Thursday, December 6th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the bank to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

In other Brookline Bancorp news, General Counsel Michael W. Mccurdy sold 3,000 shares of the company’s stock in a transaction dated Tuesday, September 11th. The shares were sold at an average price of $17.90, for a total transaction of $53,700.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.51% of the stock is owned by corporate insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its holdings in Brookline Bancorp by 4.9% during the third quarter. BlackRock Inc. now owns 11,699,175 shares of the bank’s stock valued at $195,375,000 after acquiring an additional 549,170 shares during the period. Vanguard Group Inc. lifted its stake in shares of Brookline Bancorp by 3.4% in the third quarter. Vanguard Group Inc. now owns 7,952,147 shares of the bank’s stock valued at $132,801,000 after buying an additional 260,206 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Brookline Bancorp by 0.6% in the third quarter. Dimensional Fund Advisors LP now owns 6,392,718 shares of the bank’s stock valued at $106,759,000 after buying an additional 37,144 shares during the period. Jennison Associates LLC lifted its stake in shares of Brookline Bancorp by 11.4% in the second quarter. Jennison Associates LLC now owns 2,076,907 shares of the bank’s stock valued at $38,630,000 after buying an additional 213,297 shares during the period. Finally, Renaissance Technologies LLC lifted its stake in shares of Brookline Bancorp by 7.6% in the third quarter. Renaissance Technologies LLC now owns 1,653,300 shares of the bank’s stock valued at $27,610,000 after buying an additional 116,300 shares during the period. Institutional investors own 78.13% of the company’s stock.

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About Brookline Bancorp (NASDAQ:BRKL)

Brookline Bancorp, Inc operates as the holding company for Brookline Bank, Bank Rhode Island, First Ipswich Bank, and Brookline Securities Corp that provide commercial, business, and retail banking services to corporate, municipal, and retail customers in the United States. Its deposit products include non-interest-bearing demand checking accounts, NOW accounts, savings accounts, and money market accounts.

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