Brookline Bancorp (NASDAQ:BRKL) Shares Gap Up to $8.19

Shares of Brookline Bancorp, Inc. (NASDAQ:BRKL) gapped up before the market opened on Monday . The stock had previously closed at $8.19, but opened at $8.44. Brookline Bancorp shares last traded at $8.35, with a volume of 12,201 shares trading hands.

Analyst Ratings Changes

A number of equities analysts recently weighed in on BRKL shares. Piper Sandler reissued an “overweight” rating and issued a $12.00 price target on shares of Brookline Bancorp in a report on Wednesday, March 27th. Keefe, Bruyette & Woods cut their price target on shares of Brookline Bancorp from $12.00 to $10.50 and set a “market perform” rating on the stock in a report on Friday, April 26th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.08.

Brookline Bancorp Price Performance

The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.14. The business’s 50-day simple moving average is $8.68 and its 200 day simple moving average is $9.64. The firm has a market capitalization of $742.23 million, a P/E ratio of 8.81 and a beta of 0.81.

Brookline Bancorp (NASDAQ:BRKL) last released its quarterly earnings data on Wednesday, April 24th. The bank reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). Brookline Bancorp had a net margin of 13.13% and a return on equity of 7.09%. The company had revenue of $87.87 million for the quarter, compared to analysts’ expectations of $91.77 million. Sell-side analysts forecast that Brookline Bancorp, Inc. will post 0.72 earnings per share for the current year.

Brookline Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $0.54 annualized dividend and a dividend yield of 6.47%. Brookline Bancorp’s payout ratio is presently 58.07%.

Hedge Funds Weigh In On Brookline Bancorp

Several institutional investors and hedge funds have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its holdings in Brookline Bancorp by 2,268.0% in the 4th quarter. Nisa Investment Advisors LLC now owns 2,297 shares of the bank’s stock worth $25,000 after buying an additional 2,200 shares in the last quarter. GAMMA Investing LLC bought a new stake in shares of Brookline Bancorp during the 4th quarter valued at about $34,000. EntryPoint Capital LLC bought a new stake in shares of Brookline Bancorp during the 1st quarter valued at about $47,000. Sequoia Financial Advisors LLC bought a new stake in shares of Brookline Bancorp during the 4th quarter valued at about $134,000. Finally, EMC Capital Management bought a new stake in shares of Brookline Bancorp during the 1st quarter valued at about $140,000. 78.91% of the stock is currently owned by institutional investors.

About Brookline Bancorp

Brookline Bancorp, Inc operates as a bank holding company for the Brookline Bank that provide commercial, business, and retail banking services to corporate, municipal, and retail customers in the United States. Its deposit products include demand checking, NOW, money market, and savings accounts. The company's loan portfolio primarily comprises first mortgage loans secured by commercial, multi-family, and residential real estate properties; loans to business entities comprising commercial lines of credit; loans to condominium associations; loans and leases used to finance equipment for small businesses; financing for construction and development projects; and home equity and other consumer loans.