Brookline Bancorp (NASDAQ:BRKL) Shares Gap Down on Disappointing Earnings

Brookline Bancorp, Inc. (NASDAQ:BRKL) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $12.05, but opened at $11.54. Brookline Bancorp shares last traded at $12.25, with a volume of 33,219 shares trading hands.

The bank reported $0.23 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.01). Brookline Bancorp had a return on equity of 5.95% and a net margin of 10.51%.

Brookline Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be paid a $0.135 dividend. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.54 annualized dividend and a yield of 4.42%. Brookline Bancorp’s payout ratio is 70.13%.

Analysts Set New Price Targets

A number of analysts have recently commented on BRKL shares. StockNews.com began coverage on shares of Brookline Bancorp in a report on Monday, January 27th. They set a “hold” rating on the stock. Raymond James upgraded shares of Brookline Bancorp from a “market perform” rating to a “strong-buy” rating and set a $16.00 price objective on the stock in a report on Friday, December 20th. Finally, Keefe, Bruyette & Woods lowered shares of Brookline Bancorp from an “outperform” rating to a “market perform” rating and set a $14.50 target price for the company. in a report on Tuesday, December 24th.

Hedge Funds Weigh In On Brookline Bancorp

Large investors have recently modified their holdings of the stock. Sei Investments Co. increased its stake in Brookline Bancorp by 7.1% during the 2nd quarter. Sei Investments Co. now owns 51,037 shares of the bank’s stock valued at $426,000 after purchasing an additional 3,397 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Brookline Bancorp during the second quarter valued at approximately $1,042,000. Marshall Wace LLP bought a new stake in shares of Brookline Bancorp during the second quarter valued at approximately $182,000. Squarepoint Ops LLC raised its holdings in Brookline Bancorp by 562.0% in the 2nd quarter. Squarepoint Ops LLC now owns 108,292 shares of the bank’s stock worth $904,000 after acquiring an additional 91,933 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Brookline Bancorp by 47.5% in the 2nd quarter. AQR Capital Management LLC now owns 491,756 shares of the bank’s stock valued at $4,106,000 after acquiring an additional 158,329 shares in the last quarter. Hedge funds and other institutional investors own 78.91% of the company’s stock.

Brookline Bancorp Trading Down 0.5 %

The firm has a market capitalization of $1.09 billion, a PE ratio of 15.88 and a beta of 0.79. The firm has a 50 day simple moving average of $12.11 and a 200 day simple moving average of $11.04. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.22.

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.