Brookline Bancorp (NASDAQ:BRKL) Downgraded to Market Perform Rating by Keefe, Bruyette & Woods

Keefe, Bruyette & Woods cut shares of Brookline Bancorp (NASDAQ:BRKL) from an outperform rating to a market perform rating in a report published on Tuesday morning, MarketBeat Ratings reports. Keefe, Bruyette & Woods currently has $14.50 price target on the bank’s stock.

Separately, Raymond James upgraded Brookline Bancorp from a “market perform” rating to a “strong-buy” rating and set a $16.00 price target on the stock in a research note on Friday, December 20th.

Brookline Bancorp Stock Performance

Shares of BRKL opened at $11.94 on Tuesday. The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of 14.39 and a beta of 0.78. Brookline Bancorp has a 12 month low of $8.01 and a 12 month high of $13.15. The firm has a fifty day simple moving average of $12.02 and a 200 day simple moving average of $10.44. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 1.22.

Brookline Bancorp (NASDAQ:BRKL) last posted its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.03. The firm had revenue of $165.91 million for the quarter, compared to analyst estimates of $88.67 million. Brookline Bancorp had a return on equity of 6.20% and a net margin of 11.40%. During the same quarter in the previous year, the firm earned $0.26 EPS. Research analysts forecast that Brookline Bancorp will post 0.82 EPS for the current fiscal year.

Brookline Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were issued a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.52%. Brookline Bancorp’s dividend payout ratio (DPR) is currently 65.06%.

Hedge Funds Weigh In On Brookline Bancorp

A number of institutional investors have recently added to or reduced their stakes in BRKL. SG Americas Securities LLC bought a new position in Brookline Bancorp in the 2nd quarter valued at approximately $102,000. Bank of New York Mellon Corp raised its stake in shares of Brookline Bancorp by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 1,181,769 shares of the bank’s stock valued at $9,868,000 after acquiring an additional 56,291 shares during the last quarter. Crestwood Advisors Group LLC lifted its holdings in shares of Brookline Bancorp by 164.6% during the second quarter. Crestwood Advisors Group LLC now owns 32,149 shares of the bank’s stock worth $268,000 after purchasing an additional 20,000 shares during the period. Princeton Capital Management LLC bought a new stake in shares of Brookline Bancorp in the second quarter worth $150,000. Finally, CM Management LLC grew its stake in shares of Brookline Bancorp by 5.6% in the second quarter. CM Management LLC now owns 190,000 shares of the bank’s stock worth $1,586,000 after purchasing an additional 10,000 shares during the last quarter. 78.91% of the stock is currently owned by institutional investors and hedge funds.

Brookline Bancorp Company Profile

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.