Principal Financial Group Inc. Lowers Holdings in Brookline Bancorp, Inc. (NASDAQ:BRKL)

Principal Financial Group Inc. trimmed its stake in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL) by 4.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 419,070 shares of the bank’s stock after selling 19,363 shares during the period. Principal Financial Group Inc. owned 0.47% of Brookline Bancorp worth $4,228,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Olympiad Research LP bought a new stake in Brookline Bancorp during the 3rd quarter valued at about $153,000. EMC Capital Management raised its stake in Brookline Bancorp by 13.0% in the 3rd quarter. EMC Capital Management now owns 15,829 shares of the bank’s stock worth $160,000 after acquiring an additional 1,819 shares during the last quarter. Pinnacle Associates Ltd. purchased a new position in shares of Brookline Bancorp during the third quarter worth $222,000. Wealth Enhancement Advisory Services LLC purchased a new position in Brookline Bancorp during the third quarter valued at approximately $118,000. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Brookline Bancorp by 67.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 642,651 shares of the bank’s stock valued at $6,484,000 after purchasing an additional 258,267 shares during the period. Hedge funds and other institutional investors own 78.91% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods raised their price target on shares of Brookline Bancorp from $10.50 to $11.00 and gave the company a “market perform” rating in a research note on Friday, July 26th.

Brookline Bancorp Stock Performance

NASDAQ BRKL opened at $12.26 on Friday. Brookline Bancorp, Inc. has a fifty-two week low of $8.01 and a fifty-two week high of $13.15. The business has a fifty day moving average of $10.87 and a 200-day moving average of $9.80. The stock has a market cap of $1.09 billion, a price-to-earnings ratio of 14.77 and a beta of 0.76. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.22.

Brookline Bancorp (NASDAQ:BRKL) last announced its quarterly earnings data on Wednesday, October 23rd. The bank reported $0.23 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.03. The firm had revenue of $165.91 million for the quarter, compared to analysts’ expectations 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 prior year, the firm posted $0.26 earnings per share. As a group, analysts predict that Brookline Bancorp, Inc. will post 0.82 earnings per share for the current fiscal year.

Brookline Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 29th. Stockholders of record on Friday, November 15th will be given a dividend of $0.135 per share. The ex-dividend date is Friday, November 15th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 4.40%. Brookline Bancorp’s dividend payout ratio (DPR) is presently 65.06%.

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.