Keefe, Bruyette & Woods Upgrades Brookline Bancorp (NASDAQ:BRKL) to Outperform

Brookline Bancorp (NASDAQ:BRKL) was upgraded by Keefe, Bruyette & Woods from a “market perform” rating to an “outperform” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. The firm presently has a $14.50 price target on the bank’s stock, up from their prior price target of $12.00. Keefe, Bruyette & Woods’ price objective indicates a potential upside of 14.99% from the company’s previous close.

Brookline Bancorp Price Performance

BRKL opened at $12.61 on Wednesday. The firm has a market cap of $1.12 billion, a PE ratio of 15.43 and a beta of 0.78. The stock has a 50-day moving average price of $11.32 and a 200-day moving average price of $10.05. Brookline Bancorp has a 1 year low of $8.01 and a 1 year high of $13.15. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.13 and a quick ratio of 1.13.

Brookline Bancorp (NASDAQ:BRKL) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.23 earnings per share (EPS) 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 the consensus estimate of $88.67 million. Brookline Bancorp had a net margin of 11.40% and a return on equity of 6.20%. During the same quarter in the prior year, the firm posted $0.26 earnings per share. Sell-side analysts predict that Brookline Bancorp will post 0.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of BRKL. FMR LLC increased its holdings in Brookline Bancorp by 174.9% in the 3rd quarter. FMR LLC now owns 5,154 shares of the bank’s stock worth $52,000 after buying an additional 3,279 shares in the last quarter. CWM LLC grew its stake in shares of Brookline Bancorp by 1,806.5% in the second quarter. CWM LLC now owns 8,827 shares of the bank’s stock worth $74,000 after acquiring an additional 8,364 shares during the period. SG Americas Securities LLC bought a new stake in shares of Brookline Bancorp in the second quarter worth approximately $102,000. Creative Planning purchased a new position in shares of Brookline Bancorp during the third quarter valued at approximately $103,000. Finally, Townsquare Capital LLC bought a new position in Brookline Bancorp during the third quarter valued at approximately $111,000. Hedge funds and other institutional investors own 78.91% of the company’s stock.

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.