Brookline Bancorp (NASDAQ:BRKL) Shares Gap Down After Earnings Miss

Brookline Bancorp, Inc. (NASDAQ:BRKL)’s stock price 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.

The bank reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.01). Brookline Bancorp had a return on equity of 6.20% and a net margin of 11.40%.

Brookline Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 14th will be given a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 4.39%. The ex-dividend date of this dividend is Friday, February 14th. Brookline Bancorp’s payout ratio is presently 65.06%.

Wall Street Analysts Forecast Growth

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

Institutional Trading of Brookline Bancorp

Institutional investors and hedge funds have recently modified their holdings of the company. Sei Investments Co. raised its holdings in Brookline Bancorp by 7.1% in the 2nd quarter. Sei Investments Co. now owns 51,037 shares of the bank’s stock worth $426,000 after acquiring an additional 3,397 shares during the period. Bank of Montreal Can bought a new position in shares of Brookline Bancorp in the second quarter worth about $1,042,000. Marshall Wace LLP acquired a new position in shares of Brookline Bancorp during the 2nd quarter worth about $182,000. Squarepoint Ops LLC boosted its stake in Brookline Bancorp by 562.0% during the 2nd quarter. Squarepoint Ops LLC now owns 108,292 shares of the bank’s stock valued at $904,000 after purchasing an additional 91,933 shares during the period. Finally, AQR Capital Management LLC grew its holdings 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 buying an additional 158,329 shares during the last quarter. 78.91% of the stock is currently owned by institutional investors and hedge funds.

Brookline Bancorp Trading Up 2.0 %

The company has a market capitalization of $1.10 billion, a P/E ratio of 14.81 and a beta of 0.79. The company has a 50-day simple moving average of $12.11 and a 200 day simple moving average of $11.03. The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.13 and a current ratio of 1.13.

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.