Verition Fund Management LLC Sells 24,294 Shares of Brookline Bancorp, Inc. (NASDAQ:BRKL)

Verition Fund Management LLC lowered its position in Brookline Bancorp, Inc. (NASDAQ:BRKL) by 54.6% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,183 shares of the bank’s stock after selling 24,294 shares during the period. Verition Fund Management LLC’s holdings in Brookline Bancorp were worth $204,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of Brookline Bancorp by 174.9% during the third quarter. FMR LLC now owns 5,154 shares of the bank’s stock worth $52,000 after purchasing an additional 3,279 shares during the period. CWM LLC increased its stake in Brookline Bancorp by 1,806.5% during the 2nd quarter. CWM LLC now owns 8,827 shares of the bank’s stock worth $74,000 after buying an additional 8,364 shares in the last quarter. Creative Planning acquired a new stake in shares of Brookline Bancorp in the third quarter valued at about $103,000. Townsquare Capital LLC purchased a new position in Brookline Bancorp during the third quarter worth approximately $111,000. Finally, Alta Wealth Advisors LLC acquired a new position in Brookline Bancorp in the 3rd quarter valued at about $117,000. 78.91% of the stock is owned by institutional investors and hedge funds.

Brookline Bancorp Price Performance

BRKL stock opened at $12.56 on Monday. The stock has a 50-day moving average price of $11.70 and a two-hundred day moving average price of $10.25. 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, Inc. has a 12-month low of $8.01 and a 12-month high of $13.15. The company has a market cap of $1.12 billion, a PE ratio of 15.13 and a beta of 0.78.

Brookline Bancorp (NASDAQ:BRKL) last posted its quarterly earnings results 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 net margin of 11.40% and a return on equity of 6.20%. During the same period in the prior year, the company posted $0.26 earnings per share. As a group, research analysts predict that Brookline Bancorp, Inc. will post 0.82 EPS for the current year.

Brookline Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 29th. Stockholders of record on Friday, November 15th were given a dividend of $0.135 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $0.54 annualized dividend and a dividend yield of 4.30%. Brookline Bancorp’s dividend payout ratio is presently 65.06%.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods raised Brookline Bancorp from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $12.00 to $14.50 in a research report on Wednesday, December 4th.

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.