Brookline Bancorp (NASDAQ:BRKL) Price Target Raised to $11.00

Brookline Bancorp (NASDAQ:BRKL) had its target price increased by Keefe, Bruyette & Woods from $10.50 to $11.00 in a research note published on Friday, Benzinga reports. Keefe, Bruyette & Woods currently has a market perform rating on the bank’s stock.

Brookline Bancorp Stock Performance

Shares of BRKL opened at $10.50 on Friday. The business’s fifty day moving average price is $8.85 and its 200 day moving average price is $9.38. Brookline Bancorp has a 12-month low of $7.93 and a 12-month high of $11.52. The stock has a market capitalization of $933.35 million, a PE ratio of 11.29 and a beta of 0.79. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.11 and a quick ratio of 1.10.

Brookline Bancorp (NASDAQ:BRKL) last announced its quarterly earnings data on Wednesday, July 24th. The bank reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. Brookline Bancorp had a return on equity of 6.51% and a net margin of 12.04%. The firm had revenue of $161.75 million for the quarter, compared to analysts’ expectations of $89.40 million. During the same period last year, the business posted $0.26 earnings per share. Equities research analysts forecast that Brookline Bancorp will post 0.73 EPS for the current year.

Brookline Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 30th. Investors of record on Friday, August 16th will be paid a dividend of $0.135 per share. This represents a $0.54 annualized dividend and a yield of 5.14%. The ex-dividend date of this dividend is Friday, August 16th. Brookline Bancorp’s dividend payout ratio (DPR) is presently 58.07%.

Institutional Investors Weigh In On Brookline Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its stake in Brookline Bancorp by 5.0% in 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 buying an additional 56,291 shares during the last quarter. Hennessy Advisors Inc. lifted its stake in Brookline Bancorp by 1.6% in the second quarter. Hennessy Advisors Inc. now owns 320,000 shares of the bank’s stock valued at $2,672,000 after buying an additional 5,000 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Brookline Bancorp by 4.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 52,099 shares of the bank’s stock valued at $435,000 after buying an additional 2,097 shares during the last quarter. SG Americas Securities LLC bought a new stake in Brookline Bancorp in the second quarter valued at $102,000. Finally, CWM LLC lifted its stake in Brookline Bancorp by 1,806.5% in the second quarter. CWM LLC now owns 8,827 shares of the bank’s stock valued at $74,000 after buying an additional 8,364 shares during the last quarter. 78.91% of the stock is currently owned by institutional investors.

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.