Brookline Bancorp (NASDAQ:BRKL) Sets New 12-Month High – Still a Buy?

Shares of Brookline Bancorp, Inc. (NASDAQ:BRKL) reached a new 52-week high on Wednesday . The company traded as high as $11.63 and last traded at $11.50, with a volume of 117170 shares. The stock had previously closed at $11.29.

Wall Street Analysts Forecast Growth

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

Brookline Bancorp Price Performance

The stock has a market cap of $1.00 billion, a price-to-earnings ratio of 13.55 and a beta of 0.78. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.13 and a quick ratio of 1.11. The stock’s 50 day simple moving average is $10.21 and its two-hundred day simple moving average is $9.45.

Brookline Bancorp (NASDAQ:BRKL) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.03. The business had revenue of $165.91 million for the quarter, compared to analyst estimates 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 previous year, the business earned $0.26 EPS. On average, analysts forecast that Brookline Bancorp, Inc. will post 0.82 earnings per share for the current fiscal year.

Brookline Bancorp Announces Dividend

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 paid a $0.135 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $0.54 annualized dividend and a dividend yield of 4.80%. Brookline Bancorp’s dividend payout ratio is currently 65.06%.

Hedge Funds Weigh In On Brookline Bancorp

A number of hedge funds have recently modified their holdings of BRKL. Olympiad Research LP bought a new stake in Brookline Bancorp in the third quarter valued at $153,000. EMC Capital Management boosted its stake in shares of Brookline Bancorp by 13.0% in the 3rd quarter. EMC Capital Management now owns 15,829 shares of the bank’s stock valued at $160,000 after purchasing an additional 1,819 shares in the last quarter. Pinnacle Associates Ltd. bought a new stake in shares of Brookline Bancorp in the 3rd quarter worth about $222,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Brookline Bancorp during the 3rd quarter worth about $118,000. Finally, Assenagon Asset Management S.A. lifted its holdings in Brookline Bancorp by 67.2% during 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 last quarter. 78.91% of the stock is owned by institutional investors and hedge funds.

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.