Brookline Bancorp (NASDAQ:BRKL) Shares Gap Down Following Weak Earnings

Brookline Bancorp, Inc. (NASDAQ:BRKL) 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 trading hands.

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

Brookline Bancorp Announces Dividend

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

Wall Street Analysts Forecast Growth

BRKL has been the subject of a number of recent research reports. Raymond James raised Brookline Bancorp from a “market perform” rating to a “strong-buy” rating and set a $16.00 target price for the company in a report on Friday, December 20th. Keefe, Bruyette & Woods lowered Brookline Bancorp from an “outperform” rating to a “market perform” rating and set a $14.50 price objective for the company. in a research note on Tuesday, December 24th. Finally, StockNews.com assumed coverage on shares of Brookline Bancorp in a research note on Monday. They issued a “hold” rating on the stock.

Institutional Trading of Brookline Bancorp

A number of hedge funds and other institutional investors have recently modified their holdings of BRKL. Versant Capital Management Inc raised its position in shares of Brookline Bancorp by 124.2% during the fourth quarter. Versant Capital Management Inc now owns 2,879 shares of the bank’s stock worth $34,000 after acquiring an additional 1,595 shares during the last quarter. FMR LLC raised its holdings in Brookline Bancorp by 174.9% during the 3rd 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 last quarter. KBC Group NV lifted its position in Brookline Bancorp by 60.3% during the 4th quarter. KBC Group NV now owns 6,438 shares of the bank’s stock valued at $76,000 after purchasing an additional 2,421 shares during the period. Creative Planning bought a new position in shares of Brookline Bancorp in the 3rd quarter valued at about $103,000. Finally, Townsquare Capital LLC acquired a new stake in shares of Brookline Bancorp during the 3rd quarter worth approximately $111,000. Institutional investors and hedge funds own 78.91% of the company’s stock.

Brookline Bancorp Stock Performance

The stock’s 50 day moving average is $12.11 and its two-hundred day moving average is $11.03. The firm 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 debt-to-equity ratio of 1.22, a current ratio of 1.13 and a quick ratio of 1.13.

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.