Brookline Bancorp (NASDAQ:BRKL) Upgraded by Raymond James to Strong-Buy Rating

Raymond James upgraded shares of Brookline Bancorp (NASDAQ:BRKL) from a market perform rating to a strong-buy rating in a research report report published on Friday, Marketbeat reports. They currently have $16.00 target price on the bank’s stock.

Separately, Keefe, Bruyette & Woods raised Brookline Bancorp from a “market perform” rating to an “outperform” rating and upped their target price for the company from $12.00 to $14.50 in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $14.17.

Brookline Bancorp Stock Up 3.6 %

BRKL stock opened at $11.94 on Friday. The stock has a market cap of $1.06 billion, a P/E ratio of 14.39 and a beta of 0.78. 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 has a twelve month low of $8.01 and a twelve month high of $13.15. The company’s 50 day moving average is $11.88 and its two-hundred day moving average is $10.32.

Brookline Bancorp (NASDAQ:BRKL) last announced its quarterly earnings results on Wednesday, October 23rd. The bank reported $0.23 EPS for the quarter, topping the consensus estimate of $0.20 by $0.03. Brookline Bancorp had a net margin of 11.40% and a return on equity of 6.20%. The firm had revenue of $165.91 million for the quarter, compared to analyst estimates of $88.67 million. During the same period last year, the business earned $0.26 EPS. Research analysts expect that Brookline Bancorp will post 0.82 earnings per share for the current fiscal year.

Brookline Bancorp Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 15th were given a $0.135 dividend. This represents a $0.54 annualized dividend and a yield of 4.52%. The ex-dividend date was Friday, November 15th. Brookline Bancorp’s dividend payout ratio (DPR) is presently 65.06%.

Institutional Trading of Brookline Bancorp

A number of hedge funds have recently added to or reduced their stakes in BRKL. SG Americas Securities LLC acquired a new position in Brookline Bancorp in the 2nd quarter valued at $102,000. Bank of New York Mellon Corp raised its holdings in Brookline Bancorp by 5.0% during the second quarter. Bank of New York Mellon Corp now owns 1,181,769 shares of the bank’s stock worth $9,868,000 after purchasing an additional 56,291 shares in the last quarter. Crestwood Advisors Group LLC lifted its position in Brookline Bancorp by 164.6% in the second quarter. Crestwood Advisors Group LLC now owns 32,149 shares of the bank’s stock valued at $268,000 after purchasing an additional 20,000 shares during the period. Princeton Capital Management LLC purchased a new stake in Brookline Bancorp in the 2nd quarter valued at approximately $150,000. Finally, CM Management LLC increased its position in Brookline Bancorp by 5.6% during the 2nd quarter. CM Management LLC now owns 190,000 shares of the bank’s stock worth $1,586,000 after purchasing an additional 10,000 shares during the period. 78.91% of the stock is owned by institutional investors and hedge funds.

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.