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 note issued to investors on Friday morning, 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 stock from $12.00 to $14.50 in a report on Wednesday, December 4th. One research analyst has rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Brookline Bancorp has a consensus rating of “Buy” and a consensus target price of $14.17.

Brookline Bancorp Trading Up 3.6 %

BRKL opened at $11.94 on Friday. The company’s 50 day moving average is $11.91 and its 200-day moving average is $10.35. The company has a market cap of $1.06 billion, a P/E ratio of 14.39 and a beta of 0.78. Brookline Bancorp has a 1-year low of $8.01 and a 1-year high of $13.15. 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 (NASDAQ:BRKL) last issued its earnings results on Wednesday, October 23rd. The bank reported $0.23 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.03. The firm 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 quarter last year, the business posted $0.26 earnings per share. Equities research analysts predict that Brookline Bancorp will post 0.82 earnings per share for the current fiscal year.

Brookline Bancorp Announces Dividend

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

Institutional Trading of Brookline Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of BRKL. State Street Corp grew its position in shares of Brookline Bancorp by 0.5% in the 3rd quarter. State Street Corp now owns 4,129,487 shares of the bank’s stock valued at $41,667,000 after buying an additional 21,345 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Brookline Bancorp by 1.3% in the third quarter. Geode Capital Management LLC now owns 2,089,187 shares of the bank’s stock worth $21,084,000 after acquiring an additional 26,714 shares during the period. American Century Companies Inc. boosted its holdings in Brookline Bancorp by 21.1% in the second quarter. American Century Companies Inc. now owns 1,431,291 shares of the bank’s stock valued at $11,951,000 after acquiring an additional 249,113 shares during the last quarter. Renaissance Technologies LLC increased its position in Brookline Bancorp by 4.9% during the 2nd quarter. Renaissance Technologies LLC now owns 1,267,888 shares of the bank’s stock valued at $10,587,000 after purchasing an additional 59,317 shares during the period. Finally, Bank of New York Mellon Corp raised its holdings in Brookline Bancorp by 5.0% during the 2nd 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 during the last quarter. 78.91% of the stock is currently 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.