Brookline Bancorp (BRKL) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Brookline Bancorp (NASDAQ:BRKL) from a hold rating to a sell rating in a report released on Thursday.

According to Zacks, “Brookline Bancorp, Inc. is a holding company for Brookline Savings Bank. “

A number of other brokerages have also recently commented on BRKL. BidaskClub cut Brookline Bancorp from a hold rating to a sell rating in a research note on Thursday, August 30th. Keefe, Bruyette & Woods restated a hold rating and set a $19.00 price objective on shares of Brookline Bancorp in a research note on Friday, July 13th. Finally, ValuEngine cut Brookline Bancorp from a buy rating to a hold rating in a research note on Wednesday, August 8th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. The company presently has an average rating of Hold and a consensus target price of $18.67.

Shares of BRKL traded down $0.10 during midday trading on Thursday, reaching $15.63. 15,921 shares of the company were exchanged, compared to its average volume of 264,591. The stock has a market cap of $1.26 billion, a PE ratio of 19.54 and a beta of 0.90. Brookline Bancorp has a 1-year low of $14.45 and a 1-year high of $19.35. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.17 and a quick ratio of 1.17.

Brookline Bancorp (NASDAQ:BRKL) last issued its quarterly earnings data on Wednesday, October 24th. The bank reported $0.28 EPS for the quarter, topping the Zacks’ consensus estimate of $0.27 by $0.01. The company had revenue of $69.40 million for the quarter, compared to analysts’ expectations of $68.80 million. Brookline Bancorp had a return on equity of 9.13% and a net margin of 21.27%. On average, research analysts anticipate that Brookline Bancorp will post 1.05 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 23rd. Shareholders of record on Friday, November 9th will be paid a dividend of $0.105 per share. This represents a $0.42 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date is Thursday, November 8th. This is a boost from Brookline Bancorp’s previous quarterly dividend of $0.10. Brookline Bancorp’s payout ratio is currently 50.00%.

In related news, General Counsel Michael W. Mccurdy sold 3,000 shares of the business’s stock in a transaction dated Tuesday, September 11th. The stock was sold at an average price of $17.90, for a total value of $53,700.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James M. Cosman sold 2,750 shares of the business’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $18.01, for a total value of $49,527.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,750 shares of company stock worth $193,278. Insiders own 2.51% of the company’s stock.

Several large investors have recently added to or reduced their stakes in BRKL. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Brookline Bancorp in the second quarter worth about $143,000. WINTON GROUP Ltd bought a new stake in Brookline Bancorp in the first quarter valued at about $181,000. GSA Capital Partners LLP bought a new stake in Brookline Bancorp in the second quarter valued at about $214,000. Winthrop Advisory Group LLC bought a new stake in Brookline Bancorp in the second quarter valued at about $265,000. Finally, Xact Kapitalforvaltning AB increased its holdings in Brookline Bancorp by 25.7% in the first quarter. Xact Kapitalforvaltning AB now owns 18,583 shares of the bank’s stock valued at $301,000 after buying an additional 3,800 shares during the last quarter. Institutional investors and hedge funds own 76.39% of the company’s stock.

About Brookline Bancorp

Brookline Bancorp, Inc operates as the holding company for Brookline Bank, Bank Rhode Island, First Ipswich Bank, and Brookline Securities Corp that provide commercial, business, and retail banking services to corporate, municipal, and retail customers in the United States. Its deposit products include non-interest-bearing demand checking accounts, NOW accounts, savings accounts, and money market accounts.

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