Keefe, Bruyette & Woods Trims Brookline Bancorp (NASDAQ:BRKL) Target Price to $10.50

Brookline Bancorp (NASDAQ:BRKL) had its price target lowered by Keefe, Bruyette & Woods from $12.00 to $10.50 in a research note published on Friday morning, Benzinga reports. The brokerage currently has a market perform rating on the bank’s stock.

Several other research analysts have also recently weighed in on the stock. Piper Sandler reissued an overweight rating and issued a $12.00 price target on shares of Brookline Bancorp in a report on Wednesday, March 27th. StockNews.com raised shares of Brookline Bancorp from a sell rating to a hold rating in a report on Thursday, January 25th. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $11.08.

Brookline Bancorp Stock Down 1.0 %

Shares of BRKL opened at $8.34 on Friday. The firm has a market cap of $747.68 million, a P/E ratio of 8.96 and a beta of 0.75. The company has a debt-to-equity ratio of 1.14, a quick ratio of 1.11 and a current ratio of 1.10. Brookline Bancorp has a 52 week low of $7.00 and a 52 week high of $11.52. The firm’s 50-day simple moving average is $9.51 and its 200 day simple moving average is $9.79.

Brookline Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be given a dividend of $0.135 per share. The ex-dividend date is Thursday, May 9th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 6.47%. Brookline Bancorp’s payout ratio is presently 58.07%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hennion & Walsh Asset Management Inc. grew its position in shares of Brookline Bancorp by 12.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 50,002 shares of the bank’s stock worth $498,000 after purchasing an additional 5,598 shares in the last quarter. Hennessy Advisors Inc. grew its position in shares of Brookline Bancorp by 14.5% during the 1st quarter. Hennessy Advisors Inc. now owns 315,000 shares of the bank’s stock worth $3,137,000 after purchasing an additional 40,000 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Brookline Bancorp by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 10,091,274 shares of the bank’s stock worth $110,096,000 after purchasing an additional 32,790 shares in the last quarter. Hsbc Holdings PLC acquired a new position in shares of Brookline Bancorp during the 4th quarter worth approximately $1,881,000. Finally, Aigen Investment Management LP grew its position in shares of Brookline Bancorp by 106.6% during the 4th quarter. Aigen Investment Management LP now owns 31,198 shares of the bank’s stock worth $340,000 after purchasing an additional 16,094 shares in the last quarter. Institutional investors and hedge funds own 78.91% of the company’s stock.

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.