Jennison Associates LLC Raises Stake in Brookline Bancorp, Inc. (BRKL)
Jennison Associates LLC increased its position in Brookline Bancorp, Inc. (NASDAQ:BRKL) by 1,864.0% during the second quarter, according to its most recent filing with the SEC. The fund owned 902,960 shares of the bank’s stock after buying an additional 856,984 shares during the period. Jennison Associates LLC owned about 1.18% of Brookline Bancorp worth $13,183,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. State of Alaska Department of Revenue boosted its stake in Brookline Bancorp by 2.1% in the first quarter. State of Alaska Department of Revenue now owns 7,790 shares of the bank’s stock worth $121,000 after buying an additional 160 shares during the period. Louisiana State Employees Retirement System boosted its stake in Brookline Bancorp by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 28,700 shares of the bank’s stock worth $449,000 after buying an additional 300 shares during the period. Arizona State Retirement System boosted its stake in Brookline Bancorp by 1.1% in the first quarter. Arizona State Retirement System now owns 36,739 shares of the bank’s stock worth $575,000 after buying an additional 400 shares during the period. Eqis Capital Management Inc. boosted its stake in Brookline Bancorp by 5.4% in the second quarter. Eqis Capital Management Inc. now owns 14,321 shares of the bank’s stock worth $209,000 after buying an additional 738 shares during the period. Finally, Mason Street Advisors LLC boosted its stake in Brookline Bancorp by 7.0% in the first quarter. Mason Street Advisors LLC now owns 16,499 shares of the bank’s stock worth $258,000 after buying an additional 1,086 shares during the period. 78.05% of the stock is currently owned by institutional investors.
Brookline Bancorp, Inc. (NASDAQ:BRKL) opened at 14.45 on Monday. The stock has a market capitalization of $1.11 billion, a price-to-earnings ratio of 18.77 and a beta of 0.97. The company has a 50-day moving average of $14.47 and a 200-day moving average of $14.79. Brookline Bancorp, Inc. has a 1-year low of $11.07 and a 1-year high of $17.45.
Brookline Bancorp (NASDAQ:BRKL) last released its quarterly earnings data on Wednesday, July 19th. The bank reported $0.20 EPS for the quarter, beating the consensus estimate of $0.19 by $0.01. The business had revenue of $60.10 million for the quarter, compared to the consensus estimate of $58.08 million. Brookline Bancorp had a net margin of 19.64% and a return on equity of 7.56%. The business’s revenue for the quarter was down 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 EPS. Analysts anticipate that Brookline Bancorp, Inc. will post $0.79 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 25th. Stockholders of record on Friday, August 11th were issued a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 2.49%. The ex-dividend date of this dividend was Wednesday, August 9th. Brookline Bancorp’s dividend payout ratio (DPR) is currently 46.75%.
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A number of research firms recently commented on BRKL. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $15.00 price target on shares of Brookline Bancorp in a report on Friday, July 14th. BidaskClub cut shares of Brookline Bancorp from a “buy” rating to a “hold” rating in a report on Tuesday, June 20th. Finally, Sandler O’Neill raised shares of Brookline Bancorp from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Monday, August 21st. They noted that the move was a valuation call. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus price target of $15.83.
In other news, General Counsel Michael W. Mccurdy sold 4,895 shares of the company’s stock in a transaction on Monday, June 5th. The shares were sold at an average price of $14.20, for a total value of $69,509.00. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.85% of the stock is owned by corporate insiders.
About Brookline Bancorp
Brookline Bancorp, Inc operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island (BankRI) and its subsidiaries; First Ipswich Bank (First Ipswich) and its subsidiaries, and Brookline Securities Corp. As a commercially focused financial institution with 50 full-service banking offices throughout greater Boston, the north shore of Massachusetts and Rhode Island, the Company, through Brookline Bank, BankRI and First Ipswich (individually and collectively the Banks), offered a range of commercial, business and retail banking services, including cash management products, online banking services, consumer and residential loans and investment services throughout central New England, as of December 31, 2016.
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