Pinnacle Associates Ltd. Maintains Stake in Brookline Bancorp, Inc. (BRKL)
Pinnacle Associates Ltd. maintained its position in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,500 shares of the bank’s stock at the end of the 2nd quarter. Pinnacle Associates Ltd.’s holdings in Brookline Bancorp were worth $285,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BRKL. 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 valued at $121,000 after acquiring an additional 160 shares during the last quarter. 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 valued at $449,000 after acquiring an additional 300 shares during the last quarter. 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 valued at $575,000 after acquiring an additional 400 shares during the last quarter. 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 valued at $209,000 after acquiring an additional 738 shares during the last quarter. 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 valued at $258,000 after acquiring an additional 1,086 shares during the last quarter. 78.12% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on BRKL shares. BidaskClub cut shares of Brookline Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Brookline Bancorp in a research note on Friday, July 14th. Finally, Sandler O’Neill raised shares of Brookline Bancorp from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note 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 assigned a buy rating to the company. Brookline Bancorp currently has a consensus rating of “Hold” and a consensus price target of $15.83.
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Brookline Bancorp, Inc. (NASDAQ:BRKL) opened at 13.95 on Monday. Brookline Bancorp, Inc. has a 52 week low of $11.51 and a 52 week high of $17.45. The firm has a 50-day moving average of $14.33 and a 200-day moving average of $14.69. The company has a market capitalization of $1.07 billion, a PE ratio of 18.12 and a beta of 0.98.
Brookline Bancorp (NASDAQ:BRKL) last posted its earnings results on Wednesday, July 19th. The bank reported $0.20 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Brookline Bancorp had a net margin of 19.64% and a return on equity of 7.56%. The firm had revenue of $60.10 million for the quarter, compared to analyst estimates of $58.08 million. During the same period in the previous year, the firm posted $0.18 EPS. The company’s revenue for the quarter was down 12.9% compared to the same quarter last year. Equities analysts expect that Brookline Bancorp, Inc. will post $0.79 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, August 25th. Shareholders of record on Friday, August 11th were issued a dividend of $0.09 per share. This represents a $0.36 dividend on an annualized basis and a yield of 2.58%. The ex-dividend date was Wednesday, August 9th. Brookline Bancorp’s payout ratio is 46.75%.
Brookline Bancorp Company Profile
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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