Brookline Bancorp, Inc. (NASDAQ:BRKL – Get Free Report) declared a quarterly dividend on Wednesday, January 24th, Zacks reports. Investors of record on Friday, February 9th will be paid a dividend of 0.135 per share by the bank on Friday, February 23rd. This represents a $0.54 annualized dividend and a yield of 4.88%. The ex-dividend date of this dividend is Thursday, February 8th.
Brookline Bancorp has decreased its dividend by an average of 4.2% annually over the last three years. Brookline Bancorp has a dividend payout ratio of 48.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Brookline Bancorp to earn $1.10 per share next year, which means the company should continue to be able to cover its $0.54 annual dividend with an expected future payout ratio of 49.1%.
Brookline Bancorp Stock Down 1.2 %
Shares of Brookline Bancorp stock traded down $0.13 during trading hours on Friday, reaching $11.07. The company’s stock had a trading volume of 142,780 shares, compared to its average volume of 406,305. Brookline Bancorp has a one year low of $7.00 and a one year high of $14.00. The company has a market capitalization of $983.79 million, a P/E ratio of 12.93 and a beta of 0.79. The stock’s fifty day simple moving average is $10.39 and its two-hundred day simple moving average is $9.75. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.07.
Insider Transactions at Brookline Bancorp
In other news, Director John A. Hackett sold 3,500 shares of the stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $9.13, for a total value of $31,955.00. Following the completion of the transaction, the director now owns 37,998 shares in the company, valued at approximately $346,921.74. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 2.89% of the company’s stock.
Institutional Inflows and Outflows
Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. boosted its stake in Brookline Bancorp by 16.6% in the first quarter. BlackRock Inc. now owns 13,012,406 shares of the bank’s stock worth $136,630,000 after buying an additional 1,848,069 shares in the last quarter. State Street Corp grew its holdings in Brookline Bancorp by 27.4% during the 1st quarter. State Street Corp now owns 4,327,813 shares of the bank’s stock valued at $45,442,000 after buying an additional 930,622 shares in the last quarter. Norges Bank purchased a new position in Brookline Bancorp during the 4th quarter valued at $8,501,000. Invesco Ltd. raised its position in Brookline Bancorp by 125.5% during the 1st quarter. Invesco Ltd. now owns 1,055,528 shares of the bank’s stock valued at $16,698,000 after purchasing an additional 587,460 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Brookline Bancorp by 6.9% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,712,823 shares of the bank’s stock worth $59,984,000 after buying an additional 371,124 shares during the last quarter. Institutional investors own 77.11% of the company’s stock.
Analyst Upgrades and Downgrades
BRKL has been the subject of a number of research analyst reports. TheStreet upgraded Brookline Bancorp from a “c+” rating to a “b-” rating in a report on Tuesday, December 26th. StockNews.com raised Brookline Bancorp from a “sell” rating to a “hold” rating in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, Brookline Bancorp has a consensus rating of “Moderate Buy” and an average price target of $11.88.
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.
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