Brookline Bancorp (NASDAQ:BRKL) Shares Gap Down Following Weak Earnings

Brookline Bancorp, Inc. (NASDAQ:BRKL - Get Free Report)'s share price gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $12.05, but opened at $11.54. Brookline Bancorp shares last traded at $12.25, with a volume of 33,219 shares changing hands.

The bank reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.01). Brookline Bancorp had a net margin of 10.51% and a return on equity of 5.95%.

Brookline Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 14th will be paid a dividend of $0.135 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.54 annualized dividend and a yield of 4.42%. Brookline Bancorp's dividend payout ratio (DPR) is 70.13%.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods downgraded Brookline Bancorp from an "outperform" rating to a "market perform" rating and set a $14.50 price objective for the company. in a research report on Tuesday, December 24th. Raymond James upgraded shares of Brookline Bancorp from a "market perform" rating to a "strong-buy" rating and set a $16.00 price target for the company in a research report on Friday, December 20th. Finally, StockNews.com started coverage on shares of Brookline Bancorp in a report on Monday. They issued a "hold" rating on the stock.

Hedge Funds Weigh In On Brookline Bancorp

Several institutional investors have recently bought and sold shares of the company. Barclays PLC boosted its stake in shares of Brookline Bancorp by 99.8% in the third quarter. Barclays PLC now owns 212,904 shares of the bank's stock valued at $2,149,000 after purchasing an additional 106,345 shares during the period. Jane Street Group LLC boosted its position in Brookline Bancorp by 12.2% in the 3rd quarter. Jane Street Group LLC now owns 196,979 shares of the bank's stock valued at $1,988,000 after buying an additional 21,394 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Brookline Bancorp by 384.8% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 59,333 shares of the bank's stock worth $599,000 after acquiring an additional 47,094 shares in the last quarter. Centiva Capital LP purchased a new stake in shares of Brookline Bancorp during the third quarter worth $432,000. Finally, JPMorgan Chase & Co. boosted its holdings in Brookline Bancorp by 109.4% in the third quarter. JPMorgan Chase & Co. now owns 647,100 shares of the bank's stock valued at $6,529,000 after purchasing an additional 338,050 shares during the period. 78.91% of the stock is owned by institutional investors and hedge funds.

Brookline Bancorp Price Performance

The company has a debt-to-equity ratio of 1.22, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of 15.88 and a beta of 0.79. The company has a 50 day moving average of $12.11 and a 200 day moving average of $11.04.

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.