Hennessy Advisors Inc. Buys 40,000 Shares of Brookline Bancorp, Inc. (NASDAQ:BRKL)

Hennessy Advisors Inc. grew its stake in Brookline Bancorp, Inc. (NASDAQ:BRKL) by 14.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 315,000 shares of the bank’s stock after acquiring an additional 40,000 shares during the quarter. Hennessy Advisors Inc. owned 0.35% of Brookline Bancorp worth $3,137,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BRKL. Vanguard Group Inc. raised its stake in shares of Brookline Bancorp by 0.3% in the fourth 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 during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Brookline Bancorp by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,008,133 shares of the bank’s stock worth $54,640,000 after purchasing an additional 37,879 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Brookline Bancorp by 24.0% in the fourth quarter. Jennison Associates LLC now owns 4,493,648 shares of the bank’s stock worth $49,026,000 after purchasing an additional 870,327 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Brookline Bancorp by 6.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,091,845 shares of the bank’s stock worth $11,912,000 after purchasing an additional 62,286 shares during the last quarter. Finally, American Century Companies Inc. raised its stake in shares of Brookline Bancorp by 13.2% in the third quarter. American Century Companies Inc. now owns 789,531 shares of the bank’s stock worth $7,193,000 after purchasing an additional 92,291 shares during the last quarter. 78.91% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on BRKL shares. Piper Sandler reiterated an “overweight” rating and set a $12.00 price objective on shares of Brookline Bancorp in a research report on Wednesday, March 27th. Keefe, Bruyette & Woods reduced their price objective on Brookline Bancorp from $12.00 to $10.50 and set a “market perform” rating for the company in a research report on Friday, April 26th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $11.08.

Brookline Bancorp Stock Performance

BRKL traded up $0.20 during midday trading on Friday, reaching $8.65. The company had a trading volume of 256,646 shares, compared to its average volume of 438,417. The company has a quick ratio of 1.10, a current ratio of 1.10 and a debt-to-equity ratio of 1.14. The business has a 50-day moving average of $8.63 and a two-hundred day moving average of $9.60. The company has a market cap of $768.90 million, a P/E ratio of 9.34 and a beta of 0.81. Brookline Bancorp, Inc. has a 1 year low of $7.93 and a 1 year high of $11.52.

Brookline Bancorp (NASDAQ:BRKL) last issued its quarterly earnings results on Wednesday, April 24th. The bank reported $0.16 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.06). The company had revenue of $87.87 million during the quarter, compared to analysts’ expectations of $91.77 million. Brookline Bancorp had a return on equity of 7.09% and a net margin of 13.13%. As a group, equities research analysts predict that Brookline Bancorp, Inc. will post 0.72 earnings per share for the current fiscal year.

Brookline Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 24th. Stockholders of record on Friday, May 10th were paid a $0.135 dividend. This represents a $0.54 dividend on an annualized basis and a dividend yield of 6.24%. The ex-dividend date was Thursday, May 9th. Brookline Bancorp’s dividend payout ratio (DPR) is 58.07%.

Brookline Bancorp 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.