Brookline Bancorp (NASDAQ:BRKL) Shares Gap Down on Disappointing Earnings

Brookline Bancorp, Inc. (NASDAQ:BRKL)’s stock price gapped down prior to trading on Thursday after the company announced weaker than expected quarterly earnings. 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 traded.

The bank reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Brookline Bancorp had a net margin of 11.40% and a return on equity of 6.20%.

Analyst Upgrades and Downgrades

BRKL has been the topic of several recent research reports. Keefe, Bruyette & Woods downgraded Brookline Bancorp from an “outperform” rating to a “market perform” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, December 24th. Raymond James upgraded Brookline Bancorp from a “market perform” rating to a “strong-buy” rating and set a $16.00 price objective for the company in a research report on Friday, December 20th. Finally, StockNews.com assumed coverage on shares of Brookline Bancorp in a research note on Monday. They set a “hold” rating on the stock.

Institutional Trading of Brookline Bancorp

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Empowered Funds LLC boosted its stake in shares of Brookline Bancorp by 5.1% during the fourth quarter. Empowered Funds LLC now owns 255,130 shares of the bank’s stock valued at $3,011,000 after purchasing an additional 12,440 shares during the period. Jennison Associates LLC increased its holdings in shares of Brookline Bancorp by 7.7% in the 4th quarter. Jennison Associates LLC now owns 3,133,365 shares of the bank’s stock valued at $36,974,000 after acquiring an additional 224,888 shares during the period. KBC Group NV raised its holdings in Brookline Bancorp by 60.3% in the fourth quarter. KBC Group NV now owns 6,438 shares of the bank’s stock worth $76,000 after purchasing an additional 2,421 shares in the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Brookline Bancorp by 36.7% during the 4th quarter. Assenagon Asset Management S.A. now owns 878,717 shares of the bank’s stock worth $10,369,000 after acquiring an additional 236,066 shares in the last quarter. Finally, Versant Capital Management Inc lifted its holdings in shares of Brookline Bancorp by 124.2% during the 4th quarter. Versant Capital Management Inc now owns 2,879 shares of the bank’s stock valued at $34,000 after purchasing an additional 1,595 shares during the last quarter. 78.91% of the stock is owned by hedge funds and other institutional investors.

Brookline Bancorp Stock Performance

The business has a 50 day simple moving average of $12.11 and a 200 day simple moving average of $11.02. The company has a market capitalization of $1.09 billion, a PE ratio of 14.76 and a beta of 0.79. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 1.22.

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.