AQR Arbitrage LLC Buys 884,937 Shares of Brookline Bancorp, Inc. $BRKL

Key Points

• AQR Arbitrage LLC increased its stake in Brookline Bancorp by 220% in Q1, acquiring 884,937 additional shares, bringing its total holdings to 1,287,231 shares valued at approximately $14 million.
• Brookline Bancorp recently announced a quarterly dividend of $0.135 per share, equating to an annual yield of 5.0%, with a payout ratio of 60.67%.
• Wall Street analysts have upgraded Brookline Bancorp's stock to a "hold" rating, with an average price target of $15.25 as its current average rating remains "Buy."

AQR Arbitrage LLC lifted its holdings in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) by 220.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,287,231 shares of the bank's stock after acquiring an additional 884,937 shares during the quarter. AQR Arbitrage LLC owned approximately 1.43% of Brookline Bancorp worth $14,031,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Brookline Bancorp by 16.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 18,994 shares of the bank's stock valued at $207,000 after acquiring an additional 2,701 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in shares of Brookline Bancorp by 3.3% in the first quarter. Illinois Municipal Retirement Fund now owns 49,172 shares of the bank's stock worth $536,000 after acquiring an additional 1,573 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Brookline Bancorp by 55.9% in the fourth quarter. Deutsche Bank AG now owns 74,903 shares of the bank's stock worth $884,000 after acquiring an additional 26,856 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Brookline Bancorp by 2.7% in the first quarter. Principal Financial Group Inc. now owns 443,698 shares of the bank's stock worth $4,836,000 after acquiring an additional 11,629 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Brookline Bancorp by 7.1% in the first quarter. American Century Companies Inc. now owns 2,039,038 shares of the bank's stock worth $22,226,000 after acquiring an additional 135,225 shares during the last quarter. Institutional investors own 78.91% of the company's stock.

Brookline Bancorp Stock Performance

Shares of NASDAQ:BRKL remained flat at $10.95 during midday trading on Monday. The company has a market capitalization of $975.75 million, a PE ratio of 12.30 and a beta of 0.94. The company has a current ratio of 1.10, a quick ratio of 1.10 and a debt-to-equity ratio of 0.92. Brookline Bancorp, Inc. has a fifty-two week low of $9.28 and a fifty-two week high of $13.15. The company has a 50-day moving average of $10.82 and a two-hundred day moving average of $10.67.

Brookline Bancorp (NASDAQ:BRKL - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The bank reported $0.25 earnings per share for the quarter, meeting analysts' consensus estimates of $0.25. Brookline Bancorp had a return on equity of 6.69% and a net margin of 12.12%.The company had revenue of $94.66 million for the quarter, compared to the consensus estimate of $94.90 million. On average, research analysts forecast that Brookline Bancorp, Inc. will post 1.35 earnings per share for the current fiscal year.

Brookline Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 22nd. Stockholders of record on Friday, August 8th were paid a $0.135 dividend. The ex-dividend date of this dividend was Friday, August 8th. This represents a $0.54 annualized dividend and a dividend yield of 4.9%. Brookline Bancorp's dividend payout ratio (DPR) is 60.67%.

Insider Activity at Brookline Bancorp

In related news, insider Janytra M. Brooks sold 3,763 shares of the stock in a transaction dated Saturday, August 2nd. The stock was sold at an average price of $10.28, for a total transaction of $38,683.64. Following the completion of the sale, the insider owned 44,322 shares in the company, valued at approximately $455,630.16. This trade represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.55% of the stock is owned by company insiders.

Analyst Ratings Changes

Separately, Wall Street Zen raised Brookline Bancorp to a "hold" rating in a research note on Friday, August 22nd. One research analyst has rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average target price of $15.25.

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.