Hennessy Advisors Inc. Cuts Stock Position in Brookline Bancorp, Inc. (NASDAQ:BRKL)

Hennessy Advisors Inc. lowered its stake in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) by 32.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 170,000 shares of the bank's stock after selling 80,000 shares during the quarter. Hennessy Advisors Inc. owned about 0.19% of Brookline Bancorp worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ABC Arbitrage SA purchased a new stake in Brookline Bancorp in the fourth quarter worth approximately $707,000. Rhumbline Advisers grew its stake in shares of Brookline Bancorp by 1.5% during the 4th quarter. Rhumbline Advisers now owns 276,256 shares of the bank's stock valued at $3,260,000 after purchasing an additional 4,125 shares during the period. Congress Asset Management Co. increased its position in shares of Brookline Bancorp by 9.2% during the 4th quarter. Congress Asset Management Co. now owns 269,338 shares of the bank's stock valued at $3,178,000 after purchasing an additional 22,594 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Brookline Bancorp by 3.1% in the 4th quarter. Principal Financial Group Inc. now owns 432,069 shares of the bank's stock worth $5,098,000 after purchasing an additional 12,999 shares during the period. Finally, Ieq Capital LLC boosted its stake in shares of Brookline Bancorp by 327.8% during the 4th quarter. Ieq Capital LLC now owns 54,402 shares of the bank's stock worth $642,000 after acquiring an additional 41,685 shares during the last quarter. 78.91% of the stock is owned by hedge funds and other institutional investors.

Brookline Bancorp Price Performance

Brookline Bancorp stock remained flat at $10.02 during mid-day trading on Thursday. 933,751 shares of the company were exchanged, compared to its average volume of 598,467. The company has a debt-to-equity ratio of 0.93, a quick ratio of 1.09 and a current ratio of 1.09. Brookline Bancorp, Inc. has a 52 week low of $8.15 and a 52 week high of $13.15. The firm's 50-day moving average price is $10.40 and its 200 day moving average price is $11.22. The stock has a market capitalization of $892.88 million, a P/E ratio of 12.22 and a beta of 0.89.

Brookline Bancorp (NASDAQ:BRKL - Get Free Report) last released its quarterly earnings results on Wednesday, April 23rd. The bank reported $0.22 EPS for the quarter, missing analysts' consensus estimates of $0.23 by ($0.01). Brookline Bancorp had a return on equity of 6.32% and a net margin of 11.22%. The firm had revenue of $91.49 million for the quarter, compared to analysts' expectations of $91.38 million. As a group, sell-side analysts forecast that Brookline Bancorp, Inc. will post 1.35 earnings per share for the current year.

Brookline Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 23rd. Stockholders of record on Friday, May 9th were given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a dividend yield of 5.39%. The ex-dividend date was Friday, May 9th. Brookline Bancorp's payout ratio is presently 65.85%.

Wall Street Analyst Weigh In

Separately, Wall Street Zen assumed coverage on Brookline Bancorp in a research note on Monday, May 19th. They issued a "hold" rating on the stock.

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.