Invesco Ltd. Sells 106,037 Shares of Brookline Bancorp, Inc. $BRKL

Key Points

• Invesco Ltd. has decreased its stake in Brookline Bancorp by 10.2%, now owning approximately 1.04% of the company valued at around $10.20 million.
• Citigroup Inc. significantly increased its stake by 157.0%, owning nearly 1.97 million shares valued at $21.45 million, reflecting strong interest from institutional investors.
• Brookline Bancorp announced a quarterly dividend of $0.135 per share, yielding 4.8%, with a payout ratio of 60.67%.

Invesco Ltd. cut its position in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) by 10.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 935,893 shares of the bank's stock after selling 106,037 shares during the period. Invesco Ltd. owned 1.04% of Brookline Bancorp worth $10,201,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Pinney & Scofield Inc. acquired a new position in shares of Brookline Bancorp during the 4th quarter worth about $35,000. PNC Financial Services Group Inc. grew its position in shares of Brookline Bancorp by 32.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 4,905 shares of the bank's stock worth $53,000 after purchasing an additional 1,199 shares in the last quarter. Focus Partners Wealth acquired a new position in shares of Brookline Bancorp during the 4th quarter worth approximately $121,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Brookline Bancorp during the 4th quarter worth approximately $129,000. Finally, Asset Management One Co. Ltd. acquired a new position in shares of Brookline Bancorp during the 1st quarter worth approximately $156,000. 78.91% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Brookline Bancorp to a "hold" rating in a research report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Brookline Bancorp currently has an average rating of "Buy" and an average target price of $15.25.

Brookline Bancorp Price Performance

Shares of NASDAQ BRKL traded down $0.07 during trading hours on Friday, hitting $10.95. 5,639,248 shares of the stock were exchanged, compared to its average volume of 632,617. The company has a debt-to-equity ratio of 0.92, a quick ratio of 1.10 and a current ratio of 1.10. The company has a market cap of $975.75 million, a PE ratio of 12.30 and a beta of 0.91. The company's fifty day simple moving average is $10.77 and its two-hundred day simple moving average is $10.72. Brookline Bancorp, Inc. has a 1-year low of $9.28 and a 1-year high of $13.15.

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

Brookline Bancorp Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Friday, August 8th were given a dividend of $0.135 per share. The ex-dividend date 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 currently 60.67%.

Insider Activity

In related news, insider Janytra M. Brooks sold 3,763 shares of the stock in a transaction that occurred on Saturday, August 2nd. The shares were sold at an average price of $10.28, for a total transaction of $38,683.64. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 2.89% of the company's stock.

Brookline Bancorp Company 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.