Brookline Bancorp, Inc. $BRKL Shares Sold by Northern Trust Corp

Key Points

• Northern Trust Corp has reduced its stake in Brookline Bancorp by 5.1%, now holding 862,133 shares valued at approximately $9.39 million.
• Multiple institutional investors, including Citigroup Inc. and American Century Companies Inc., have increased their positions in Brookline Bancorp, reflecting strong institutional interest.
• Brookline Bancorp recently announced a quarterly dividend of $0.135 per share, representing an annualized yield of 4.9% with a payout ratio of 60.67%.

Northern Trust Corp lowered its position in Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) by 5.1% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 862,133 shares of the bank's stock after selling 46,739 shares during the quarter. Northern Trust Corp owned about 0.96% of Brookline Bancorp worth $9,397,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Jennison Associates LLC boosted its stake in Brookline Bancorp by 1.3% during the first quarter. Jennison Associates LLC now owns 3,174,794 shares of the bank's stock worth $34,605,000 after buying an additional 41,429 shares during the period. American Century Companies Inc. boosted its stake in Brookline Bancorp by 7.1% during the first quarter. American Century Companies Inc. now owns 2,039,038 shares of the bank's stock worth $22,226,000 after buying an additional 135,225 shares during the period. Citigroup Inc. boosted its stake in Brookline Bancorp by 157.0% during the first quarter. Citigroup Inc. now owns 1,968,304 shares of the bank's stock worth $21,455,000 after buying an additional 1,202,542 shares during the period. Ameriprise Financial Inc. boosted its stake in Brookline Bancorp by 9.9% during the fourth quarter. Ameriprise Financial Inc. now owns 692,452 shares of the bank's stock worth $8,171,000 after buying an additional 62,215 shares during the period. Finally, Two Sigma Advisers LP boosted its stake in Brookline Bancorp by 4.4% during the fourth quarter. Two Sigma Advisers LP now owns 537,380 shares of the bank's stock worth $6,341,000 after buying an additional 22,600 shares during the period. Hedge funds and other institutional investors own 78.91% of the company's stock.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, insider Janytra M. Brooks sold 3,763 shares of the firm's stock in a transaction that occurred on Saturday, August 2nd. The shares were sold at an average price of $10.28, for a total value of $38,683.64. Following the sale, the insider owned 44,322 shares of the company's stock, valued at $455,630.16. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.55% of the stock is currently owned by company insiders.

Brookline Bancorp Stock Performance

Shares of NASDAQ BRKL remained flat at $10.95 during midday trading on Monday. The stock has a 50-day moving average price of $10.82 and a two-hundred day moving average price of $10.66. 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 52 week low of $9.28 and a 52 week high of $13.15. The firm has a market cap of $975.75 million, a PE ratio of 12.30 and a beta of 0.94.

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

Brookline Bancorp Announces Dividend

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

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.