Slotnik Capital LLC Buys New Position in Brookline Bancorp, Inc. $BRKL

Key Points

• Slotnik Capital LLC has acquired a new position in Brookline Bancorp, purchasing 149,951 shares valued at approximately $1,634,000 in the first quarter of 2023.
• Brookline Bancorp declared a quarterly dividend of $0.135 per share, resulting in an annualized dividend yield of 4.9%, with a payout ratio of 60.67%.
• The stock has received a consensus rating of "Buy" with an average target price of $15.25, reflecting optimism from analysts on its future performance.

Slotnik Capital LLC purchased a new position in shares of Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 149,951 shares of the bank's stock, valued at approximately $1,634,000. Brookline Bancorp makes up about 0.8% of Slotnik Capital LLC's holdings, making the stock its 18th biggest holding. Slotnik Capital LLC owned approximately 0.17% of Brookline Bancorp at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its holdings in Brookline Bancorp by 32.4% in the first quarter. PNC Financial Services Group Inc. now owns 4,905 shares of the bank's stock valued at $53,000 after acquiring an additional 1,199 shares during the last quarter. Illinois Municipal Retirement Fund lifted its position in Brookline Bancorp by 3.3% during the first quarter. Illinois Municipal Retirement Fund now owns 49,172 shares of the bank's stock valued at $536,000 after buying an additional 1,573 shares in the last quarter. ABC Arbitrage SA grew its stake in Brookline Bancorp by 2.9% during the first quarter. ABC Arbitrage SA now owns 61,656 shares of the bank's stock worth $672,000 after buying an additional 1,745 shares during the period. WASHINGTON TRUST Co increased its position in shares of Brookline Bancorp by 5.9% in the first quarter. WASHINGTON TRUST Co now owns 33,396 shares of the bank's stock worth $364,000 after acquiring an additional 1,857 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Brookline Bancorp by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 50,139 shares of the bank's stock valued at $592,000 after acquiring an additional 1,859 shares during the period. Institutional investors and hedge funds own 78.91% of the company's stock.

Brookline Bancorp Stock Performance

NASDAQ BRKL opened at $10.95 on Tuesday. The stock has a market cap of $975.75 million, a P/E ratio of 12.30 and a beta of 0.94. The company's fifty day simple moving average is $10.82 and its 200-day simple moving average is $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.

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

Brookline Bancorp Announces Dividend

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

Insider Transactions at Brookline Bancorp

In other Brookline Bancorp news, insider Janytra M. Brooks sold 3,763 shares of the stock in a transaction 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 transaction, the insider directly owned 44,322 shares in the company, valued at $455,630.16. This represents a 7.83% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.55% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Separately, Wall Street Zen raised 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 assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus 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.

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