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 stake in Brookline Bancorp, Inc. (NASDAQ:BRKL - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 149,951 shares of the bank's stock, valued at approximately $1,634,000. Brookline Bancorp accounts for about 0.8% of Slotnik Capital LLC's investment portfolio, making the stock its 18th largest holding. Slotnik Capital LLC owned 0.17% of Brookline Bancorp at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Fuller & Thaler Asset Management Inc. raised its position in shares of Brookline Bancorp by 1.4% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 4,683,640 shares of the bank's stock valued at $51,052,000 after buying an additional 62,998 shares in the last quarter. Jennison Associates LLC raised its position in Brookline Bancorp by 1.3% in the 1st quarter. Jennison Associates LLC now owns 3,174,794 shares of the bank's stock worth $34,605,000 after purchasing an additional 41,429 shares during the period. American Century Companies Inc. raised its position in Brookline Bancorp by 7.1% in the 1st quarter. American Century Companies Inc. now owns 2,039,038 shares of the bank's stock worth $22,226,000 after purchasing an additional 135,225 shares during the period. Citigroup Inc. raised its position in Brookline Bancorp by 157.0% in the 1st quarter. Citigroup Inc. now owns 1,968,304 shares of the bank's stock worth $21,455,000 after purchasing an additional 1,202,542 shares during the period. Finally, AQR Arbitrage LLC raised its position in Brookline Bancorp by 220.0% in the 1st quarter. AQR Arbitrage LLC now owns 1,287,231 shares of the bank's stock worth $14,031,000 after purchasing an additional 884,937 shares during the period. Hedge funds and other institutional investors own 78.91% of the company's stock.

Brookline Bancorp Stock Performance

Brookline Bancorp stock remained flat at $10.95 during trading hours on Friday. The stock has a market capitalization of $975.75 million, a price-to-earnings ratio of 12.30 and a beta of 0.94. Brookline Bancorp, Inc. has a 1-year low of $9.28 and a 1-year high of $13.15. The company has a debt-to-equity ratio of 0.92, a current ratio of 1.10 and a quick ratio of 1.10. The business has a fifty day moving average of $10.81 and a 200-day moving average of $10.65.

Brookline Bancorp (NASDAQ:BRKL - Get Free Report) last announced its quarterly earnings results on Wednesday, July 23rd. The bank reported $0.25 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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%. As a group, sell-side analysts anticipate that Brookline Bancorp, Inc. will post 1.35 earnings per share for the current fiscal year.

Brookline Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, August 22nd. Shareholders 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 payout ratio is 60.67%.

Analysts Set New Price Targets

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

Insider Transactions at Brookline Bancorp

In other Brookline Bancorp news, insider Janytra M. Brooks sold 3,763 shares of Brookline Bancorp stock in a transaction dated Saturday, August 2nd. The shares were sold at an average price of $10.28, for a total value of $38,683.64. Following the completion of the transaction, the insider directly owned 44,322 shares of the company's stock, valued at approximately $455,630.16. The trade was a 7.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.55% of the company's stock.

Brookline Bancorp 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.