The Manufacturers Life Insurance Company Reduces Stake in Brookline Bancorp

In a recent report by HoldingsChannel, it was noted that The Manufacturers Life Insurance Company has reduced its holdings in Brookline Bancorp, Inc. (NASDAQ:BRKL) by 19.3% during the third quarter of the year. After selling 7,794 shares during this period, the firm now owns 32,638 shares of Brookline Bancorp, amounting to a total value of $329,000 according to its latest filing with the SEC.

Additionally, multiple institutional investors and hedge funds have engaged in trading activities concerning Brookline Bancorp's stocks. For instance, CWM LLC made significant adjustments by increasing its stake in Brookline Bancorp's shares by an impressive 1,806.5% in the second quarter, holding 8,827 shares valued at $74,000 after acquiring an additional 8,364 shares. Furthermore, SG Americas Securities LLC entered into a new position in the bank during the same quarter, which was valued at approximately $102,000. Other new stakeholders included Creative Planning, which invested around $103,000, and XTX Topco Ltd, with a stake valued at approximately $115,000. Point72 DIFC Ltd also joined as a new stakeholder, with investments valued at about $116,000. Collectively, these institutional investors and hedge funds hold around 78.91% of Brookline Bancorp's stock.

Analyst Opinions on Brookline Bancorp

In terms of market analysis, Keefe, Bruyette & Woods has recently upgraded Brookline Bancorp from a “market perform” rating to an “outperform” rating while increasing their price target for the stock from $12.00 to $14.50 in a recent research note dated December 4th.

Brookline Bancorp's Stock Performance

At the time of reporting, Brookline Bancorp's stock opened at $12.56. The bank has observed a fifty-day moving average of $11.70 and a 200-day moving average of $10.25. Over the last year, the stock has seen a low of $8.01 and a high of $13.15. The company's financial metrics include a quick ratio of 1.13, a current ratio of 1.13, and a debt-to-equity ratio of 1.22. With a market capitalization of $1.12 billion, the stock showcases a P/E ratio of 15.13 and a beta of 0.78.

Brookline Bancorp last disclosed its quarterly earnings data on October 23rd, revealing that the bank reported earnings per share (EPS) of $0.23, surpassing analysts' expectations of $0.20 by $0.03. Notably, the bank recorded a return on equity of 6.20% and a net margin of 11.40%, generating revenues of $165.91 million, while analysts predicted revenues of $88.67 million. In the corresponding quarter of the previous year, Brookline Bancorp realized an EPS of $0.26. Analysts project Brookline Bancorp, Inc. will achieve an EPS of 0.82 for the current year.

Dividend Announcement by Brookline Bancorp

Recently, Brookline Bancorp declared a quarterly dividend, which was disbursed on November 29th. Investors who were on record as of November 15th received a dividend of $0.135 per share, equivalent to an annualized dividend of $0.54, yielding 4.30%. The upcoming ex-dividend date was also noted as November 15th. Presently, Brookline Bancorp has a payout ratio of 65.06%.

About Brookline Bancorp

Brookline Bancorp, Inc. operates as a bank holding company for Brookline Bank, offering a wide range of commercial, business, and retail banking services to corporate, municipal, and retail clients throughout the United States. Their deposit products include demand checking accounts, NOW accounts, money market accounts, and savings accounts. The bank's loan portfolio primarily features first mortgage loans secured by commercial, multi-family, and residential real estate properties, loans to business entities, financing for construction and development projects, and home equity loans among others.

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