Brookline Bancorp, Inc. Short Interest Surges 50.8% in February

Brookline Bancorp, Inc. (NASDAQ:BRKL) recorded a significant rise in its short interest throughout February. By February 28th, short interest amounted to 1,780,000 shares, representing a remarkable increase of 50.8% from 1,180,000 shares reported on February 13th. Currently, 2.1% of the shares of Brookline Bancorp are sold short in the market. With an average trading volume of 667,900 shares, the days-to-cover ratio stands at 2.7 days, indicating how long it would take for short sellers to cover their positions.

Brookline Bancorp Stock Performance

On Friday, shares of NASDAQ BRKL rose by $0.21, reaching $10.93. A total of 305,740 shares were exchanged, compared to an average trading volume of 525,726 shares. The company maintains a quick ratio of 1.13, a current ratio of 1.12, and a debt-to-equity ratio of 1.24. Over the past year, Brookline Bancorp's shares reached a low of $8.01 and a high of $13.15. The stock has a 50-day simple moving average of $11.81 and a 200-day simple moving average of $11.42, with a market capitalization of $973.92 million, a P/E ratio of 14.19, and a beta of 0.78.

Quarterly Earnings Overview

Brookline Bancorp recently reported its quarterly earnings results on January 29th. The bank announced an earnings per share (EPS) of $0.23, which fell short of analysts' expectations of $0.24 by $0.01. The company achieved a net margin of 10.51% and a return on equity of 5.94%. Analysts forecast that Brookline Bancorp will earn $1.35 per share for the current year.

Dividend Announcement

The company has also disclosed a quarterly dividend payment, which was distributed on February 28th. Shareholders on record as of February 14th received a dividend of $0.135 per share. This translates to an annualized dividend of $0.54, resulting in a yield of 4.94%. The ex-dividend date for this payout was also February 14th, with Brookline Bancorp's payout ratio currently at 70.13%.

Investor Activity Trends

Recent activity shows that hedge funds have been adjusting their stakes in Brookline Bancorp. For instance, during the fourth quarter, Sterling Capital Management LLC increased its position by an astonishing 805.4%, acquiring 2,825 shares valued at $33,000 after buying an additional 2,513 shares. Versant Capital Management Inc also raised its position by 124.2%, now holding 2,879 shares valued at $34,000 following a purchase of 1,595 shares. A new position was acquired by Pinney & Scofield Inc valued at $35,000, while FMR LLC boosted its stake by 174.9% during the third quarter, currently owning 5,154 shares valued at $52,000. Overall, hedge funds and institutional investors own approximately 78.91% of the stock.

Analyst Ratings and Projections

Various analysts have recently provided insights into Brookline Bancorp's stock. Notably, Keefe, Bruyette & Woods downgraded the stock from an "outperform" to a "market perform" rating, setting a price target of $14.50. StockNews.com initiated coverage of Brookline Bancorp, assigning it a "hold" rating. Conversely, Raymond James upgraded the company from "market perform" to "strong-buy" with a target price of $16.00.

Company Overview

Brookline Bancorp, Inc. acts as a bank holding company for Brookline Bank and offers various commercial, business, and retail banking services to corporate, municipal, and individual clients in the United States. The bank's deposit offerings include demand checking, NOW accounts, savings accounts, and money market accounts. Its loan portfolio consists mainly of first mortgage loans secured by commercial, multi-family, and residential real estate, alongside other business loans and credit lines.

Brookline, Investors, ShortInterest