Brookline Bancorp Shares Experience Significant Decline Following Earnings Report

Brookline Bancorp, Inc. (NASDAQ:BRKL) saw its stock price drop significantly on Thursday morning after the company reported quarterly earnings that fell short of analysts' expectations. The stock, which had closed the previous day at $12.05, opened at a lower price of $11.54, marking a noticeable decline. As trading continued, Brookline Bancorp shares were last seen at $12.25 with a trading volume of 33,219 shares.

The financial institution reported earnings per share (EPS) of $0.23 for the quarter. This result was below the consensus estimate, which was set at $0.24, resulting in a shortfall of $0.01. In addition to the earnings, Brookline Bancorp's performance metrics included a net margin of 11.40% and a return on equity of 6.20%.

Recent Analyst Opinions

Brookline Bancorp has been a subject of interest for various research firms recently. Keefe, Bruyette & Woods downgraded the bank from an "outperform" to a "market perform" rating and established a price target of $14.50. This change was noted in a research note released on December 24. Conversely, Raymond James had a more favorable view, upgrading Brookline Bancorp from a "market perform" rating to a "strong-buy" rating with a price target of $16.00 in a report published on December 20. Additionally, StockNews.com started its coverage on Brookline Bancorp with a "hold" rating.

Investment Activity by Institutions

There has been notable activity from institutional investors concerning Brookline Bancorp's stock. Empowered Funds LLC increased its holdings in the bank's shares by 5.1% during the fourth quarter, bringing their total to 255,130 shares, valued at approximately $3,011,000 after an additional 12,440 shares were acquired. Jennison Associates LLC also raised its ownership by 7.7% during the same period, resulting in a total of 3,133,365 shares worth about $36,974,000 after acquiring 224,888 more shares. KBC Group NV notably increased its shareholding by 60.3%, now owning 6,438 shares valued at $76,000. Assenagon Asset Management S.A. boosted its stake by 36.7%, owning 878,717 shares worth $10,369,000. Lastly, Versant Capital Management Inc. elevated its stake by 124.2%, now possessing 2,879 shares worth $34,000. Overall, hedge funds and institutional investors control approximately 78.91% of the company's stock.

Brookline Bancorp's Stock Performance Metrics

In terms of stock performance, Brookline Bancorp has a 50-day simple moving average of $12.11 and a 200-day simple moving average of $11.02. Their market capitalization stands at $1.09 billion, with a price-to-earnings (PE) ratio of 14.76. Additionally, the bank has a beta of 0.79, indicating lower volatility compared to the market. Brookline Bancorp's liquidity ratios show a quick ratio of 1.13, a current ratio of 1.13, and a debt-to-equity ratio of 1.22, highlighting its financial stability.

About Brookline Bancorp

Brookline Bancorp operates as a bank holding company for Brookline Bank, providing a range of banking services including commercial, business, and retail banking to various customers, such as corporate, municipal, and individual clients. Its deposit offerings include demand checking, NOW accounts, money market accounts, and savings accounts. The loan portfolio primarily consists of first mortgage loans secured by commercial, multi-family, and residential properties, along with commercial lines of credit, loans for condominium associations, equipment financing for small enterprises, financing for construction projects, as well as home equity and other consumer loans.

Brookline, Bancorp, Earnings