Brookline Bancorp (NASDAQ:BRKL) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of Brookline Bancorp (NASDAQ:BRKL) from a strong sell rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. The brokerage currently has $11.00 price objective on the bank’s stock.

According to Zacks, “Brookline Bancorp, Inc. is a holding company for Brookline Savings Bank. “

Several other analysts also recently commented on BRKL. DA Davidson started coverage on shares of Brookline Bancorp in a research report on Monday, June 15th. They set a buy rating for the company. Raymond James raised shares of Brookline Bancorp from a market perform rating to an outperform rating in a research report on Wednesday, June 17th. TheStreet downgraded shares of Brookline Bancorp from a b- rating to a c+ rating in a research report on Monday, March 16th. BidaskClub raised shares of Brookline Bancorp from a strong sell rating to a sell rating in a research report on Saturday, June 6th. Finally, ValuEngine raised shares of Brookline Bancorp from a sell rating to a hold rating in a research report on Friday, March 13th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the stock. Brookline Bancorp has a consensus rating of Hold and a consensus price target of $13.50.

NASDAQ:BRKL traded down $0.07 on Wednesday, reaching $9.47. 6,294 shares of the stock traded hands, compared to its average volume of 487,080. The firm has a market capitalization of $795.51 million, a price-to-earnings ratio of 15.90 and a beta of 0.77. The company’s 50 day moving average is $9.50 and its 200-day moving average is $12.62. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 1.44. Brookline Bancorp has a 1-year low of $8.13 and a 1-year high of $16.96.

Brookline Bancorp (NASDAQ:BRKL) last announced its quarterly earnings data on Wednesday, April 29th. The bank reported ($0.23) EPS for the quarter, missing the consensus estimate of $0.22 by ($0.45). The company had revenue of $71.04 million for the quarter, compared to analyst estimates of $70.56 million. Brookline Bancorp had a return on equity of 5.15% and a net margin of 12.67%. On average, equities research analysts forecast that Brookline Bancorp will post 0.35 EPS for the current fiscal year.

In related news, Director Peter O. Wilde acquired 5,000 shares of the company’s stock in a transaction on Wednesday, May 13th. The shares were acquired at an average cost of $8.57 per share, for a total transaction of $42,850.00. Also, CFO Carl M. Carlson acquired 3,000 shares of the company’s stock in a transaction on Monday, May 4th. The shares were bought at an average price of $9.11 per share, for a total transaction of $27,330.00. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 15,000 shares of company stock worth $134,440. Company insiders own 2.59% of the company’s stock.

Large investors have recently modified their holdings of the business. PNC Financial Services Group Inc. raised its stake in shares of Brookline Bancorp by 40.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 4,268 shares of the bank’s stock worth $71,000 after purchasing an additional 1,239 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Brookline Bancorp by 26.6% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,639 shares of the bank’s stock worth $86,000 after purchasing an additional 1,606 shares during the period. Bank of Montreal Can raised its stake in shares of Brookline Bancorp by 15.9% during the 4th quarter. Bank of Montreal Can now owns 10,554 shares of the bank’s stock worth $174,000 after purchasing an additional 1,448 shares during the period. Man Group plc bought a new stake in shares of Brookline Bancorp during the 4th quarter worth $178,000. Finally, ProShare Advisors LLC raised its stake in shares of Brookline Bancorp by 17.1% during the 4th quarter. ProShare Advisors LLC now owns 12,825 shares of the bank’s stock worth $211,000 after purchasing an additional 1,872 shares during the period. Institutional investors and hedge funds own 80.13% of the company’s stock.

Brookline Bancorp Company Profile

Brookline Bancorp, Inc operates as the holding company for Brookline Bank, Bank Rhode Island, First Ipswich Bank, and Brookline Securities Corp that provide commercial, business, and retail banking services to corporate, municipal, and retail customers in the United States. Its deposit products include non-interest-bearing demand checking accounts, NOW accounts, savings accounts, and money market accounts, as well as commercial, municipal, and retail deposits.

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