Brookline Bancorp, Inc. (NASDAQ:BRKL) Experiences Significant Rise in Short Interest

Brookline Bancorp, Inc. (NASDAQ:BRKL) experienced a substantial increase in short interest throughout February. As of February 28th, the short interest reached a total of 1,780,000 shares, marking a remarkable increase of 50.8% from the short interest of 1,180,000 shares recorded on February 13th. Currently, 2.1% of the company’s total shares are short sold. With an average trading volume of 667,900 shares, the days-to-cover ratio stands at 2.7 days.

Brookline Bancorp Price Performance

On the trading floor, shares of Brookline Bancorp (NASDAQ: BRKL) rose by $0.21 to reach $10.93 during Friday's trading sessions. A total of 305,740 shares exchanged hands, which is lower than its average volume of 525,726 shares. The financial indicators for Brookline Bancorp show a quick ratio of 1.13, a current ratio of 1.12, and a debt-to-equity ratio of 1.24. The company's stock has fluctuated between a 52-week low of $8.01 and a high of $13.15. Its 50-day and 200-day simple moving averages are $11.81 and $11.42, respectively. Brookline Bancorp holds a market capitalization of $973.92 million, a price-to-earnings (P/E) ratio of 14.19, and a beta of 0.78.

Brookline Bancorp Earnings Results

Previously, on January 29th, Brookline Bancorp disclosed its quarterly earnings, reporting earnings per share (EPS) of $0.23. This figure fell short of analyst expectations, which were set at $0.24, missing the target by $0.01. The bank reported a net margin of 10.51% and a return on equity of 5.94%. Analysts project the company will achieve an EPS of 1.35 for the current fiscal year.

Brookline Bancorp Dividend Announcement

In addition to its earnings announcement, Brookline Bancorp recently declared a quarterly dividend, which was disbursed on February 28th. Shareholders who were on record as of February 14th received a dividend of $0.135 per share, translating to an annualized dividend of $0.54 and a yield of 4.94%. The ex-dividend date was also on February 14th, and the company maintains a payout ratio of 70.13%.

Institutional Activities in Brookline Bancorp

Institutional investors have been active in adjusting their stakes in Brookline Bancorp. For instance, Sterling Capital Management LLC significantly expanded its position by 805.4% in the fourth quarter, now owning 2,825 shares valued at $33,000 after acquiring an additional 2,513 shares. Similarly, Versant Capital Management Inc. increased its position by 124.2%, now owning 2,879 shares worth $34,000 after purchasing 1,595 shares. Other investors like Pinney & Scofield Inc. and FMR LLC also made noteworthy investments, indicating strong institutional interest, with 78.91% of the stock owned by hedge funds and other institutional stakeholders.

Analyst Ratings for Brookline Bancorp

Recently, Wall Street analysts have issued various ratings for Brookline Bancorp shares. Keefe, Bruyette & Woods downgraded the stock from an "outperform" to a "market perform" rating, setting a price target of $14.50. Meanwhile, StockNews.com initiated coverage with a "hold" rating. Conversely, Raymond James upgraded Brookline Bancorp to a "strong-buy" rating, establishing a price target of $16.00.

About Brookline Bancorp

(Get Free Report) Brookline Bancorp, Inc. is the parent company of Brookline Bank, providing a range of commercial, business, and retail banking services to corporate, municipal, and retail clients across the United States. Its deposit offerings include demand checking, money market accounts, and savings accounts, while its loan portfolio features first mortgage loans for commercial and residential real estate, business loans, and home equity lines.

Brookline, Bancorp, ShortInterest