Sandler O’Neill Lowers Brookline Bancorp (BRKL) to Hold

Brookline Bancorp (NASDAQ:BRKL) was downgraded by research analysts at Sandler O’Neill from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, The Fly reports.

Several other research firms have also issued reports on BRKL. Zacks Investment Research raised shares of Brookline Bancorp from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a report on Wednesday, February 6th. BidaskClub lowered shares of Brookline Bancorp from a “sell” rating to a “strong sell” rating in a report on Friday, October 19th. Finally, Compass Point lowered shares of Brookline Bancorp from a “buy” rating to a “neutral” rating in a report on Tuesday, January 8th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company’s stock. Brookline Bancorp has a consensus rating of “Hold” and an average price target of $17.17.

Brookline Bancorp stock opened at $15.66 on Wednesday. The company has a market capitalization of $1.25 billion, a P/E ratio of 14.64 and a beta of 0.91. Brookline Bancorp has a 12-month low of $12.84 and a 12-month high of $19.35. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 1.01.

Brookline Bancorp declared that its board has approved a share repurchase plan on Thursday, December 6th that permits the company to buyback $10.00 million in shares. This buyback authorization permits the bank to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Ipswich Investment Management Company increased its stake in shares of Brookline Bancorp by 6.2% during the fourth quarter. Ipswich Investment Management Company now owns 119,300 shares of the bank’s stock valued at $1,372,000 after buying an additional 7,000 shares during the period. Norges Bank acquired a new stake in Brookline Bancorp in the fourth quarter worth about $15,746,000. Rhumbline Advisers boosted its holdings in Brookline Bancorp by 5.2% in the second quarter. Rhumbline Advisers now owns 193,971 shares of the bank’s stock worth $3,608,000 after acquiring an additional 9,626 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Brookline Bancorp by 3.4% in the third quarter. Vanguard Group Inc. now owns 7,952,147 shares of the bank’s stock worth $132,801,000 after acquiring an additional 260,206 shares in the last quarter. Finally, Quantitative Systematic Strategies acquired a new stake in shares of Brookline Bancorp during the fourth quarter worth about $282,000. Hedge funds and other institutional investors own 78.15% of the company’s stock.

About Brookline Bancorp

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.

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