Brookline Bancorp (NASDAQ:BRKL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The brokerage presently has a $10.00 target price on the bank’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 10.38% from the stock’s current price.
According to Zacks, “Brookline Bancorp, Inc. is a holding company for Brookline Savings Bank. “
A number of other brokerages also recently issued reports on BRKL. Raymond James reiterated a “buy” rating on shares of Brookline Bancorp in a research report on Wednesday, September 9th. BidaskClub downgraded Brookline Bancorp from a “sell” rating to a “strong sell” rating in a research report on Friday, August 21st. Finally, DA Davidson initiated coverage on Brookline Bancorp in a research report on Monday, June 15th. They set a “buy” rating for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $10.00.
Brookline Bancorp (NASDAQ:BRKL) last issued its earnings results on Wednesday, July 22nd. The bank reported $0.25 EPS for the quarter, topping the consensus estimate of $0.14 by $0.11. The business had revenue of $70.52 million during the quarter, compared to the consensus estimate of $72.84 million. Brookline Bancorp had a return on equity of 5.03% and a net margin of 12.65%. On average, research analysts forecast that Brookline Bancorp will post 0.48 earnings per share for the current year.
Several hedge funds and other institutional investors have recently made changes to their positions in BRKL. Bank of Montreal Can raised its holdings in shares of Brookline Bancorp by 354.7% during the 2nd quarter. Bank of Montreal Can now owns 8,894 shares of the bank’s stock valued at $80,000 after buying an additional 6,938 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Brookline Bancorp by 26.6% in 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. Hodges Capital Management Inc. purchased a new position in Brookline Bancorp in the 2nd quarter worth approximately $101,000. Connable Office Inc. purchased a new position in Brookline Bancorp in the 2nd quarter worth approximately $102,000. Finally, ProShare Advisors LLC purchased a new position in Brookline Bancorp in the 2nd quarter worth approximately $120,000. 80.83% of the stock is currently owned by institutional investors.
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, as well as commercial, municipal, and retail deposits.
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