Brookline Bancorp, Inc. (NASDAQ:BRKL) announced that its board has initiated a share repurchase program, which authorizes the company to buyback $10.00 million in shares on Thursday, December 6th. This buyback authorization authorizes the bank to reacquire up to 0.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.
BRKL has been the subject of a number of research analyst reports. Zacks Investment Research downgraded shares of Brookline Bancorp, Inc. from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. BidaskClub upgraded shares of Brookline Bancorp, Inc. from a “strong sell” rating to a “sell” rating in a research note on Thursday, October 11th. Two investment analysts have rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $18.67.
Shares of NASDAQ:BRKL opened at $13.97 on Tuesday. The company has a market cap of $1.14 billion, a P/E ratio of 14.00 and a beta of 0.89. Brookline Bancorp, Inc. has a 12 month low of $13.88 and a 12 month high of $19.35. The company has a debt-to-equity ratio of 1.20, a current ratio of 1.17 and a quick ratio of 1.17.
Brookline Bancorp, Inc. (NASDAQ:BRKL) last issued its quarterly earnings data on Wednesday, October 24th. The bank reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $69.40 million during the quarter, compared to analysts’ expectations of $68.80 million. Brookline Bancorp, Inc. had a net margin of 21.27% and a return on equity of 9.13%. As a group, equities research analysts anticipate that Brookline Bancorp, Inc. will post 1.05 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, November 23rd. Investors of record on Friday, November 9th were paid a dividend of $0.105 per share. The ex-dividend date was Thursday, November 8th. This represents a $0.42 annualized dividend and a yield of 3.01%. This is a boost from Brookline Bancorp’s previous quarterly dividend of $0.10. Brookline Bancorp, Inc.’s payout ratio is currently 52.50%.
Brookline Bancorp, Inc. operates as a multi-bank holding company for Brookline Bank and its subsidiaries; Bank Rhode Island (BankRI) and its subsidiaries; First Ipswich Bank (First Ipswich) and its subsidiaries, and Brookline Securities Corp. As a commercially focused financial institution with 50 full-service banking offices throughout greater Boston, the north shore of Massachusetts and Rhode Island, the Company, through Brookline Bank, BankRI and First Ipswich (individually and collectively the Banks), offered a range of commercial, business and retail banking services, including cash management products, online banking services, consumer and residential loans and investment services throughout central New England, as of December 31, 2016.