Fintel reports that on September 12, 2023, Seaport Global initiated coverage of Brookline Bancorp (NASDAQ:BRKL) with a Buy recommendation.
Analyst Price Forecast Suggests 37.28% Upside
As of August 31, 2023, the average one-year price target for Brookline Bancorp is 12.41. The forecasts range from a low of 11.62 to a high of $13.65. The average price target represents an increase of 37.28% from its latest reported closing price of 9.04.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Brookline Bancorp is 395MM, an increase of 21.69%. The projected annual non-GAAP EPS is 1.70.
Brookline Bancorp Declares $0.14 Dividend
On July 26, 2023 the company declared a regular quarterly dividend of $0.14 per share ($0.54 annualized). Shareholders of record as of August 11, 2023 received the payment on August 25, 2023. Previously, the company paid $0.14 per share.
At the current share price of $9.04 / share, the stock's dividend yield is 5.97%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.68%, the lowest has been 2.29%, and the highest has been 6.84%. The standard deviation of yields is 0.95 (n=236).
The current dividend yield is 2.41 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.53. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.17%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 449 funds or institutions reporting positions in Brookline Bancorp. This is a decrease of 23 owner(s) or 4.87% in the last quarter. Average portfolio weight of all funds dedicated to BRKL is 0.06%, a decrease of 21.26%. Total shares owned by institutions increased in the last three months by 0.09% to 84,712K shares. 
The put/call ratio of BRKL is 0.26, indicating a bullish outlook.
What are Other Shareholders Doing?
IJR - iShares Core S&P Small-Cap ETF holds 6,050K shares representing 6.87% ownership of the company. In it's prior filing, the firm reported owning 5,882K shares, representing an increase of 2.78%. The firm decreased its portfolio allocation in BRKL by 17.09% over the last quarter.
Fuller & Thaler Asset Management holds 5,269K shares representing 5.98% ownership of the company. In it's prior filing, the firm reported owning 4,550K shares, representing an increase of 13.64%. The firm decreased its portfolio allocation in BRKL by 5.04% over the last quarter.
UBVLX - Undiscovered Managers Behavioral Value Fund Class L holds 4,360K shares representing 4.95% ownership of the company. In it's prior filing, the firm reported owning 3,687K shares, representing an increase of 15.45%. The firm decreased its portfolio allocation in BRKL by 0.65% over the last quarter.
Massachusetts Financial Services holds 3,445K shares representing 3.91% ownership of the company. In it's prior filing, the firm reported owning 3,299K shares, representing an increase of 4.24%. The firm decreased its portfolio allocation in BRKL by 16.29% over the last quarter.
NDVAX - MFS New Discovery Value Fund A holds 2,721K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 2,707K shares, representing an increase of 0.49%. The firm decreased its portfolio allocation in BRKL by 27.56% over the last quarter.
Brookline Bancorp Background Information
(This description is provided by the company.)
Brookline Bancorp, Inc., a bank holding company with approximately $8.9 billion in assets and branch locations in eastern Massachusetts and Rhode Island, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank and Bank Rhode Island. The Company provides commercial and retail banking services and cash management and investment services to customers throughout Central New England.
Additional reading:
- Press release of Brookline Bancorp, Inc. reporting earnings and dividend approval, issued July 26, 2023
- Investor Presentation of Brookline Bancorp, Inc., issued July 26, 2023
- Form of Indenture for Senior Debt Securities
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