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

Brookline Bancorp, Inc. (NASDAQ:BRKL) witnessed a notable rise in its short interest during February. As of February 28, 2023, the total short interest reached 1,780,000 shares, marking a substantial increase of 50.8% from the previous total of 1,180,000 shares recorded on February 13, 2023. At present, 2.1% of the company’s shares are sold short. Given the average trading volume of 667,900 shares, the current days-to-cover ratio stands at approximately 2.7 days.

Recent Stock Performance

On Friday, Brookline Bancorp’s stock (NASDAQ: BRKL) rose by $0.21, reaching a trading price of $10.93. Throughout the trading session, 305,740 shares changed hands, compared to its average trading volume of 525,726 shares. The company maintains a quick ratio of 1.13, a current ratio of 1.12, and a debt-to-equity ratio of 1.24. Over the past year, Brookline Bancorp shares have seen a low of $8.01 and a high of $13.15. The stock's 50-day simple moving average is $11.81, while the 200-day simple moving average is $11.42. Currently, Brookline Bancorp holds a market capitalization of $973.92 million, a P/E ratio of 14.19, and a beta of 0.78.

Earnings Reports

Brookline Bancorp recently released its quarterly earnings on January 29, 2023. The bank reported earnings per share (EPS) of $0.23, falling short of analysts' expectations which were set at $0.24, by a margin of $0.01. The company’s net margin is currently at 10.51%, along with a return on equity of 5.94%. Analysts predict that Brookline Bancorp will achieve an EPS of 1.35 for the current fiscal year.

Dividend Information

On February 28, 2023, Brookline Bancorp announced its latest quarterly dividend. Shareholders recorded on February 14, 2023, received a dividend payout of $0.135 per share. This results in an annualized dividend of $0.54, which equates to a dividend yield of 4.94%. The ex-dividend date was also on February 14, 2023. Currently, Brookline Bancorp has a payout ratio of 70.13%.

Institutional Investing Trends

In recent months, various hedge funds have adjusted their positions in Brookline Bancorp stock. For instance, Sterling Capital Management LLC increased its stake by an impressive 805.4% during the fourth quarter, now owning 2,825 shares valued at approximately $33,000 after adding 2,513 shares. Similarly, Versant Capital Management Inc raised its holdings by 124.2%, owning 2,879 shares valued at $34,000 after acquiring an additional 1,595 shares. Several new positions have also been established in the bank's stock during this quarter, with hedge funds and institutional investors collectively holding 78.91% of the shares.

Analysts' Ratings and Forecasts

Several Wall Street analysts have released their ratings for Brookline Bancorp shares. Keefe, Bruyette & Woods downgraded the stock from an "outperform" rating to a "market perform" rating, establishing a price target of $14.50. StockNews.com began coverage on Brookline Bancorp, giving it a "hold" rating. Additionally, Raymond James upgraded the stock from