BRKL - Brookline Bancorp Inc Stock Price, Fair Value and News

8.99USD+0.03 (+0.33%)Market Closed

Market Summary

USD8.99+0.03

Market Closed

0.33%

BRKL Alerts

2 major insider buys recently.

Big jump in Earnings (Y/Y)

BRKL Stock Price

View Fullscreen

BRKL RSI Chart

BRKL Valuation

Market Cap

799.2M

Price/Earnings (Trailing)

9.73

Price/Sales (Trailing)

1.35

EV/EBITDA

4.23

Price/Free Cashflow

8.25

BRKL Price/Sales (Trailing)

BRKL Profitability

EBT Margin

17.75%

Return on Equity

6.88%

Return on Assets

0.71%

Free Cashflow Yield

12.12%

BRKL Fundamentals

BRKL Revenue

Revenue (TTM)

590.0M

Rev. Growth (Yr)

9.59%

Rev. Growth (Qtr)

-4.63%

BRKL Earnings

Earnings (TTM)

82.1M

Earnings Growth (Yr)

93.98%

Earnings Growth (Qtr)

-35.93%

Breaking Down BRKL Revenue

Last 7 days

2.4%

Last 30 days

-1.5%

Last 90 days

-11.8%

Trailing 12 Months

17.5%

How does BRKL drawdown profile look like?

BRKL Financial Health

Debt/Equity

1.14

Debt/Cashflow

0.08

BRKL Investor Care

Dividend Yield

6.01%

Dividend/Share (TTM)

0.54

Shares Dilution (1Y)

0.26%

Diluted EPS (TTM)

0.93

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2024	590.0M	0	0	0
2023	402.6M	470.0M	528.4M	577.3M
2022	308.2M	307.8M	318.7M	345.2M
2021	321.8M	318.1M	315.1M	311.5M
2020	346.1M	341.0M	333.8M	326.8M
2019	327.3M	336.4M	343.7M	347.6M
2018	272.3M	285.2M	298.7M	313.9M
2017	244.1M	250.1M	255.7M	263.1M
2016	228.2M	232.3M	237.1M	239.6M
2015	220.4M	222.2M	224.3M	226.9M
2014	209.5M	209.9M	213.7M	218.5M
2013	211.8M	212.9M	208.3M	206.4M
2012	160.1M	176.3M	196.1M	213.2M
2011	131.4M	133.9M	136.9M	140.5M
2010	138.2M	135.1M	133.4M	131.0M
2009	0	142.5M	141.3M	140.1M
2008	0	0	0	143.7M

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Brookline Bancorp Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
May 08, 2024	hollister thomas j	bought	20,928	8.72	2,400	-
Apr 29, 2024	hill willard i jr	bought	16,878	8.439	2,000	-
Mar 12, 2024	cosman james m	sold	-154,560	9.66	-16,000	chief operations officer
Mar 08, 2024	cosman james m	sold	-160,000	10.00	-16,000	chief operations officer
Nov 07, 2023	hackett john a	sold	-31,955	9.13	-3,500	-
Nov 02, 2023	hill willard i jr	bought	17,100	8.55	2,000	-
Aug 25, 2023	doyle john j jr	gifted	-	-	3,986	-
Aug 25, 2023	doyle john j jr	gifted	-	-	-3,986	-
Aug 03, 2023	fess darryl j.	sold (taxes)	-	-	-2,869	ceo, brookline bank
Aug 03, 2023	cosman james m	sold (taxes)	-	-	-3,475	chief operations officer

Which funds bought or sold BRKL recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
May 15, 2024	GOLDMAN SACHS GROUP INC	added	1.43	-369,217	4,620,270	-%
May 15, 2024	Tower Research Capital LLC (TRC)	reduced	-13.68	-32,509	120,875	-%
May 15, 2024	UBS ASSET MANAGEMENT AMERICAS LLC	unchanged	-	-96,007	1,006,570	-%
May 15, 2024	HSBC HOLDINGS PLC	reduced	-43.83	-930,607	950,861	-%
May 15, 2024	AQR CAPITAL MANAGEMENT LLC	added	1.05	-278,789	3,320,940	0.01%
May 15, 2024	PRICE T ROWE ASSOCIATES INC /MD/	added	4.26	-37,000	742,000	-%
May 15, 2024	Man Group plc	sold off	-100	-262,593	-	-%
May 15, 2024	Elequin Capital, LP	sold off	-100	-390,240	-	-%
May 15, 2024	OCCUDO QUANTITATIVE STRATEGIES LP	sold off	-100	-290,948	-	-%
May 15, 2024	QUADRANT CAPITAL GROUP LLC	unchanged	-	-468	4,911	-%

Are Funds Buying or Selling BRKL?

Are funds buying BRKL calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own BRKL

No. of Funds

Unveiling Brookline Bancorp Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2024	prudential financial inc	5.36%	0	SC 13G
Feb 13, 2024	fuller & thaler asset management, inc.	5.16%	4,588,423	SC 13G/A
Feb 13, 2024	vanguard group inc	11.36%	10,091,274	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	5.6%	5,008,133	SC 13G/A
Feb 08, 2024	jennison associates llc	5.1%	4,493,648	SC 13G
Jan 22, 2024	blackrock inc.	14.8%	13,121,572	SC 13G/A
Feb 14, 2023	fuller & thaler asset management, inc.	4.18%	4,063,640	SC 13G/A
Feb 10, 2023	dimensional fund advisors lp	7.0%	5,341,699	SC 13G/A
Feb 09, 2023	vanguard group inc	12.20%	9,375,039	SC 13G/A
Jan 26, 2023	blackrock inc.	14.5%	11,164,337	SC 13G/A

Recent SEC filings of Brookline Bancorp Inc

View All Filings

Date Filed	Form Type	Document
May 10, 2024	4	Insider Trading
May 10, 2024	8-K	Current Report
May 07, 2024	10-Q	Quarterly Report
Apr 30, 2024	4	Insider Trading
Apr 24, 2024	8-K	Current Report
Mar 29, 2024	ARS	ARS
Mar 29, 2024	DEF 14A	DEF 14A
Mar 29, 2024	DEFA14A	DEFA14A
Mar 13, 2024	4	Insider Trading
Mar 13, 2024	4/A	Insider Trading

Peers (Alternatives to Brookline Bancorp Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
JPM	580.6B	174.7B	10.55%	50.52%	11.53	3.32	53.11%	19.83%
BAC	304.4B	137.9B	8.26%	42.25%	12.16	2.21	56.12%	-12.56%
WFC	217.3B	85.8B	9.39%	62.33%	11.58	2.53	35.02%	26.14%
C	122.5B	125.0B	9.68%	41.85%	15.33	0.98	37.85%	-
CFG	16.8B	10.4B	11.70%	47.15%	11.72	1.61	26.22%	-33.87%
KEY	14.7B	8.1B	7.90%	66.17%	16.8	1.8	32.15%	-50.93%
MID-CAP
CMA	7.3B	4.2B	8.52%	62.72%	10.53	1.72	34.68%	-45.96%
ZION	6.7B	4.1B	11.66%	93.23%	10.59	1.63	32.93%	-30.73%
ABCB	3.5B	1.3B	11.39%	71.61%	12.26	2.64	30.60%	-12.99%
ASB	3.4B	2.0B	11.00%	55.39%	21.08	1.66	47.11%	-59.32%
SMALL-CAP
AMNB	497.6M	120.2M	6.68%	49.76%	19.02	4.14	45.65%	-13.98%
AROW	410.6M	173.1M	11.64%	37.59%	14.07	2.37	26.54%	-34.86%
ALRS	390.2M	152.4M	-1.20%	38.83%	39.25	2.56	16.94%	-73.84%
ACNB	288.6M	98.7M	3.06%	15.69%	9.81	2.92	6.27%	-22.90%
ASRV	47.0M	62.5M	18.70%	-3.87%	-15.89	0.75	18.83%	-145.18%

Brookline Bancorp Inc News

Latest updates

Brookline Bancorp Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Income Statement (Quarterly)																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Revenue	-4.6%	145	152	147	145	133	103	89.00	78.00	75.00	77.00	78.00	78.00	78.00	80.00	81.00	82.00	84.00	87.00	88.00	87.00	85.00
EBITDA Margin	-0.7%	0.75*	0.75*	0.83*	0.94*	1.07*	1.27*	1.36*	1.39*	1.41*	1.40*	1.36*	1.29*	-	-	-	-	-	-	-	-	-
Interest Expenses	-2.4%	82.00	84.00	84.00	86.00	86.00	80.00	78.00	72.00	70.00	71.00	71.00	71.00	69.00	68.00	66.00	64.00	62.00	64.00	63.00	63.00	63.00
Income Taxes	-15.2%	5.00	6.00	6.00	6.00	1.00	6.00	7.00	9.00	8.00	10.00	10.00	11.00	9.00	8.00	7.00	6.00	-6.55	7.00	8.00	7.00	7.00
Earnings Before Taxes	-31.8%	19.00	29.00	29.00	28.00	9.00	36.00	37.00	34.00	33.00	39.00	38.00	42.00	35.00	35.00	25.00	26.00	-23.82	29.00	30.00	27.00	29.00
EBT Margin	9.1%	0.18*	0.16*	0.19*	0.23*	0.29*	0.41*	0.45*	0.47*	0.49*	0.50*	0.48*	0.43*	-	-	-	-	-	-	-	-	-
Net Income	-35.9%	15.00	23.00	23.00	22.00	8.00	30.00	30.00	25.00	25.00	29.00	29.00	32.00	26.00	27.00	19.00	20.00	-17.28	22.00	23.00	20.00	22.00
Net Income Margin	7.1%	0.14*	0.13*	0.15*	0.19*	0.23*	0.32*	0.34*	0.35*	0.37*	0.37*	0.36*	0.33*	-	-	-	-	-	-	-	-	-
Free Cashflow	-81.8%	7.00	37.00	27.00	26.00	14.00	39.00	38.00	20.00	16.00	51.00	9.00	52.00	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Assets	1.4%	11,543	11,382	11,181	11,206	11,522	9,186	8,696	8,514	8,634	8,603	8,313	8,462	8,560	8,942	9,000	9,070	8,462	7,857	7,878	7,637	7,519
Cash Equivalents	126.9%	302	133	161	224	486	383	113	90.00	293	328	239	320	131	435	317	255	341	78.00	179	93.00	112
Net PPE	-0.2%	90.00	90.00	90.00	91.00	88.00	71.00	70.00	70.00	69.00	70.00	71.00	71.00	73.00	72.00	72.00	73.00	74.00	74.00	75.00	75.00	76.00
Goodwill	0%	241	241	241	241	241	160	160	160	160	160	160	160	160	160	160	160	160	160	160	160	160
Liabilities	1.6%	10,349	10,184	10,023	10,044	10,357	8,194	7,732	7,546	7,652	7,607	7,334	7,490	7,614	8,001	8,065	8,143	7,549	6,911	6,946	6,719	6,619
Long Term Debt	-1.1%	1,362	1,377	1,135	1,226	1,630	1,433	759	478	393	357	268	363	546	820	1,005	1,407	1,292	903	986	931	866
Shareholder's Equity	-0.4%	1,194	1,199	1,158	1,162	1,165	992	964	968	982	995	978	972	945	942	936	926	913	946	932	918	901
Retained Earnings	-100.0%	-	439	-	-	-	412	-	-	-	343	-	-	-	-	-	-	-	-	-	-	-
Additional Paid-In Capital	0.1%	904	903	901	905	904	736	735	739	738	737	736	739	738	737	736	738	737	737	736	738	737
Accumulated Depreciation	2.0%	102	100	104	102	100	92.00	91.00	90.00	89.00	87.00	86.00	84.00	83.00	82.00	81.00	80.00	82.00	77.00	77.00	73.00	72.00
Shares Outstanding	0.8%	89.00	88.00	89.00	88.00	87.00	77.00	77.00	77.00	78.00	78.00	78.00	78.00	-	-	-	-	-	-	-	-	-
Minority Interest	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	754	-	-	-	1,000	-	-	-	1,100	-	-	-	800	-	-	-	1,200	-

Cashflow (Last 12 Months)

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Cashflow (Quarterly)																					(In Millions)
Description	(%) Q/Q	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1
Cashflow From Operations	-77.4%	9.00	39.00	29.00	31.00	18.00	42.00	40.00	22.00	16.00	52.00	10.00	52.00	19.00	42.00	38.00	-59.42	92.00	7.00	57.00	23.00	16.00
Cashflow From Investing	106.3%	18.00	-283	-32.18	63.00	-412	-221	-128	-86.59	-120	-220	46.00	302	3.00	162	84.00	-681	-259	-115	-122	-99.44	-60.80
Cashflow From Financing	-34.1%	142	216	-59.92	-355	498	450	111	-138	70.00	257	-136	-164	-326	-85.84	-58.91	655	430	8.00	152	57.00	68.00
Dividend Payments	-100.0%	-	12.00	12.00	12.00	12.00	10.00	10.00	10.00	10.00	10.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	9.00	8.00
Buy Backs	-	-	-	-	-	-	-	-	-	-	-	10.00	-	-	10.00	-	-	10.00	0.00	2.00	-	-

Get Full Access to Grufity – and Unlimited Downloads

Gain full access to fair value, watchlists, stock screener, unlimited page visits, and additional features by joining as a member today for just $1.99.

Try For Just $1.99

BRKL Income Statement

2024-03-31

Unaudited Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest and dividend income:
Loans and leases	$ 145,265	$ 121,931
Debt securities	6,878	7,870
Restricted equity securities	1,492	1,255
Short-term investments	1,824	1,495
Total interest and dividend income	155,459	132,551
Interest expense:
Deposits	56,884	29,368
Borrowed funds	16,987	17,134
Total interest expense	73,871	46,502
Net interest income	81,588	86,049
Provision for credit losses on loans	7,423	25,344
Provision (credit) for credit losses on investments	(44)	198
Net interest income after provision for credit losses	74,209	60,507
Non-interest income:
Loan level derivative income, net	437	2,373
Gain on investment securities, net	0	1,701
Gain on sales of loans and leases held-for-sale	0	1,638
Other	2,161	4,177
Total non-interest income	6,284	12,937
Non-interest expense:
Compensation and employee benefits	36,629	36,565
Occupancy	5,769	5,223
Equipment and data processing	7,031	6,462
Professional services	1,900	1,430
FDIC insurance	1,884	1,244
Advertising and marketing	1,574	1,410
Amortization of identified intangible assets	1,708	1,966
Merger and acquisition expense	0	6,409
Other	4,519	4,067
Total non-interest expense	61,014	64,776
Income before provision for income taxes	19,479	8,668
Provision for income taxes	4,814	1,108
Net income	$ 14,665	$ 7,560
Earnings per common share:
Basic (in dollars per share)	$ 0.16	$ 0.09
Diluted (in dollars per share)	$ 0.16	$ 0.09
Weighted average common shares outstanding during the year:
Basic (in shares)	88,894,577	86,563,641
Diluted (in shares)	89,181,508	86,837,806
Dividends paid per common share (in dollars per share)	$ 0.135	$ 0.135
Deposit fees
Non-interest income:
Non-interest income, fees	$ 2,897	$ 2,657
Loan fees
Non-interest income:
Non-interest income, fees	$ 789	$ 391

BRKL Balance Sheet

2024-03-31

Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
ASSETS
Cash and due from banks	$ 45,708	$ 34,514
Short-term investments	256,178	98,513
Total cash and cash equivalents	301,886	133,027
Investment securities available-for-sale	865,798	916,601
Total investment securities	865,798	916,601
Allowance for investment security losses	(398)	(441)
Net investment securities	865,400	916,160
Loans held-for-sale	6,717	0
Total loans and leases	9,655,086	9,641,589
Allowance for loan and lease losses	(120,124)	(117,522)
Net loans and leases	9,534,962	9,524,067
Restricted equity securities	74,709	77,595
Premises and equipment, net of accumulated depreciation of $102,439 and $100,408, respectively	89,707	89,853
Right-of-use asset operating leases	33,133	30,863
Deferred tax asset	60,484	56,952
Goodwill	241,222	241,222
Identified intangible assets, net of accumulated amortization of $11,488 and $47,963, respectively	22,499	24,207
Other real estate owned ("OREO") and repossessed assets, net	1,817	1,694
Other assets	310,195	286,616
Total assets	11,542,731	11,382,256
Deposits:
Demand checking accounts	1,629,371	1,678,406
Interest-bearing deposits	7,089,282	6,869,719
Total deposits	8,718,653	8,548,125
Borrowed funds:
Advances from the Federal Home Loan Bank ("FHLB")	1,150,153	1,223,226
Subordinated debentures and notes	84,223	84,188
Other borrowed funds	127,505	69,256
Total borrowed funds	1,361,881	1,376,670
Operating lease liabilities	34,235	31,998
Mortgagors' escrow accounts	16,245	17,239
Reserve for unfunded credits	15,807	19,767
Accrued expenses and other liabilities	201,679	189,813
Total liabilities	10,348,500	10,183,612
Commitments and contingencies (Note 12)
Brookline Bancorp, Inc. stockholders' equity:
Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued and 96,998,075 shares issued, respectively	970	970
Additional paid-in capital	903,726	902,659
Retained earnings	441,285	438,722
Accumulated other comprehensive (loss) income	(60,841)	(52,798)
Treasury stock, at cost; 7,354,399 shares and 7,354,399 shares, respectively	(90,909)	(90,909)
Total stockholders' equity	1,194,231	1,198,644
Total liabilities and stockholders' equity	11,542,731	11,382,256
Commercial real estate loans
ASSETS
Total loans and leases	5,755,239	5,764,529
Commercial loans and leases
ASSETS
Total loans and leases	2,416,904	2,399,668
Consumer loans
ASSETS
Total loans and leases	$ 1,482,943	$ 1,477,392

About Brookline Bancorp Inc

Brookline Bancorp, Inc. operates as a bank holding company for the Brookline Bank that provide commercial, business, and retail banking services to corporate, municipal, and retail customers in the United States. Its deposit products include demand checking, NOW, money market, and savings accounts. The company's loan portfolio primarily comprises first mortgage loans secured by commercial, multi-family, and residential real estate properties; loans to business entities comprising commercial lines of credit; loans to condominium associations; loans and leases used to finance equipment for small businesses; financing for construction and development projects; and home equity and other consumer loans. It also provides term loans, letters of credit, foreign exchange, cash management, investment advisory, and online and mobile banking services, as well as invests in debt and equity securities. Brookline Bancorp, Inc. was founded in 1871 and is headquartered in Boston, Massachusetts.

CEO	Mr. Paul A. Perrault
WEBSITE	brooklinebancorp.com
INDUSTRY	Banks Diversified
EMPLOYEES	813

Brookline Bancorp Inc Frequently Asked Questions

What is the ticker symbol for Brookline Bancorp Inc? What does BRKL stand for in stocks?

BRKL is the stock ticker symbol of Brookline Bancorp Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Brookline Bancorp Inc (BRKL)?

As of Wed May 15 2024, market cap of Brookline Bancorp Inc is 800.05 Million. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of BRKL stock?

You can check BRKL's fair value in chart for subscribers.

What is the fair value of BRKL stock?

You can check BRKL's fair value in chart for subscribers. The fair value of Brookline Bancorp Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Brookline Bancorp Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for BRKL so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Brookline Bancorp Inc a good stock to buy?

The fair value guage provides a quick view whether BRKL is over valued or under valued. Whether Brookline Bancorp Inc is cheap or expensive depends on the assumptions which impact Brookline Bancorp Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for BRKL.

What is Brookline Bancorp Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Wed May 15 2024, BRKL's PE ratio (Price to Earnings) is 9.74 and Price to Sales (PS) ratio is 1.36. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. BRKL PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Brookline Bancorp Inc's stock?

In the past 10 years, Brookline Bancorp Inc has provided 0.029 (multiply by 100 for percentage) rate of return.