Bridge Bancorp Inc. (BDGE) Sees Large Volume Increase
Bridge Bancorp Inc. (NASDAQ:BDGE) shares saw an uptick in trading volume on Friday . 551,263 shares traded hands during trading, an increase of 320% from the previous session’s volume of 131,196 shares.The stock last traded at $29.02 and had previously closed at $29.36.
Several brokerages recently commented on BDGE. Zacks Investment Research cut shares of Bridge Bancorp from a “hold” rating to a “sell” rating in a report on Monday, August 1st. Keefe, Bruyette & Woods dropped their price target on shares of Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a research report on Thursday, August 25th.
The stock has a 50 day moving average of $29.76 and a 200-day moving average of $29.57. The stock has a market cap of $497.75 million, a PE ratio of 15.22 and a beta of 0.72.
Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.52 earnings per share for the quarter, meeting the consensus estimate of $0.52. Bridge Bancorp had a net margin of 22.65% and a return on equity of 10.00%. On average, equities research analysts anticipate that Bridge Bancorp Inc. will post $2.00 EPS for the current fiscal year.
In related news, major shareholder Basswood Capital Management, L sold 12,095 shares of Bridge Bancorp stock in a transaction on Tuesday, June 21st. The shares were sold at an average price of $29.17, for a total value of $352,811.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Howard H. Nolan sold 887 shares of Bridge Bancorp stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $30.29, for a total transaction of $26,867.23. Following the completion of the sale, the chief operating officer now directly owns 54,762 shares of the company’s stock, valued at approximately $1,658,740.98. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by insiders.
A number of hedge funds have recently bought and sold shares of the stock. BlackRock Group LTD acquired a new stake in Bridge Bancorp during the first quarter valued at about $117,000. State Street Corp increased its stake in Bridge Bancorp by 4.4% in the first quarter. State Street Corp now owns 203,882 shares of the financial services provider’s stock valued at $6,212,000 after buying an additional 8,505 shares during the last quarter. Metropolitan Life Insurance Co. NY increased its stake in Bridge Bancorp by 28.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 12,491 shares of the financial services provider’s stock valued at $381,000 after buying an additional 2,772 shares during the last quarter. Renaissance Technologies LLC increased its stake in Bridge Bancorp by 90.0% in the first quarter. Renaissance Technologies LLC now owns 172,900 shares of the financial services provider’s stock valued at $5,268,000 after buying an additional 81,900 shares during the last quarter. Finally, Geode Capital Management LLC increased its stake in Bridge Bancorp by 6.8% in the first quarter. Geode Capital Management LLC now owns 82,440 shares of the financial services provider’s stock valued at $2,511,000 after buying an additional 5,236 shares during the last quarter. 50.68% of the stock is owned by institutional investors and hedge funds.
About Bridge Bancorp
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) and non-agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States government sponsored entity (U.S.
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