Zacks Investment Research Downgrades Bridge Bancorp, Inc. (BDGE) to Sell
Zacks Investment Research lowered shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) from a hold rating to a sell rating in a report published on Friday morning.
According to Zacks, “Bridge Bancorp, Inc. is the bank holding company of The Bridgehampton National Bank. “
A number of other analysts have also issued reports on the stock. Keefe, Bruyette & Woods reiterated a hold rating and set a $37.00 price target on shares of Bridge Bancorp in a research note on Wednesday, April 5th. BidaskClub lowered shares of Bridge Bancorp from a hold rating to a sell rating in a research note on Wednesday, July 12th.
Bridge Bancorp (BDGE) opened at 32.50 on Friday. The company has a market capitalization of $638.49 million, a PE ratio of 17.18 and a beta of 0.80. The stock has a 50 day moving average of $33.25 and a 200-day moving average of $34.67. Bridge Bancorp has a 12-month low of $26.90 and a 12-month high of $38.95.
Bridge Bancorp (NASDAQ:BDGE) last issued its quarterly earnings data on Wednesday, July 26th. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by $0.04. The company had revenue of $35.30 million during the quarter, compared to analysts’ expectations of $36.10 million. Bridge Bancorp had a net margin of 22.91% and a return on equity of 9.02%. Equities analysts expect that Bridge Bancorp will post $1.98 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, July 28th. Shareholders of record on Friday, July 21st were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Wednesday, July 19th. This represents a $0.92 dividend on an annualized basis and a yield of 2.83%. Bridge Bancorp’s dividend payout ratio (DPR) is presently 47.92%.
In other Bridge Bancorp news, Director Dennis A. Suskind sold 1,000 shares of the business’s stock in a transaction dated Monday, July 31st. The shares were sold at an average price of $32.50, for a total transaction of $32,500.00. Following the sale, the director now directly owns 79,550 shares in the company, valued at $2,585,375. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Basswood Capital Management, L purchased 106,670 shares of the business’s stock in a transaction on Thursday, June 1st. The shares were acquired at an average price of $33.68 per share, for a total transaction of $3,592,645.60. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 113,234 shares of company stock worth $3,815,829 and have sold 379,443 shares worth $12,833,310. 5.30% of the stock is owned by corporate insiders.
A number of hedge funds have recently modified their holdings of the company. Tokio Marine Asset Management Co. Ltd. raised its stake in shares of Bridge Bancorp by 35.8% in the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 45,539 shares of the financial services provider’s stock worth $1,516,000 after buying an additional 12,000 shares during the period. BTIM Corp. acquired a new stake in shares of Bridge Bancorp during the second quarter worth about $5,987,000. Goldman Sachs Group Inc. acquired a new stake in shares of Bridge Bancorp during the first quarter worth about $1,189,000. Credit Suisse AG raised its stake in shares of Bridge Bancorp by 8.4% in the first quarter. Credit Suisse AG now owns 21,563 shares of the financial services provider’s stock worth $755,000 after buying an additional 1,669 shares during the period. Finally, Barings LLC acquired a new stake in shares of Bridge Bancorp during the first quarter worth about $413,000. Institutional investors own 55.85% of the company’s stock.
Bridge Bancorp Company Profile
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank’s operations include its real estate investment trust subsidiary, Bridgehampton Community, Inc (BCI), a financial title insurance subsidiary, Bridge Abstract LLC (Bridge Abstract), and an investment services subsidiary, Bridge Financial Services LLC (Bridge Financial Services).
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