BidaskClub upgraded shares of Bridge Bancorp (NASDAQ:BDGE) from a strong sell rating to a sell rating in a report issued on Tuesday morning.
Other analysts have also recently issued reports about the company. Hovde Group boosted their price target on Bridge Bancorp from $37.00 to $38.00 and gave the stock a market perform rating in a report on Thursday, July 26th. ValuEngine cut Bridge Bancorp from a hold rating to a sell rating in a report on Wednesday, October 24th. Finally, TheStreet cut Bridge Bancorp from a b rating to a c+ rating in a report on Thursday, August 9th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $39.17.
NASDAQ:BDGE opened at $29.85 on Tuesday. The stock has a market cap of $593.95 million, a PE ratio of 15.40 and a beta of 0.79. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.86. Bridge Bancorp has a 1-year low of $27.74 and a 1-year high of $38.00.
Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.70 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.53 by $0.17. The company had revenue of $39.13 million for the quarter. Bridge Bancorp had a return on equity of 8.90% and a net margin of 10.46%.
The business also recently announced a quarterly dividend, which was paid on Friday, October 26th. Investors of record on Friday, October 19th were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend was Thursday, October 18th.
In related news, Director Jr. Albert E. Mccoy bought 2,500 shares of Bridge Bancorp stock in a transaction that occurred on Monday, October 15th. The shares were acquired at an average cost of $30.83 per share, for a total transaction of $77,075.00. Following the completion of the acquisition, the director now directly owns 116,001 shares of the company’s stock, valued at approximately $3,576,310.83. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Emanuel Arturi sold 1,612 shares of the company’s stock in a transaction that occurred on Thursday, August 9th. The shares were sold at an average price of $35.01, for a total value of $56,436.12. Following the completion of the sale, the director now owns 61,673 shares in the company, valued at $2,159,171.73. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 172,852 shares of company stock worth $5,973,170 and sold 26,008 shares worth $916,687. Corporate insiders own 13.80% of the company’s stock.
A number of hedge funds have recently made changes to their positions in BDGE. FNY Investment Advisers LLC bought a new stake in Bridge Bancorp in the third quarter valued at approximately $204,000. Commonwealth Equity Services LLC bought a new stake in Bridge Bancorp in the second quarter valued at approximately $205,000. Paloma Partners Management Co bought a new stake in Bridge Bancorp in the second quarter valued at approximately $381,000. Citadel Advisors LLC boosted its holdings in Bridge Bancorp by 118.0% in the second quarter. Citadel Advisors LLC now owns 20,141 shares of the financial services provider’s stock valued at $724,000 after acquiring an additional 10,903 shares during the last quarter. Finally, Fisher Asset Management LLC bought a new stake in Bridge Bancorp in the third quarter valued at approximately $769,000. Institutional investors and hedge funds own 57.16% of the company’s stock.
Bridge Bancorp Company Profile
Bridge Bancorp, Inc operates as the bank holding company for the BNB Bank that provide commercial and consumer banking products and services to small businesses, and municipal and consumer relationships. It accepts time, savings, and demand deposits. The company offers commercial real estate, multi-family mortgage, residential mortgage, secured and unsecured commercial and consumer, home equity, and construction loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.
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