Bridge Bancorp (NASDAQ:BDGE) Raised to Hold at BidaskClub

BidaskClub upgraded shares of Bridge Bancorp (NASDAQ:BDGE) from a sell rating to a hold rating in a research note released on Tuesday morning, BidAskClub reports.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research downgraded shares of Bridge Bancorp from a hold rating to a sell rating in a report on Tuesday, July 23rd. Boenning Scattergood reaffirmed a buy rating and set a $34.00 price target on shares of Bridge Bancorp in a report on Thursday, April 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and one has assigned a buy rating to the company. Bridge Bancorp has a consensus rating of Hold and a consensus price target of $32.50.

Shares of NASDAQ:BDGE opened at $27.23 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.93 and a quick ratio of 0.93. Bridge Bancorp has a 1-year low of $24.12 and a 1-year high of $35.90. The company has a market capitalization of $541.34 million, a P/E ratio of 10.24 and a beta of 1.09. The firm’s 50 day simple moving average is $28.43 and its two-hundred day simple moving average is $29.91.

Bridge Bancorp (NASDAQ:BDGE) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.14). Bridge Bancorp had a net margin of 22.25% and a return on equity of 11.24%. The firm had revenue of $41.02 million for the quarter, compared to analysts’ expectations of $41.20 million. On average, sell-side analysts anticipate that Bridge Bancorp will post 2.52 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, July 29th. Stockholders of record on Monday, July 22nd were issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 3.38%. The ex-dividend date was Friday, July 19th. Bridge Bancorp’s dividend payout ratio (DPR) is presently 34.59%.

In other news, insider Kevin Santacroce sold 1,500 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $29.33, for a total value of $43,995.00. Following the transaction, the insider now owns 39,198 shares of the company’s stock, valued at $1,149,677.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Nathan Lindenbaum bought 3,126 shares of the stock in a transaction dated Friday, May 31st. The stock was bought at an average cost of $27.75 per share, for a total transaction of $86,746.50. Following the acquisition, the insider now directly owns 7,015 shares of the company’s stock, valued at approximately $194,666.25. The disclosure for this purchase can be found here. 15.50% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its position in Bridge Bancorp by 30.1% during the fourth quarter. Bank of America Corp DE now owns 45,741 shares of the financial services provider’s stock worth $1,166,000 after acquiring an additional 10,570 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Bridge Bancorp by 9.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 731,112 shares of the financial services provider’s stock worth $18,636,000 after acquiring an additional 63,777 shares during the last quarter. Virginia Retirement Systems ET AL acquired a new stake in Bridge Bancorp during the first quarter worth approximately $211,000. BNP Paribas Arbitrage SA lifted its position in Bridge Bancorp by 446.0% during the first quarter. BNP Paribas Arbitrage SA now owns 3,467 shares of the financial services provider’s stock worth $102,000 after acquiring an additional 2,832 shares during the last quarter. Finally, Moors & Cabot Inc. acquired a new stake in Bridge Bancorp during the first quarter worth approximately $314,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

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 and land loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.

Read More: Why is the ex-dividend date different from the record date?

Receive News & Ratings for Bridge Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bridge Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.