Bridge Bancorp, Inc. (BDGE) Cut to Sell at BidaskClub

BidaskClub lowered shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) from a hold rating to a sell rating in a research report released on Wednesday.

A number of other research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Bridge Bancorp from a buy rating to a hold rating in a research report on Wednesday, March 29th. Keefe, Bruyette & Woods reaffirmed a hold rating and issued a $37.00 target price on shares of Bridge Bancorp in a research report on Wednesday, April 5th.

Shares of Bridge Bancorp (NASDAQ:BDGE) traded up 1.05% during midday trading on Wednesday, reaching $33.70. 11,934 shares of the company were exchanged. Bridge Bancorp has a 52-week low of $26.90 and a 52-week high of $38.95. The stock has a 50-day moving average price of $33.82 and a 200 day moving average price of $35.36. The company has a market capitalization of $652.57 million, a P/E ratio of 17.07 and a beta of 0.80.

Bridge Bancorp (NASDAQ:BDGE) last released its earnings results on Wednesday, April 26th. The financial services provider reported $0.47 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.47. The business had revenue of $34.58 million during the quarter, compared to the consensus estimate of $34.80 million. Bridge Bancorp had a net margin of 23.17% and a return on equity of 9.33%. Equities research analysts expect that Bridge Bancorp will post $2.01 EPS for the current fiscal year.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 21st will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Wednesday, July 19th. Bridge Bancorp’s dividend payout ratio (DPR) is presently 46.70%.

In other news, Director Dennis A. Suskind sold 1,500 shares of Bridge Bancorp stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $32.00, for a total value of $48,000.00. Following the completion of the transaction, the director now owns 79,550 shares of the company’s stock, valued at approximately $2,545,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dennis A. Suskind sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $36.28, for a total transaction of $72,560.00. Following the sale, the director now owns 82,321 shares of the company’s stock, valued at approximately $2,986,605.88. The disclosure for this sale can be found here. In the last three months, insiders bought 113,234 shares of company stock valued at $3,815,829 and sold 383,443 shares valued at $12,973,570. Company insiders own 5.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Prudential Financial Inc. boosted its stake in Bridge Bancorp by 275.3% in the first quarter. Prudential Financial Inc. now owns 40,790 shares of the financial services provider’s stock worth $1,428,000 after buying an additional 29,920 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. bought a new stake in Bridge Bancorp during the first quarter worth about $1,174,000. TD Asset Management Inc. boosted its stake in Bridge Bancorp by 7.9% in the first quarter. TD Asset Management Inc. now owns 23,300 shares of the financial services provider’s stock worth $816,000 after buying an additional 1,700 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Bridge Bancorp by 9.2% in the first quarter. Bank of New York Mellon Corp now owns 124,013 shares of the financial services provider’s stock worth $4,341,000 after buying an additional 10,464 shares in the last quarter. Finally, Strategic Advisors LLC boosted its stake in Bridge Bancorp by 6.4% in the first quarter. Strategic Advisors LLC now owns 9,891 shares of the financial services provider’s stock worth $346,000 after buying an additional 592 shares in the last quarter. Institutional investors own 54.94% 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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