BlackRock Inc. boosted its holdings in shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) by 3.5% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,061,917 shares of the financial services provider’s stock after purchasing an additional 35,652 shares during the quarter. BlackRock Inc. owned approximately 5.37% of Bridge Bancorp worth $27,068,000 at the end of the most recent reporting period.
Other hedge funds have also modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in shares of Bridge Bancorp in the 4th quarter valued at about $180,000. Prudential Financial Inc. lifted its holdings in shares of Bridge Bancorp by 3.0% in the 4th quarter. Prudential Financial Inc. now owns 19,343 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 563 shares during the last quarter. LSV Asset Management purchased a new stake in shares of Bridge Bancorp in the 4th quarter valued at about $977,000. Rhumbline Advisers increased its position in Bridge Bancorp by 38.3% in the 4th quarter. Rhumbline Advisers now owns 24,972 shares of the financial services provider’s stock valued at $637,000 after acquiring an additional 6,914 shares during the period. Finally, Assenagon Asset Management S.A. acquired a new position in Bridge Bancorp in the 4th quarter valued at about $402,000. Institutional investors own 57.83% of the company’s stock.
BDGE stock traded up $0.67 during trading on Friday, hitting $31.68. The company had a trading volume of 29,343 shares, compared to its average volume of 36,623. The stock has a market capitalization of $628.79 million, a PE ratio of 11.91 and a beta of 1.05. Bridge Bancorp, Inc. has a 1-year low of $24.12 and a 1-year high of $38.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.70.
The firm also recently announced a quarterly dividend, which was paid on Friday, April 26th. Shareholders of record on Friday, April 19th were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 2.90%. The ex-dividend date was Wednesday, April 17th. Bridge Bancorp’s payout ratio is 34.59%.
In other Bridge Bancorp news, Director Basswood Capital Management, L sold 11,692 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $31.41, for a total transaction of $367,245.72. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 209,692 shares of company stock worth $5,976,447 in the last quarter. 15.50% of the stock is currently owned by insiders.
BDGE has been the topic of several recent research reports. BidaskClub upgraded Bridge Bancorp from a “strong sell” rating to a “sell” rating in a research report on Thursday, January 31st. TheStreet upgraded Bridge Bancorp from a “c+” rating to a “b-” rating in a research report on Thursday, February 14th. ValuEngine cut Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. Finally, Boenning Scattergood initiated coverage on Bridge Bancorp in a research report on Monday, April 1st. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $36.00.
Bridge Bancorp 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.
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