Bridge Bancorp (NASDAQ:BDGE) Downgraded by BidaskClub

BidaskClub lowered shares of Bridge Bancorp (NASDAQ:BDGE) from a hold rating to a sell rating in a research report sent to investors on Thursday, BidAskClub reports.

Several other brokerages also recently commented on BDGE. ValuEngine upgraded The Western Union from a sell rating to a hold rating in a research note on Friday, March 22nd. Zacks Investment Research downgraded H&E Equipment Services from a hold rating to a sell rating in a research note on Wednesday, July 17th. Finally, Boenning Scattergood reiterated a neutral rating on shares of United Bankshares in a research note on Thursday, April 25th. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and one has assigned a buy rating to the company’s stock. Bridge Bancorp currently has an average rating of Hold and a consensus target price of $34.33.

Shares of NASDAQ BDGE opened at $28.51 on Thursday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.93 and a quick ratio of 0.93. Bridge Bancorp has a 12 month low of $24.12 and a 12 month high of $37.03. The business’s 50 day simple moving average is $28.70. The company has a market cap of $565.87 million, a P/E ratio of 10.72 and a beta of 1.08.

Bridge Bancorp (NASDAQ:BDGE) last issued its earnings results on Tuesday, April 23rd. The financial services provider reported $0.65 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.66 by ($0.01). Bridge Bancorp had a return on equity of 10.59% and a net margin of 21.69%. The business had revenue of $39.54 million for the quarter, compared to the consensus estimate of $40.10 million. On average, equities analysts predict that Bridge Bancorp will post 2.71 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 29th. Investors of record on Monday, July 22nd will be paid a $0.23 dividend. The ex-dividend date of this dividend is Friday, July 19th. This represents a $0.92 annualized dividend and a yield of 3.23%. Bridge Bancorp’s dividend payout ratio (DPR) is presently 34.59%.

In other news, major shareholder Nathan Lindenbaum purchased 3,126 shares of Bridge Bancorp stock in a transaction that occurred on Friday, May 31st. The stock was acquired at an average cost of $27.75 per share, for a total transaction of $86,746.50. Following the purchase, the insider now directly owns 7,015 shares of the company’s stock, valued at approximately $194,666.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.50% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Bridge Bancorp by 3.5% in the 4th quarter. BlackRock Inc. now owns 1,061,917 shares of the financial services provider’s stock valued at $27,068,000 after purchasing an additional 35,652 shares during the period. Dimensional Fund Advisors LP boosted its stake in Bridge Bancorp by 9.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 731,112 shares of the financial services provider’s stock valued at $18,636,000 after purchasing an additional 63,777 shares during the period. Geode Capital Management LLC boosted its stake in Bridge Bancorp by 6.4% in the 4th quarter. Geode Capital Management LLC now owns 224,439 shares of the financial services provider’s stock valued at $5,720,000 after purchasing an additional 13,429 shares during the period. Northern Trust Corp boosted its stake in Bridge Bancorp by 1.5% in the 4th quarter. Northern Trust Corp now owns 212,161 shares of the financial services provider’s stock valued at $5,408,000 after purchasing an additional 3,035 shares during the period. Finally, Banc Funds Co. LLC boosted its stake in Bridge Bancorp by 48.0% in the 1st quarter. Banc Funds Co. LLC now owns 197,954 shares of the financial services provider’s stock valued at $5,800,000 after purchasing an additional 64,234 shares during the period. Institutional investors and hedge funds own 58.04% 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 and land loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.

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