Bridge Bancorp (NASDAQ:BDGE) Stock Rating Upgraded by BidaskClub

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

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

NASDAQ BDGE opened at $27.23 on Tuesday. The firm’s fifty day moving average price is $28.43 and its two-hundred day moving average price is $29.91. The stock has a market cap of $541.34 million, a PE ratio of 10.24 and a beta of 1.09. Bridge Bancorp has a fifty-two week low of $24.12 and a fifty-two week high of $35.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.93 and a current ratio of 0.93.

Bridge Bancorp (NASDAQ:BDGE) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.14). The company had revenue of $41.02 million for the quarter, compared to the consensus estimate of $41.20 million. Bridge Bancorp had a return on equity of 11.24% and a net margin of 22.25%. As a group, sell-side analysts predict 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. Shareholders of record on Monday, July 22nd were paid a dividend of $0.23 per share. The ex-dividend date of this dividend was Friday, July 19th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.38%. Bridge Bancorp’s payout ratio is presently 34.59%.

In other news, Director Rudolph J. Santoro sold 1,700 shares of Bridge Bancorp stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $28.47, for a total transaction of $48,399.00. Following the transaction, the director now owns 30,347 shares in the company, valued at $863,979.09. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, major shareholder Nathan Lindenbaum purchased 3,875 shares of the business’s stock in a transaction dated Monday, August 5th. The shares were acquired at an average price of $27.16 per share, for a total transaction of $105,245.00. Following the acquisition, the insider now owns 10,015 shares of the company’s stock, valued at approximately $272,007.40. The disclosure for this purchase can be found here. Insiders own 15.50% of the company’s stock.

Large investors have recently modified their holdings of the company. Maltese Capital Management LLC purchased a new position in Bridge Bancorp in the second quarter valued at about $589,000. Nuveen Asset Management LLC purchased a new position in Bridge Bancorp in the second quarter valued at about $2,075,000. Victory Capital Management Inc. boosted its stake in Bridge Bancorp by 24.1% in the second quarter. Victory Capital Management Inc. now owns 59,000 shares of the financial services provider’s stock valued at $1,738,000 after acquiring an additional 11,443 shares during the last quarter. Bank of America Corp DE boosted its stake in Bridge Bancorp by 4.4% in the second quarter. Bank of America Corp DE now owns 38,178 shares of the financial services provider’s stock valued at $1,125,000 after acquiring an additional 1,608 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Bridge Bancorp by 0.5% in the second quarter. Vanguard Group Inc. now owns 841,484 shares of the financial services provider’s stock valued at $24,789,000 after acquiring an additional 3,885 shares during the last quarter. Institutional investors own 58.92% of the company’s stock.

About Bridge Bancorp

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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