Bridge Bancorp Inc. (BDGE) Stock Rating Upgraded by Zacks Investment Research
Bridge Bancorp Inc. (NASDAQ:BDGE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “Bridge Bancorp, Inc. is the bank holding company of The Bridgehampton National Bank. “
Separately, Keefe, Bruyette & Woods cut their price target on shares of Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Thursday, August 25th.
Shares of Bridge Bancorp (NASDAQ:BDGE) traded up 0.31% on Wednesday, hitting $28.98. 63,824 shares of the stock traded hands. Bridge Bancorp has a 12-month low of $25.74 and a 12-month high of $32.40. The firm’s 50-day moving average is $29.61 and its 200 day moving average is $29.58. The firm has a market cap of $497.06 million, a P/E ratio of 15.20 and a beta of 0.72.
Bridge Bancorp (NASDAQ:BDGE) last posted its quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.52 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.52. Bridge Bancorp had a net margin of 22.65% and a return on equity of 10.00%. Equities research analysts forecast that Bridge Bancorp will post $2.00 EPS for the current fiscal year.
In other news, major shareholder Basswood Capital Management, L sold 4,320 shares of Bridge Bancorp stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $29.07, for a total transaction of $125,582.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Howard H. Nolan sold 887 shares of Bridge Bancorp stock in a transaction that occurred on Thursday, August 18th. The shares were sold at an average price of $30.29, for a total transaction of $26,867.23. Following the sale, the chief operating officer now owns 54,762 shares in the company, valued at approximately $1,658,740.98. The disclosure for this sale can be found here. Insiders own 6.00% of the company’s stock.
Several hedge funds have recently bought and sold shares of BDGE. State Street Corp raised its stake in shares of Bridge Bancorp by 4.4% in the first quarter. State Street Corp now owns 203,882 shares of the financial services provider’s stock worth $6,212,000 after buying an additional 8,505 shares during the period. Geode Capital Management LLC raised its stake in shares of Bridge Bancorp by 6.8% in the first quarter. Geode Capital Management LLC now owns 82,440 shares of the financial services provider’s stock worth $2,511,000 after buying an additional 5,236 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in shares of Bridge Bancorp by 28.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 12,491 shares of the financial services provider’s stock worth $381,000 after buying an additional 2,772 shares during the period. Strategic Advisors LLC raised its stake in shares of Bridge Bancorp by 0.5% in the second quarter. Strategic Advisors LLC now owns 8,491 shares of the financial services provider’s stock worth $241,000 after buying an additional 41 shares during the period. Finally, Monarch Partners Asset Management LLC raised its stake in shares of Bridge Bancorp by 23.2% in the second quarter. Monarch Partners Asset Management LLC now owns 17,552 shares of the financial services provider’s stock worth $498,000 after buying an additional 3,300 shares during the period. Institutional investors own 50.68% 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 engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) and non-agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States government sponsored entity (U.S.
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