Basswood Capital Management, L.L.C. Owns 9.4% Stake in Bridge Bancorp, Inc. (BDGE)
Basswood Capital Management, L.L.C.
revealed that they own 9.4% of Bridge Bancorp, Inc. (NASDAQ:BDGE) in a Schedule 13D/A disclosure that was filed with the Securities and Exchange Commission on Thursday, November 16th. The investor owns 2,466,310 shares of the stock valued at $84,101,171. The reporting parties listed on the disclosure included Basswood Capital Management, LLC, Basswood Partners, LLC, Basswood Enhanced Long Short GP, LLC, Basswood Opportunity Partners, LP, Basswood Opportunity Fund, Inc, Basswood Enhanced Long Short Fund, LP, Basswood Financial Fund, LP, Basswood Financial Fund, Inc, Basswood Financial Long Only Fund, LP, Matthew Lindenbaum, Bennett Lindenbaum, Abigail Tambor 2012 GST Trust, Nathan Lindenbaum, Nathan J Lindenbaum 2015 Trust, Naftali Asher Investments LLC, Victoria and Benjamin Feder 2012 Children’s Trust, Victoria L Feder 2012 GST Trust, Marcel Lindenbaum, Shari A Lindenbaum 2014 Trust, Shai Tambor and MGS Partners, LLC. The filing is available through Edgar at this link.
Basswood Capital Management, L.L.C.
provided the following explanation of their ownership:
Item 4 of the Schedule 13D is amended to include the following:
On November 13,2017, Matthew Lindenbaum contacted Marcia Hefter, the Chairman of the Company’s board of directors (the “ Board”) requesting to be appointed to the Board. The Board acknowledged Mr. Lindenbaum’s request and indicated that it would proceed with its normal process for considering such requests.
Other hedge funds also recently made changes to their positions in the company. SG Americas Securities LLC acquired a new position in shares of Bridge Bancorp during the second quarter worth approximately $105,000. Aperio Group LLC acquired a new position in shares of Bridge Bancorp during the third quarter worth approximately $241,000. Voya Investment Management LLC lifted its position in shares of Bridge Bancorp by 14.7% during the second quarter. Voya Investment Management LLC now owns 9,766 shares of the financial services provider’s stock worth $325,000 after purchasing an additional 1,255 shares in the last quarter. Strategic Advisors LLC lifted its position in shares of Bridge Bancorp by 0.5% during the second quarter. Strategic Advisors LLC now owns 9,938 shares of the financial services provider’s stock worth $331,000 after purchasing an additional 47 shares in the last quarter. Finally, Moors & Cabot Inc. acquired a new position in shares of Bridge Bancorp during the second quarter worth approximately $345,000. Institutional investors own 55.78% of the company’s stock.
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Bridge Bancorp, Inc. (BDGE) traded down $0.05 on Thursday, hitting $34.10. 28,800 shares of the company were exchanged, compared to its average volume of 49,190. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.92 and a current ratio of 0.92. The company has a market capitalization of $679.01, a P/E ratio of 17.97 and a beta of 0.71. Bridge Bancorp, Inc. has a twelve month low of $29.80 and a twelve month high of $38.95.
Bridge Bancorp (NASDAQ:BDGE) last posted its quarterly earnings results on Wednesday, October 25th. The financial services provider reported $0.48 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.51 by ($0.03). The business had revenue of $37.32 million for the quarter, compared to the consensus estimate of $36.50 million. Bridge Bancorp had a return on equity of 8.52% and a net margin of 22.62%. equities analysts anticipate that Bridge Bancorp, Inc. will post 1.89 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 27th. Investors of record on Friday, October 20th were paid a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, October 19th. Bridge Bancorp’s dividend payout ratio (DPR) is 48.94%.
BDGE has been the topic of a number of research reports. Zacks Investment Research lowered shares of Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, July 28th. BidaskClub downgraded shares of Bridge Bancorp from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $37.00 price target on shares of Bridge Bancorp in a research note on Thursday, August 10th. ValuEngine raised shares of Bridge Bancorp from a “hold” rating to a “buy” rating in a research note on Wednesday, September 27th. Finally, FIG Partners reissued a “market-perform” rating on shares of Bridge Bancorp in a research note on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. Bridge Bancorp currently has an average rating of “Hold” and an average price target of $38.50.
Bridge Bancorp 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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