Bridge Bancorp Inc. (BDGE) Upgraded to Hold by Zacks Investment Research
According to Zacks, “Bridge Bancorp, Inc. is the bank holding company of The Bridgehampton National Bank. “
Separately, Keefe, Bruyette & Woods dropped their price objective on shares of Bridge Bancorp from $30.00 to $28.00 and set a market perform rating for the company in a report on Thursday, August 25th.
Shares of Bridge Bancorp (NASDAQ:BDGE) opened at 28.46 on Wednesday. Bridge Bancorp has a 12 month low of $26.23 and a 12 month high of $32.40. The firm has a market cap of $488.15 million, a P/E ratio of 14.92 and a beta of 0.70. The stock’s 50 day moving average price is $29.47 and its 200-day moving average price is $29.57.
Bridge Bancorp (NASDAQ:BDGE) last posted its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.52 earnings per share for the quarter, hitting 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 anticipate that Bridge Bancorp will post $2.00 earnings per share for the current fiscal year.
In related news, major shareholder Basswood Capital Management, L purchased 2,881 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was acquired at an average price of $29.16 per share, with a total value of $84,009.96. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dennis A. Suskind sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 20th. The shares were sold at an average price of $29.37, for a total transaction of $58,740.00. Following the completion of the sale, the director now directly owns 87,973 shares of the company’s stock, valued at approximately $2,583,767.01. The disclosure for this sale can be found here. 6.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings 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 in the last quarter. 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 in the last quarter. California State Teachers Retirement System raised its stake in shares of Bridge Bancorp by 11.3% in the second quarter. California State Teachers Retirement System now owns 35,067 shares of the financial services provider’s stock worth $996,000 after buying an additional 3,567 shares in the last quarter. 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 in the last quarter. Finally, TD Asset Management Inc. raised its stake in shares of Bridge Bancorp by 40.4% in the second quarter. TD Asset Management Inc. now owns 13,200 shares of the financial services provider’s stock worth $375,000 after buying an additional 3,800 shares in the last quarter. 50.68% of the stock is owned by institutional investors and hedge funds.
About Bridge Bancorp
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Bridge Bancorp Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bridge Bancorp Inc. and related companies with MarketBeat.com's FREE daily email newsletter.