Bridge Bancorp, Inc. (BDGE) Position Boosted by American International Group Inc.
American International Group Inc. raised its stake in shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) by 7.7% during the first quarter, Holdings Channel reports. The fund owned 10,359 shares of the financial services provider’s stock after buying an additional 743 shares during the period. American International Group Inc.’s holdings in Bridge Bancorp were worth $363,000 as of its most recent filing with the SEC.
Several other institutional investors have also modified their holdings of BDGE. State Street Corp increased its stake in Bridge Bancorp by 20.4% in the fourth quarter. State Street Corp now owns 304,800 shares of the financial services provider’s stock valued at $11,551,000 after buying an additional 51,688 shares during the period. Dimensional Fund Advisors LP increased its stake in Bridge Bancorp by 19.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 254,097 shares of the financial services provider’s stock valued at $9,630,000 after buying an additional 41,451 shares during the period. Metropolitan Life Insurance Co. NY increased its stake in Bridge Bancorp by 2.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,742 shares of the financial services provider’s stock valued at $483,000 after buying an additional 251 shares during the period. AQR Capital Management LLC purchased a new stake in Bridge Bancorp during the fourth quarter valued at $356,000. Finally, Teachers Advisors LLC increased its stake in Bridge Bancorp by 8.2% in the fourth quarter. Teachers Advisors LLC now owns 28,862 shares of the financial services provider’s stock valued at $1,094,000 after buying an additional 2,196 shares during the period. Institutional investors own 54.94% of the company’s stock.
Shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) opened at 33.35 on Thursday. Bridge Bancorp, Inc. has a 12-month low of $26.90 and a 12-month high of $38.95. The company’s 50 day moving average price is $33.49 and its 200 day moving average price is $34.93. The firm has a market cap of $645.79 million, a P/E ratio of 16.89 and a beta of 0.80.
Bridge Bancorp (NASDAQ:BDGE) last released its earnings results on Wednesday, April 26th. The financial services provider reported $0.47 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.47. The business had revenue of $34.58 million for the quarter, compared to analysts’ expectations of $34.80 million. Bridge Bancorp had a return on equity of 9.33% and a net margin of 23.17%. Equities research analysts forecast that Bridge Bancorp, Inc. will post $2.01 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Investors of record on Friday, July 21st will be paid a $0.23 dividend. The ex-dividend date is Wednesday, July 19th. This represents a $0.92 dividend on an annualized basis and a yield of 2.76%. Bridge Bancorp’s dividend payout ratio is presently 46.70%.
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Several equities research analysts recently weighed in on BDGE shares. Zacks Investment Research downgraded Bridge Bancorp from a “buy” rating to a “hold” rating in a report on Wednesday, March 29th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $37.00 price objective on shares of Bridge Bancorp in a report on Wednesday, April 5th. Finally, BidaskClub downgraded Bridge Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th.
In related news, insider James J. Manseau sold 2,045 shares of the stock in a transaction on Monday, May 8th. The stock was sold at an average price of $36.35, for a total value of $74,335.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dennis A. Suskind sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $36.28, for a total value of $72,560.00. Following the transaction, the director now directly owns 82,321 shares in the company, valued at $2,986,605.88. The disclosure for this sale can be found here. In the last three months, insiders purchased 113,234 shares of company stock worth $3,815,829 and sold 383,443 shares worth $12,973,570. 5.30% of the stock is owned by corporate insiders.
About Bridge Bancorp
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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