Bridge Bancorp, Inc. (NASDAQ:BDGE) Rating Lowered to Sell at BidaskClub

Bridge Bancorp, Inc. (NASDAQ:BDGE) was downgraded by investment analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

Several other research firms also recently commented on BDGE. Zacks Investment Research downgraded shares of Bridge Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Bridge Bancorp in a research report on Wednesday, April 5th.

Bridge Bancorp (NASDAQ:BDGE) traded down 1.6338% during trading on Wednesday, reaching $33.1494. The company’s stock had a trading volume of 8,725 shares. The company has a market cap of $641.90 million, a P/E ratio of 16.7930 and a beta of 0.80. Bridge Bancorp has a 12 month low of $26.90 and a 12 month high of $38.95. The stock’s 50-day moving average is $33.82 and its 200 day moving average is $35.36.

Bridge Bancorp (NASDAQ:BDGE) last posted its earnings results on Wednesday, April 26th. The financial services provider reported $0.47 EPS for the quarter, hitting the consensus estimate of $0.47. The company had revenue of $34.58 million during the quarter, compared to the consensus estimate of $34.80 million. Bridge Bancorp had a net margin of 23.17% and a return on equity of 9.33%. On average, equities analysts forecast that Bridge Bancorp will post $2.01 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 21st will be given a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date is Wednesday, July 19th. Bridge Bancorp’s dividend payout ratio is currently 46.70%.

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In related news, insider James J. Manseau sold 2,045 shares of the company’s stock in a transaction that occurred on Monday, May 8th. The shares were sold at an average price of $36.35, for a total transaction of $74,335.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Basswood Capital Management, L sold 133,878 shares of the company’s stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $33.67, for a total transaction of $4,507,672.26. The disclosure for this sale can be found here. Over the last three months, insiders have bought 113,234 shares of company stock valued at $3,815,829 and have sold 383,443 shares valued at $12,973,570. 5.30% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of BDGE. State Street Corp boosted 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 in the last quarter. Dimensional Fund Advisors LP boosted 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 in the last quarter. Metropolitan Life Insurance Co. NY boosted 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 in the last quarter. AQR Capital Management LLC purchased a new stake in Bridge Bancorp during the fourth quarter valued at about $356,000. Finally, Teachers Advisors LLC boosted 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 in the last quarter. Institutional investors and hedge funds own 54.94% of the company’s stock.

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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