Bridge Bancorp (NASDAQ:BDGE) Downgraded by BidaskClub to “Strong Sell”

BidaskClub cut shares of Bridge Bancorp (NASDAQ:BDGE) from a sell rating to a strong sell rating in a research note issued to investors on Wednesday, BidAskClub reports.

Several other equities research analysts have also recently issued reports on BDGE. ValuEngine cut shares of Bridge Bancorp from a hold rating to a sell rating in a research report on Wednesday, December 4th. Zacks Investment Research downgraded shares of Bridge Bancorp from a buy rating to a hold rating in a research note on Tuesday, December 31st. Finally, DA Davidson assumed coverage on shares of Bridge Bancorp in a research note on Thursday, October 3rd. They issued a neutral rating and a $33.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $34.67.

Shares of BDGE stock traded up $0.81 during trading on Wednesday, hitting $33.35. 553 shares of the company were exchanged, compared to its average volume of 34,859. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $649.41 million, a price-to-earnings ratio of 12.49 and a beta of 1.11. The business’s 50-day simple moving average is $33.13 and its 200 day simple moving average is $30.46. Bridge Bancorp has a twelve month low of $25.47 and a twelve month high of $34.25.

Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings results on Friday, October 25th. The financial services provider reported $0.70 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.04. Bridge Bancorp had a return on equity of 10.95% and a net margin of 25.32%. The firm had revenue of $42.96 million during the quarter, compared to the consensus estimate of $41.70 million. On average, equities analysts forecast that Bridge Bancorp will post 2.57 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be paid a $0.24 dividend. This is an increase from Bridge Bancorp’s previous quarterly dividend of $0.23. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, January 23rd. Bridge Bancorp’s dividend payout ratio (DPR) is 34.59%.

In other Bridge Bancorp news, Director Basswood Capital Management, L sold 6,753 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $33.80, for a total transaction of $228,251.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last 90 days, insiders sold 118,759 shares of company stock worth $3,913,792. Company insiders own 15.50% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in BDGE. Bank of Montreal Can acquired a new stake in shares of Bridge Bancorp in the 2nd quarter worth about $41,000. Commonwealth Equity Services LLC acquired a new stake in shares of Bridge Bancorp in the 3rd quarter worth about $220,000. HighTower Advisors LLC increased its stake in Bridge Bancorp by 42.0% during the 2nd quarter. HighTower Advisors LLC now owns 14,534 shares of the financial services provider’s stock valued at $429,000 after buying an additional 4,300 shares during the period. Maltese Capital Management LLC acquired a new position in Bridge Bancorp during the 2nd quarter valued at about $589,000. Finally, Prudential Financial Inc. increased its stake in Bridge Bancorp by 19.6% during the 2nd quarter. Prudential Financial Inc. now owns 22,160 shares of the financial services provider’s stock valued at $653,000 after buying an additional 3,630 shares during the period. Hedge funds and other institutional investors own 59.11% of the company’s stock.

Bridge Bancorp Company Profile

Bridge Bancorp, Inc operates as the bank holding company for the BNB Bank that provide commercial and consumer banking products and services to small businesses, and municipal and consumer relationships. It accepts time, savings, and demand deposits. The company offers commercial real estate, multi-family mortgage, residential mortgage, secured and unsecured commercial and consumer, home equity, and construction and land loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.

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