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NewBridge Bancorp (NASDAQ:NBBC) was downgraded by equities research analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a research note issued to investors on Wednesday. They currently have a $8.50 target price on the stock.

The analysts wrote, “We are downgrading NBBC to Market Perform from Outperform solely on valuation. The stock has increased ~22% since mid-April versus the KRX at +2%, and now trades at $8.68, slightly above our $8.50 price target. NBBC has gained significant positive momentum after repaying its remaining preferred (formerly TARP), closing its recent CapStone acquisition and announcing a 5% headcount reduction to realign its retail banking segment, and now trades at 13.4x our 2015 EPS and 1.5x year-out TBVBPS. “While we’re downgrading to Market Perform, we remain favorably inclined longer term as the company appears focused on improving its core efficiency and establishing itself as a premier NC bank.”

Shares of NewBridge Bancorp (NASDAQ:NBBC) traded down 0.82% on Wednesday, hitting $8.43. 2,515 shares of the company’s stock traded hands. NewBridge Bancorp has a 1-year low of $5.85 and a 1-year high of $9.17. The stock has a 50-day moving average of $7.71 and a 200-day moving average of $7.3. The company has a market cap of $310.3 million and a P/E ratio of 13.47.

NewBridge Bancorp (NASDAQ:NBBC) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.11 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.11. Analysts expect that NewBridge Bancorp will post $0.41 EPS for the current fiscal year.

NewBridge Bancorp (NASDAQ:NBBC), incorporated on Nov 12, 2007, is a bank holding company.

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