Bridge Bancorp Inc. (BDGE) Trading Down 1% After Insider Selling
Bridge Bancorp Inc. (NASDAQ:BDGE)’s share price fell 1% on Wednesday following insider selling activity. The company traded as low as $28.57 and last traded at $28.60, with a volume of 80,120 shares. The stock had previously closed at $28.89.
Specifically, COO Howard H. Nolan sold 887 shares of the business’s stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $30.29, for a total value of $26,867.23. Following the transaction, the chief operating officer now owns 54,762 shares of the company’s stock, valued at $1,658,740.98. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Marcia Hefter acquired 1,500 shares of Bridge Bancorp stock in a transaction on Friday, June 24th. The stock was acquired at an average cost of $27.95 per share, for a total transaction of $41,925.00. Following the purchase, the director now owns 46,427 shares of the company’s stock, valued at approximately $1,297,634.65. The disclosure for this purchase can be found here. 6.00% of the stock is owned by company insiders.
A number of research firms have commented on BDGE. Keefe, Bruyette & Woods reduced their price objective on Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a research note on Thursday, August 25th. Zacks Investment Research raised Bridge Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, June 29th.
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The stock’s 50-day moving average is $29.70 and its 200 day moving average is $29.59. The stock has a market cap of $490.55 million, a price-to-earnings ratio of 15.00 and a beta of 0.72.
Bridge Bancorp (NASDAQ:BDGE) last announced its earnings results on Thursday, July 28th. The financial services provider reported $0.52 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.52. Bridge Bancorp had a return on equity of 10.00% and a net margin of 22.65%. On average, equities research analysts forecast that Bridge Bancorp Inc. will post $2.00 EPS for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. BlackRock Group LTD purchased a new position in shares of Bridge Bancorp during the first quarter worth $117,000. BlackRock Inc. raised its position in Bridge Bancorp by 326.5% in the second quarter. BlackRock Inc. now owns 4,431 shares of the financial services provider’s stock worth $125,000 after buying an additional 3,392 shares during the period. BlackRock Advisors LLC raised its position in Bridge Bancorp by 11.2% in the second quarter. BlackRock Advisors LLC now owns 7,551 shares of the financial services provider’s stock worth $214,000 after buying an additional 759 shares during the period. Strategic Advisors LLC raised its position in Bridge Bancorp by 0.5% in the second quarter. Strategic Advisors LLC now owns 8,491 shares of the financial services provider’s stock worth $241,000 after buying an additional 41 shares during the period. Finally, American International Group Inc. raised its position in Bridge Bancorp by 16.1% in the second quarter. American International Group Inc. now owns 9,627 shares of the financial services provider’s stock worth $273,000 after buying an additional 1,333 shares during the period. Institutional investors own 50.68% of the company’s stock.
Bridge Bancorp Company Profile
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.
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