Bridge Bancorp Inc. (BDGE) Announces $0.23 Quarterly Dividend
Bridge Bancorp Inc. (NASDAQ:BDGE) announced a quarterly dividend on Monday, October 10th. Stockholders of record on Friday, October 21st will be paid a dividend of 0.23 per share by the financial services provider on Friday, October 28th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date is Wednesday, October 19th.
Shares of Bridge Bancorp (NASDAQ:BDGE) traded up 0.32% during mid-day trading on Monday, hitting $28.49. 39,328 shares of the stock were exchanged. The firm has a market cap of $488.66 million, a P/E ratio of 14.94 and a beta of 0.70. The stock’s 50 day moving average is $29.28 and its 200 day moving average is $29.55. Bridge Bancorp has a 12 month low of $26.23 and a 12 month high of $32.40.
Bridge Bancorp (NASDAQ:BDGE) last posted its earnings results on Thursday, July 28th. The financial services provider reported $0.52 EPS for the quarter, meeting analysts’ consensus estimates of $0.52. Bridge Bancorp had a return on equity of 10.00% and a net margin of 22.65%. Analysts expect that Bridge Bancorp will post $2.00 EPS for the current fiscal year.
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In related news, Director Dennis A. Suskind sold 2,000 shares of the stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $29.37, for a total transaction of $58,740.00. Following the sale, the director now owns 87,973 shares in the company, valued at approximately $2,583,767.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Howard H. Nolan sold 887 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $30.29, for a total value of $26,867.23. Following the sale, the chief operating officer now owns 54,762 shares in the company, valued at approximately $1,658,740.98. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. raised its stake in Bridge Bancorp by 326.5% in the second quarter. BlackRock Inc. now owns 4,431 shares of the financial services provider’s stock valued at $125,000 after buying an additional 3,392 shares during the last quarter. BlackRock Advisors LLC raised its stake 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 last quarter. American International Group Inc. raised its stake 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 last quarter. Nationwide Fund Advisors raised its stake in Bridge Bancorp by 12.7% in the second quarter. Nationwide Fund Advisors now owns 10,913 shares of the financial services provider’s stock worth $310,000 after buying an additional 1,234 shares during the last quarter. Finally, Alliancebernstein L.P. raised its stake in Bridge Bancorp by 227.5% in the second quarter. Alliancebernstein L.P. now owns 25,481 shares of the financial services provider’s stock worth $724,000 after buying an additional 17,700 shares during the last quarter. Institutional investors own 50.68% of the company’s stock.
Several research firms recently weighed in on BDGE. Zacks Investment Research upgraded Bridge Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, June 29th. Keefe, Bruyette & Woods decreased their price target on Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Thursday, August 25th.
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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