Zacks: Bridge Bancorp Inc. (NASDAQ:BDGE) Given Consensus Recommendation of “Hold” by Brokerages
Shares of Bridge Bancorp Inc. (NASDAQ:BDGE) have received a consensus broker rating score of 3.00 (Hold) from the two analysts that provide coverage for the company, Zacks Investment Research reports. Two research analysts have rated the stock with a hold rating.
Brokerages have set a one year consensus target price of $30.00 for the company and are forecasting that the company will post $0.52 EPS for the current quarter, according to Zacks. Zacks has also assigned Bridge Bancorp an industry rank of 168 out of 265 based on the ratings given to its competitors.
Several analysts recently issued reports on the stock. Keefe, Bruyette & Woods cut their price target on shares of Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a report on Thursday, August 25th. Zacks Investment Research raised shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday, September 28th.
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In other Bridge Bancorp news, 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 transaction of $26,867.23. Following the sale, the chief operating officer now directly owns 54,762 shares of the company’s stock, valued at $1,658,740.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Basswood Capital Management, L sold 4,320 shares of the stock in a transaction on Tuesday, September 20th. The stock was sold at an average price of $29.07, for a total transaction of $125,582.40. The disclosure for this sale can be found here. Company insiders own 6.00% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Monarch Partners Asset Management LLC boosted its stake in shares of Bridge Bancorp by 23.2% in the second quarter. Monarch Partners Asset Management LLC now owns 17,552 shares of the financial services provider’s stock worth $498,000 after buying an additional 3,300 shares during the period. California State Teachers Retirement System boosted its stake in Bridge Bancorp by 11.3% in the second quarter. California State Teachers Retirement System now owns 35,067 shares of the financial services provider’s stock worth $996,000 after buying an additional 3,567 shares during the period. Bank of New York Mellon Corp boosted its stake in Bridge Bancorp by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 77,793 shares of the financial services provider’s stock worth $2,209,000 after buying an additional 5,751 shares during the period. Metropolitan Life Insurance Co. NY boosted its stake in Bridge Bancorp by 28.5% in the first quarter. Metropolitan Life Insurance Co. NY now owns 12,491 shares of the financial services provider’s stock worth $381,000 after buying an additional 2,772 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Bridge Bancorp by 6.8% in the first quarter. Geode Capital Management LLC now owns 82,440 shares of the financial services provider’s stock worth $2,511,000 after buying an additional 5,236 shares during the period. 50.68% of the stock is currently owned by institutional investors.
Shares of Bridge Bancorp (NASDAQ:BDGE) traded up 0.67% during mid-day trading on Monday, hitting $28.59. 11,780 shares of the stock traded hands. The stock has a market cap of $490.38 million, a P/E ratio of 14.99 and a beta of 0.70. The firm’s 50 day moving average price is $29.28 and its 200-day moving average price 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 quarterly earnings results on Thursday, July 28th. The financial services provider reported $0.52 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.52. Bridge Bancorp had a net margin of 22.65% and a return on equity of 10.00%. Analysts predict that Bridge Bancorp will post $2.00 earnings per share for the current year.
About Bridge Bancorp
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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