Bridge Bancorp, Inc. (BDGE) Posts Quarterly Earnings Results, Misses Estimates By $0.04 EPS
Bridge Bancorp, Inc. (NASDAQ:BDGE) released its quarterly earnings data on Wednesday. The financial services provider reported $0.45 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by $0.04, Bloomberg Earnings reports. The business had revenue of $35.30 million for the quarter, compared to analyst estimates of $36.10 million. Bridge Bancorp had a return on equity of 9.33% and a net margin of 23.17%.
Bridge Bancorp (NASDAQ BDGE) traded down 1.22% during mid-day trading on Thursday, hitting $32.50. The stock had a trading volume of 38,223 shares. The company has a 50-day moving average of $33.42 and a 200-day moving average of $34.78. The firm has a market cap of $629.33 million, a PE ratio of 16.46 and a beta of 0.80. Bridge Bancorp has a 12-month low of $26.90 and a 12-month high of $38.95.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 28th. Stockholders of record on Friday, July 21st will be issued a $0.23 dividend. This represents a $0.92 annualized dividend and a dividend yield of 2.80%. The ex-dividend date of this dividend is Wednesday, July 19th. Bridge Bancorp’s payout ratio is currently 46.70%.
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In related news, insider James J. Manseau sold 2,045 shares of Bridge Bancorp stock in a transaction dated Monday, May 8th. The stock was sold at an average price of $36.35, for a total value of $74,335.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dennis A. Suskind sold 1,500 shares of Bridge Bancorp stock in a transaction dated Thursday, June 22nd. The stock was sold at an average price of $32.00, for a total value of $48,000.00. Following the completion of the transaction, the director now owns 79,550 shares of the company’s stock, valued at $2,545,600. The disclosure for this sale can be found here. Over the last quarter, insiders purchased 113,234 shares of company stock valued at $3,815,829 and sold 380,443 shares valued at $12,873,370. 5.30% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on BDGE. BidaskClub cut Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Zacks Investment Research raised Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, June 27th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $37.00 target price on shares of Bridge Bancorp in a report on Wednesday, April 5th.
Bridge Bancorp Company Profile
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank’s operations include its real estate investment trust subsidiary, Bridgehampton Community, Inc (BCI), a financial title insurance subsidiary, Bridge Abstract LLC (Bridge Abstract), and an investment services subsidiary, Bridge Financial Services LLC (Bridge Financial Services).
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