Bridge Bancorp (BDGE) Lowered to Sell at Zacks Investment Research

Bridge Bancorp (NASDAQ:BDGE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

According to Zacks, “Bridge Bancorp, Inc. is the bank holding company of The Bridgehampton National Bank. “

Several other research analysts also recently issued reports on BDGE. BidaskClub downgraded Bridge Bancorp from a “sell” rating to a “strong sell” rating in a report on Thursday. FIG Partners reaffirmed a “market-perform” rating on shares of Bridge Bancorp in a report on Thursday, October 26th. Sandler O’Neill set a $39.00 price objective on Bridge Bancorp and gave the stock a “buy” rating in a report on Thursday. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $40.50 price objective on shares of Bridge Bancorp in a report on Friday, December 22nd. Finally, ValuEngine downgraded Bridge Bancorp from a “buy” rating to a “hold” rating in a report on Saturday, January 13th. Two equities research analysts have rated the stock with a sell rating, two have issued a hold rating and one has given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $39.75.

Bridge Bancorp (BDGE) traded down $0.70 during trading hours on Thursday, reaching $32.25. The company’s stock had a trading volume of 37,720 shares, compared to its average volume of 40,167. Bridge Bancorp has a 12-month low of $29.80 and a 12-month high of $37.95. The company has a debt-to-equity ratio of 1.26, a quick ratio of 0.92 and a current ratio of 0.92. The firm has a market cap of $635.65, a P/E ratio of 16.97 and a beta of 0.68.

Bridge Bancorp (NASDAQ:BDGE) last posted its quarterly earnings data on Monday, January 29th. The financial services provider reported $0.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.51 by ($0.21). Bridge Bancorp had a return on equity of 7.65% and a net margin of 12.23%. The firm had revenue of $38.06 million for the quarter, compared to analyst estimates of $37.40 million. analysts forecast that Bridge Bancorp will post 2.1 EPS for the current fiscal year.

In related news, Director Jr. Albert E. Mccoy purchased 6,200 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were bought at an average price of $33.46 per share, with a total value of $207,452.00. Following the purchase, the director now directly owns 107,990 shares in the company, valued at approximately $3,613,345.40. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Basswood Capital Management, L purchased 3,862 shares of the business’s stock in a transaction dated Saturday, December 22nd. The stock was bought at an average cost of $35.61 per share, for a total transaction of $137,525.82. The disclosure for this purchase can be found here. In the last three months, insiders bought 123,557 shares of company stock worth $4,439,159. 5.30% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its stake in Bridge Bancorp by 3.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 15,204 shares of the financial services provider’s stock worth $506,000 after buying an additional 564 shares during the period. Voya Investment Management LLC raised its stake in Bridge Bancorp by 14.7% during the 2nd quarter. Voya Investment Management LLC now owns 9,766 shares of the financial services provider’s stock worth $325,000 after buying an additional 1,255 shares during the period. Ameriprise Financial Inc. raised its stake in Bridge Bancorp by 0.8% during the 2nd quarter. Ameriprise Financial Inc. now owns 153,550 shares of the financial services provider’s stock worth $5,113,000 after buying an additional 1,270 shares during the period. Goldman Sachs Group Inc. raised its stake in Bridge Bancorp by 4.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 35,340 shares of the financial services provider’s stock worth $1,177,000 after buying an additional 1,374 shares during the period. Finally, Northern Trust Corp raised its stake in Bridge Bancorp by 0.7% during the 2nd quarter. Northern Trust Corp now owns 225,325 shares of the financial services provider’s stock worth $7,503,000 after buying an additional 1,494 shares during the period. 56.80% of the stock is currently owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: “Bridge Bancorp (BDGE) Lowered to Sell at Zacks Investment Research” was first reported by American Banking News and is owned by of American Banking News. If you are accessing this story on another site, it was illegally stolen and reposted in violation of United States & international copyright laws. The legal version of this story can be accessed at https://www.americanbankingnews.com/2018/02/08/bridge-bancorp-bdge-lowered-to-sell-at-zacks-investment-research.html.

About Bridge Bancorp

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).

Get a free copy of the Zacks research report on Bridge Bancorp (BDGE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Bridge Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bridge Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply