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 (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.
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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).
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