Bridge Bancorp (NASDAQ:BDGE) was downgraded by investment analysts at BidaskClub from a “sell” rating to a “strong sell” rating in a report issued on Thursday.
A number of other analysts have also issued reports on the stock. ValuEngine lowered shares of Bridge Bancorp from a “buy” rating to a “hold” rating in a research note on Saturday, January 13th. Sandler O’Neill set a $41.00 target price on shares of Bridge Bancorp and gave the company a “buy” rating in a research note on Wednesday, January 3rd. Keefe, Bruyette & Woods reissued a “hold” rating and set a $40.50 target price on shares of Bridge Bancorp in a research note on Friday, December 22nd. Zacks Investment Research lowered shares of Bridge Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, January 31st. Finally, FIG Partners reissued a “market-perform” rating on shares of Bridge Bancorp in a research note on Thursday, October 26th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the company. Bridge Bancorp currently has an average rating of “Hold” and an average price target of $39.75.
Shares of Bridge Bancorp (NASDAQ:BDGE) traded up $0.55 on Thursday, hitting $32.80. 38,998 shares of the stock were exchanged, compared to its average volume of 39,167. The stock has a market capitalization of $646.49, a price-to-earnings ratio of 31.24 and a beta of 0.68. Bridge Bancorp has a 1 year low of $29.80 and a 1 year high of $37.95. The company has a debt-to-equity ratio of 1.26, a current ratio of 0.92 and a quick ratio of 0.92.
In other news, major shareholder Basswood Capital Management, L acquired 109,633 shares of the firm’s stock in a transaction that occurred on Thursday, November 30th. The stock was purchased at an average cost of $36.09 per share, for a total transaction of $3,956,654.97. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jr. Albert E. Mccoy acquired 6,200 shares of the firm’s stock in a transaction that occurred on Tuesday, February 6th. The stock was purchased at an average price of $33.46 per share, with a total value of $207,452.00. Following the completion of the acquisition, the director now directly owns 107,990 shares of the company’s stock, valued at $3,613,345.40. The disclosure for this purchase can be found here. Insiders purchased 123,557 shares of company stock valued at $4,439,159 over the last 90 days. 5.30% of the stock is currently owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. Citadel Advisors LLC bought a new stake in shares of Bridge Bancorp in the fourth quarter valued at about $376,000. BlackRock Inc. raised its holdings in shares of Bridge Bancorp by 4.5% in the fourth quarter. BlackRock Inc. now owns 1,072,211 shares of the financial services provider’s stock valued at $37,527,000 after acquiring an additional 46,173 shares in the last quarter. Wells Fargo & Company MN raised its holdings in shares of Bridge Bancorp by 28.2% in the fourth quarter. Wells Fargo & Company MN now owns 27,784 shares of the financial services provider’s stock valued at $973,000 after acquiring an additional 6,110 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of Bridge Bancorp by 7.3% in the fourth quarter. Victory Capital Management Inc. now owns 38,080 shares of the financial services provider’s stock valued at $1,333,000 after acquiring an additional 2,580 shares in the last quarter. Finally, Fisher Asset Management LLC bought a new stake in shares of Bridge Bancorp in the fourth quarter valued at about $282,000. Hedge funds and other institutional investors own 56.80% of the company’s stock.
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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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