Bridge Bancorp, Inc. (NASDAQ:BDGE) Downgraded to Sell at BidaskClub

Bridge Bancorp, Inc. (NASDAQ:BDGE) was downgraded by equities research analysts at BidaskClub from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Wednesday, July 12th.

BDGE has been the subject of a number of other reports. Zacks Investment Research lowered Bridge Bancorp from a “buy” rating to a “hold” rating in a research note on Wednesday, March 29th. Keefe, Bruyette & Woods restated a “hold” rating and issued a $37.00 target price on shares of Bridge Bancorp in a research note on Wednesday, April 5th.

Bridge Bancorp (BDGE) traded down 0.81% during midday trading on Wednesday, reaching $30.65. 56,450 shares of the company’s stock were exchanged. Bridge Bancorp has a 52 week low of $26.90 and a 52 week high of $38.95. The stock’s 50 day moving average is $32.80 and its 200 day moving average is $34.42. The firm has a market capitalization of $602.15 million, a P/E ratio of 16.20 and a beta of 0.80.

Bridge Bancorp (NASDAQ:BDGE) last announced its earnings results on Wednesday, July 26th. The financial services provider reported $0.45 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by $0.04. Bridge Bancorp had a net margin of 22.91% and a return on equity of 9.02%. The business had revenue of $35.30 million during the quarter, compared to analyst estimates of $36.10 million. On average, analysts expect that Bridge Bancorp will post $1.92 EPS for the current fiscal year.

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In other Bridge Bancorp news, insider Kevin Santacroce sold 2,166 shares of the firm’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $35.00, for a total transaction of $75,810.00. Following the transaction, the insider now owns 47,534 shares in the company, valued at $1,663,690. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Dennis A. Suskind sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was sold at an average price of $34.46, for a total value of $34,460.00. Following the transaction, the director now owns 82,550 shares in the company, valued at approximately $2,844,673. 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 377,398 shares valued at $12,758,975. 5.30% of the stock is owned by company insiders.

A number of institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Bridge Bancorp by 16.7% in the second quarter. Dimensional Fund Advisors LP now owns 362,651 shares of the financial services provider’s stock worth $12,077,000 after buying an additional 51,831 shares during the period. Northern Trust Corp boosted its position in Bridge Bancorp by 0.7% in the second quarter. Northern Trust Corp now owns 225,325 shares of the financial services provider’s stock valued at $7,503,000 after buying an additional 1,494 shares during the period. New York State Common Retirement Fund boosted its position in Bridge Bancorp by 16.1% in the second quarter. New York State Common Retirement Fund now owns 22,400 shares of the financial services provider’s stock valued at $746,000 after buying an additional 3,099 shares during the period. Ameriprise Financial Inc. boosted its position in Bridge Bancorp by 0.8% in the second quarter. Ameriprise Financial Inc. now owns 153,550 shares of the financial services provider’s stock valued at $5,113,000 after buying an additional 1,270 shares during the period. Finally, Strategic Advisors LLC boosted its position in Bridge Bancorp by 0.5% in the second quarter. Strategic Advisors LLC now owns 9,938 shares of the financial services provider’s stock valued at $331,000 after buying an additional 47 shares during the period. Hedge funds and other institutional investors own 55.94% of the company’s stock.

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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