Short Interest in Bridge Bancorp, Inc. (NASDAQ:BDGE) Declines By 5.8%

Bridge Bancorp, Inc. (NASDAQ:BDGE) was the target of a significant drop in short interest in July. As of July 15th, there was short interest totalling 501,300 shares, a drop of 5.8% from the June 15th total of 531,900 shares. Based on an average daily volume of 26,200 shares, the short-interest ratio is currently 19.1 days. Approximately 2.8% of the company’s stock are sold short.

Shares of BDGE opened at $29.40 on Wednesday. The company has a market capitalization of $579.96 million, a P/E ratio of 11.05 and a beta of 1.08. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.97. The firm’s 50 day moving average price is $28.83. Bridge Bancorp has a twelve month low of $24.12 and a twelve month high of $36.50.

Bridge Bancorp (NASDAQ:BDGE) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.14). The firm had revenue of $41.02 million for the quarter, compared to the consensus estimate of $41.20 million. Bridge Bancorp had a net margin of 22.25% and a return on equity of 11.37%. As a group, equities analysts predict that Bridge Bancorp will post 2.52 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Monday, July 29th. Investors of record on Monday, July 22nd were given a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 3.13%. The ex-dividend date was Friday, July 19th. Bridge Bancorp’s dividend payout ratio (DPR) is currently 34.59%.

A number of equities analysts have weighed in on the stock. BidaskClub raised shares of WhiteHorse Finance from a “sell” rating to a “hold” rating in a research note on Thursday, July 18th. Zacks Investment Research downgraded shares of Phoenix New Media from a “hold” rating to a “sell” rating in a research report on Tuesday, July 23rd. Finally, Boenning Scattergood reissued a “neutral” rating on shares of United Bankshares in a research report on Thursday, April 25th. Three analysts have rated the stock with a sell rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $32.50.

In other Bridge Bancorp news, insider Kevin Santacroce sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $29.33, for a total transaction of $43,995.00. Following the completion of the transaction, the insider now owns 39,198 shares of the company’s stock, valued at $1,149,677.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Nathan Lindenbaum bought 3,126 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were acquired at an average cost of $27.75 per share, with a total value of $86,746.50. Following the purchase, the insider now directly owns 7,015 shares of the company’s stock, valued at approximately $194,666.25. The disclosure for this purchase can be found here. 15.50% of the stock is currently owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA increased its position in shares of Bridge Bancorp by 446.0% during the first quarter. BNP Paribas Arbitrage SA now owns 3,467 shares of the financial services provider’s stock valued at $102,000 after acquiring an additional 2,832 shares in the last quarter. Citigroup Inc. grew its position in Bridge Bancorp by 13.6% in the 4th quarter. Citigroup Inc. now owns 5,111 shares of the financial services provider’s stock worth $130,000 after purchasing an additional 613 shares during the period. Metropolitan Life Insurance Co. NY grew its position in Bridge Bancorp by 352.4% in the 4th quarter. Metropolitan Life Insurance Co. NY now owns 6,239 shares of the financial services provider’s stock worth $159,000 after purchasing an additional 4,860 shares during the period. Virginia Retirement Systems ET AL bought a new stake in Bridge Bancorp in the 1st quarter worth approximately $211,000. Finally, State Board of Administration of Florida Retirement System bought a new stake in Bridge Bancorp in the 1st quarter worth approximately $219,000. 57.99% of the stock is owned by institutional investors.

About Bridge Bancorp

Bridge Bancorp, Inc operates as the bank holding company for the BNB Bank that provide commercial and consumer banking products and services to small businesses, and municipal and consumer relationships. It accepts time, savings, and demand deposits. The company offers commercial real estate, multi-family mortgage, residential mortgage, secured and unsecured commercial and consumer, home equity, and construction and land loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.

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