Bridge Bancorp (NASDAQ:BDGE) Raised to “Hold” at Zacks Investment Research

Bridge Bancorp (NASDAQ:BDGE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Tuesday, Zacks.com reports.

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

Separately, BidaskClub upgraded Bridge Bancorp from a “sell” rating to a “hold” rating in a research note on Thursday, September 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the company’s stock. Bridge Bancorp has a consensus rating of “Hold” and a consensus target price of $32.50.

Shares of BDGE traded down $0.22 during midday trading on Tuesday, hitting $29.59. 24,700 shares of the company’s stock traded hands, compared to its average volume of 32,602. Bridge Bancorp has a 1 year low of $24.12 and a 1 year high of $35.45. The firm’s fifty day moving average is $27.75 and its 200-day moving average is $29.32. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $597.69 million, a price-to-earnings ratio of 11.12 and a beta of 1.11.

Bridge Bancorp (NASDAQ:BDGE) last issued its quarterly earnings data on Tuesday, July 23rd. The financial services provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.67 by ($0.14). The business had revenue of $41.02 million for the quarter, compared to analysts’ expectations of $41.20 million. Bridge Bancorp had a net margin of 22.25% and a return on equity of 11.24%. On average, equities research analysts anticipate that Bridge Bancorp will post 2.52 EPS for the current year.

In related news, Director Rudolph J. Santoro sold 1,700 shares of the firm’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $28.47, for a total value of $48,399.00. Following the completion of the transaction, the director now owns 30,347 shares in the company, valued at approximately $863,979.09. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Nathan Lindenbaum bought 3,875 shares of Bridge Bancorp stock in a transaction that occurred on Monday, August 5th. The stock was purchased at an average price of $27.16 per share, with a total value of $105,245.00. Following the purchase, the insider now directly owns 10,015 shares in the company, valued at $272,007.40. The disclosure for this purchase can be found here. Company insiders own 15.50% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of Montreal Can purchased a new position in shares of Bridge Bancorp during the 2nd quarter valued at about $41,000. BNP Paribas Arbitrage SA raised its stake in shares of Bridge Bancorp by 446.0% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,467 shares of the financial services provider’s stock valued at $102,000 after buying an additional 2,832 shares during the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of Bridge Bancorp during the 1st quarter valued at about $219,000. Moors & Cabot Inc. purchased a new position in shares of Bridge Bancorp during the 1st quarter valued at about $314,000. Finally, Municipal Employees Retirement System of Michigan purchased a new position in shares of Bridge Bancorp during the 2nd quarter valued at about $403,000. Institutional investors and hedge funds own 58.56% of the company’s stock.

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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