Bridge Bancorp, Inc. (NASDAQ:BDGE) declared a quarterly dividend on Monday, January 13th, Wall Street Journal reports. Shareholders of record on Friday, January 24th will be given a dividend of 0.24 per share by the financial services provider on Friday, January 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, January 23rd. This is a boost from Bridge Bancorp’s previous quarterly dividend of $0.23.
Bridge Bancorp has a dividend payout ratio of 35.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Bridge Bancorp to earn $2.78 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 33.1%.
Shares of BDGE stock traded up $0.65 during midday trading on Monday, reaching $32.74. 41,356 shares of the stock were exchanged, compared to its average volume of 34,082. Bridge Bancorp has a 1 year low of $25.47 and a 1 year high of $34.25. The company’s 50 day moving average is $33.17 and its two-hundred day moving average is $30.36. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.94. The firm has a market cap of $636.52 million, a PE ratio of 12.31 and a beta of 1.11.
Several analysts recently weighed in on the company. DA Davidson assumed coverage on Bridge Bancorp in a research note on Thursday, October 3rd. They issued a “neutral” rating and a $33.00 price target on the stock. ValuEngine downgraded Bridge Bancorp from a “hold” rating to a “sell” rating in a research note on Wednesday, December 4th. BidaskClub downgraded Bridge Bancorp from a “hold” rating to a “sell” rating in a research note on Tuesday, January 7th. Finally, Zacks Investment Research downgraded Bridge Bancorp from a “buy” rating to a “hold” rating in a research note on Tuesday, December 31st. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the stock. Bridge Bancorp has a consensus rating of “Hold” and an average price target of $34.67.
In related news, Director Basswood Capital Management, L sold 51,275 shares of the company’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $33.10, for a total value of $1,697,202.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders sold a total of 118,759 shares of company stock worth $3,913,792 in the last 90 days. 15.50% of the stock is currently owned by company insiders.
Bridge Bancorp Company Profile
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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