Bridge Bancorp (NASDAQ:BDGE) Downgraded to “Sell” at Zacks Investment Research

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

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

BDGE has been the topic of a number of other reports. ValuEngine lowered Bridge Bancorp from a “sell” rating to a “strong sell” rating in a research report on Monday, August 3rd. BidaskClub upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research note on Wednesday, September 9th. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $27.50.

BDGE stock traded up $0.09 during trading on Wednesday, reaching $19.73. The stock had a trading volume of 53,161 shares, compared to its average volume of 84,034. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.83. The firm has a fifty day moving average price of $19.90 and a 200 day moving average price of $20.63. The company has a market capitalization of $394.30 million, a P/E ratio of 8.15 and a beta of 1.10. Bridge Bancorp has a 1-year low of $17.17 and a 1-year high of $34.25.

Bridge Bancorp (NASDAQ:BDGE) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.52 by $0.02. Bridge Bancorp had a return on equity of 9.66% and a net margin of 23.52%. The business had revenue of $42.68 million for the quarter, compared to analyst estimates of $42.95 million. Sell-side analysts predict that Bridge Bancorp will post 2.59 EPS for the current year.

In other news, Director Daniel Rubin acquired 4,971 shares of the stock in a transaction that occurred on Friday, September 4th. The stock was purchased at an average cost of $20.68 per share, with a total value of $102,800.28. Following the completion of the acquisition, the director now directly owns 31,309 shares in the company, valued at $647,470.12. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased 6,000 shares of company stock valued at $121,381 over the last quarter. Insiders own 16.50% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of BDGE. Captrust Financial Advisors acquired a new stake in shares of Bridge Bancorp during the 2nd quarter valued at approximately $33,000. Bank of Montreal Can acquired a new stake in shares of Bridge Bancorp during the second quarter worth $33,000. BNP Paribas Arbitrage SA raised its holdings in shares of Bridge Bancorp by 25.7% during the first quarter. BNP Paribas Arbitrage SA now owns 5,055 shares of the financial services provider’s stock worth $107,000 after purchasing an additional 1,033 shares during the period. Citigroup Inc. lifted its position in shares of Bridge Bancorp by 54.2% in the 1st quarter. Citigroup Inc. now owns 5,623 shares of the financial services provider’s stock worth $119,000 after buying an additional 1,976 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Bridge Bancorp by 61.0% in the 1st quarter. SG Americas Securities LLC now owns 5,610 shares of the financial services provider’s stock valued at $119,000 after buying an additional 2,126 shares during the period. Institutional investors own 57.62% of the company’s stock.

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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