Bridge Bancorp (NASDAQ:BDGE) Lowered to Sell at BidaskClub

BidaskClub cut shares of Bridge Bancorp (NASDAQ:BDGE) from a hold rating to a sell rating in a research note issued to investors on Thursday morning, BidAskClub reports.

Other research analysts also recently issued reports about the company. Zacks Investment Research downgraded Bridge Bancorp from a hold rating to a sell rating in a report on Wednesday, September 16th. ValuEngine downgraded Bridge Bancorp from a sell rating to a strong sell rating in a report on Monday, August 3rd. Three equities research analysts have rated the stock with a sell rating and one has issued a hold rating to the stock. The company presently has an average rating of Sell and an average price target of $27.50.

NASDAQ BDGE opened at $18.84 on Thursday. Bridge Bancorp has a 12 month low of $17.17 and a 12 month high of $34.25. The stock has a market cap of $372.00 million, a P/E ratio of 7.79 and a beta of 1.10. The stock’s fifty day moving average price is $19.99 and its 200-day moving average price is $20.50. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.83.

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

In other news, Director Daniel Rubin bought 4,971 shares of the stock in a transaction on Friday, September 4th. The shares were bought at an average price of $20.68 per share, with a total value of $102,800.28. Following the completion of the acquisition, the director now owns 31,309 shares in the company, valued at $647,470.12. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last three months, insiders acquired 6,000 shares of company stock worth $121,381. 15.50% of the stock is owned by corporate insiders.

A number of hedge funds have recently bought and sold shares of the business. HighTower Advisors LLC lifted its holdings in Bridge Bancorp by 5.2% in the second quarter. HighTower Advisors LLC now owns 10,767 shares of the financial services provider’s stock valued at $246,000 after acquiring an additional 533 shares during the period. American International Group Inc. lifted its holdings in Bridge Bancorp by 5.7% in the second quarter. American International Group Inc. now owns 10,205 shares of the financial services provider’s stock valued at $233,000 after acquiring an additional 553 shares during the period. BNP Paribas Arbitrage SA lifted its holdings in Bridge Bancorp by 25.7% in the first quarter. BNP Paribas Arbitrage SA now owns 5,055 shares of the financial services provider’s stock valued at $107,000 after acquiring an additional 1,033 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Bridge Bancorp by 1.7% in the first quarter. Nuveen Asset Management LLC now owns 76,358 shares of the financial services provider’s stock worth $1,616,000 after buying an additional 1,286 shares during the period. Finally, Rhumbline Advisers raised its stake in shares of Bridge Bancorp by 5.0% in the first quarter. Rhumbline Advisers now owns 28,969 shares of the financial services provider’s stock worth $613,000 after buying an additional 1,375 shares during the period. 57.62% of the stock is currently owned by institutional investors.

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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