Bridge Bancorp (NASDAQ:BDGE) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Bridge Bancorp (NASDAQ:BDGE) from a sell rating to a hold rating in a report published on Tuesday morning, 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 research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus price target of $32.50.

Bridge Bancorp stock opened at $29.68 on Tuesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.93 and a current ratio of 0.93. The business’s 50-day simple moving average is $27.78 and its two-hundred day simple moving average is $29.25. The company has a market cap of $589.56 million, a PE ratio of 11.16 and a beta of 1.11. Bridge Bancorp has a fifty-two week low of $24.12 and a fifty-two week high of $35.45.

Bridge Bancorp (NASDAQ:BDGE) last posted 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 analysts’ expectations of $41.20 million. Bridge Bancorp had a net margin of 22.25% and a return on equity of 11.24%. As a group, analysts predict that Bridge Bancorp will post 2.51 EPS for the current fiscal year.

In other news, insider Kevin Santacroce sold 1,500 shares of the company’s stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $29.33, for a total value of $43,995.00. Following the sale, the insider now owns 39,198 shares in the company, valued at $1,149,677.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rudolph J. Santoro sold 1,700 shares of the company’s stock in a transaction dated 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 sale, the director now owns 30,347 shares in the company, valued at approximately $863,979.09. The disclosure for this sale can be found here. 15.50% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of BDGE. Castine Capital Management LLC purchased a new stake in shares of Bridge Bancorp in the first quarter worth about $2,197,000. Nuveen Asset Management LLC purchased a new stake in shares of Bridge Bancorp in the second quarter worth about $2,075,000. Banc Funds Co. LLC boosted its stake in shares of Bridge Bancorp by 48.0% in the first quarter. Banc Funds Co. LLC now owns 197,954 shares of the financial services provider’s stock worth $5,800,000 after buying an additional 64,234 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Bridge Bancorp by 9.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 731,112 shares of the financial services provider’s stock worth $18,636,000 after buying an additional 63,777 shares during the last quarter. Finally, LSV Asset Management boosted its stake in shares of Bridge Bancorp by 117.0% in the first quarter. LSV Asset Management now owns 83,200 shares of the financial services provider’s stock worth $2,437,000 after buying an additional 44,865 shares during the last quarter. Hedge funds and other institutional investors own 58.56% 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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