Bridge Bancorp (NASDAQ:BDGE) Downgraded by Zacks Investment Research

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

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

A number of other brokerages have also weighed in on BDGE. ValuEngine upgraded The Western Union from a “sell” rating to a “hold” rating in a research note on Friday, March 22nd. BidaskClub upgraded Zai Lab from a “buy” rating to a “strong-buy” rating in a research note on Friday, June 28th. Finally, Boenning Scattergood restated a “neutral” rating on shares of United Bankshares in a research note on Thursday, April 25th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $34.33.

Shares of NASDAQ:BDGE traded down $0.24 during midday trading on Wednesday, reaching $28.77. 24,578 shares of the company traded hands, compared to its average volume of 32,411. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.97. Bridge Bancorp has a 12 month low of $24.12 and a 12 month high of $37.03. The company has a market capitalization of $577.24 million, a price-to-earnings ratio of 10.82 and a beta of 1.08. The business’s fifty day moving average price is $28.68.

Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.65 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.66 by ($0.01). Bridge Bancorp had a net margin of 21.69% and a return on equity of 10.59%. The company had revenue of $39.54 million for the quarter, compared to the consensus estimate of $40.10 million. As a group, equities analysts anticipate that Bridge Bancorp will post 2.77 earnings per share for the current year.

In other Bridge Bancorp news, major shareholder Nathan Lindenbaum bought 3,126 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were acquired at an average cost of $27.75 per share, for a total transaction of $86,746.50. Following the purchase, the insider now directly owns 7,015 shares of the company’s stock, valued at $194,666.25. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 15.50% of the stock is owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the company. Prudential Financial Inc. boosted its stake in shares of Bridge Bancorp by 3.0% in the 4th quarter. Prudential Financial Inc. now owns 19,343 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 563 shares in the last quarter. BlackRock Inc. lifted its position in Bridge Bancorp by 3.5% during the 4th quarter. BlackRock Inc. now owns 1,061,917 shares of the financial services provider’s stock worth $27,068,000 after buying an additional 35,652 shares in the last quarter. Citigroup Inc. lifted its position in Bridge Bancorp by 13.6% during the 4th quarter. Citigroup Inc. now owns 5,111 shares of the financial services provider’s stock worth $130,000 after buying an additional 613 shares in the last quarter. Northern Trust Corp lifted its position in Bridge Bancorp by 1.5% during the 4th quarter. Northern Trust Corp now owns 212,161 shares of the financial services provider’s stock worth $5,408,000 after buying an additional 3,035 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Bridge Bancorp by 9.6% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 58.04% 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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