Shares of Bridge Bancorp Inc. (NASDAQ:BDGE) traded down 1% during mid-day trading on Wednesday following insider selling activity. The stock traded as low as $28.57 and last traded at $28.60, with a volume of 80,120 shares trading hands. The stock had previously closed at $28.89.
Specifically, major shareholder Basswood Capital Management, L purchased 2,881 shares of Bridge Bancorp stock in a transaction that occurred on Monday, September 19th. The shares were bought at an average price of $29.16 per share, for a total transaction of $84,009.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Howard H. Nolan sold 887 shares of the business’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $30.29, for a total transaction of $26,867.23. Following the transaction, the chief operating officer now owns 54,762 shares in the company, valued at approximately $1,658,740.98. The disclosure for this sale can be found here. Corporate insiders own 6.00% of the company’s stock.
Several equities analysts recently issued reports on the stock. Keefe, Bruyette & Woods reduced their price target on shares of Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a research report on Thursday, August 25th. Zacks Investment Research cut shares of Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Monday, August 1st.
The firm has a market cap of $493.12 million, a price-to-earnings ratio of 15.08 and a beta of 0.72. The firm has a 50 day moving average price of $29.68 and a 200 day moving average price of $29.58.
Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings data on Thursday, July 28th. The financial services provider reported $0.52 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.52. Bridge Bancorp had a net margin of 22.65% and a return on equity of 10.00%. On average, equities analysts expect that Bridge Bancorp Inc. will post $2.00 EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. Strategic Advisors LLC raised its stake in Bridge Bancorp by 0.5% in the second quarter. Strategic Advisors LLC now owns 8,491 shares of the financial services provider’s stock valued at $241,000 after buying an additional 41 shares during the period. First Trust Advisors LP raised its stake in Bridge Bancorp by 1.3% in the second quarter. First Trust Advisors LP now owns 22,377 shares of the financial services provider’s stock valued at $636,000 after buying an additional 278 shares during the period. BlackRock Advisors LLC raised its stake in Bridge Bancorp by 11.2% in the second quarter. BlackRock Advisors LLC now owns 7,551 shares of the financial services provider’s stock valued at $214,000 after buying an additional 759 shares during the period. Nationwide Fund Advisors raised its stake in Bridge Bancorp by 12.7% in the second quarter. Nationwide Fund Advisors now owns 10,913 shares of the financial services provider’s stock valued at $310,000 after buying an additional 1,234 shares during the period. Finally, American International Group Inc. raised its stake in Bridge Bancorp by 16.1% in the second quarter. American International Group Inc. now owns 9,627 shares of the financial services provider’s stock valued at $273,000 after buying an additional 1,333 shares during the period. Institutional investors and hedge funds own 50.68% of the company’s stock.
About Bridge Bancorp
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) and non-agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States government sponsored entity (U.S.
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