Bridge Investment Group (NYSE:BRDG) Releases Quarterly Earnings Results, Misses Expectations By $0.08 EPS

Key Points

• Bridge Investment Group reported quarterly earnings of $0.14 per share, missing expectations by $0.08, with total revenues of $73.23 million against a forecast of $75.50 million.
• Insider transactions included Chairman Robert Randolph Morse selling 27,749 shares and CEO Jonathan Slager selling 9,562 shares, indicating a combined 0.89% and 1.04% decrease in ownership, respectively.
• Wells Fargo raised its price target for Bridge Investment Group from $10.00 to $10.50, and the stock holds a consensus rating of "Hold" with an average price target of $10.70.

Bridge Investment Group (NYSE:BRDG - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.08), Zacks reports. The company had revenue of $73.23 million for the quarter, compared to the consensus estimate of $75.50 million. Bridge Investment Group had a positive return on equity of 8.25% and a negative net margin of 3.03%.

Bridge Investment Group Stock Up 0.9%

Shares of NYSE:BRDG traded up $0.09 during midday trading on Friday, hitting $10.04. 482,470 shares of the stock were exchanged, compared to its average volume of 490,321. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.08 and a current ratio of 1.08. Bridge Investment Group has a 52-week low of $7.12 and a 52-week high of $11.69. The business's fifty day simple moving average is $10.00 and its two-hundred day simple moving average is $9.40. The company has a market capitalization of $1.24 billion, a PE ratio of -23.89 and a beta of 1.41.

Insider Transactions at Bridge Investment Group

In other Bridge Investment Group news, Chairman Robert Randolph Morse sold 27,749 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $10.65, for a total transaction of $295,526.85. Following the transaction, the chairman directly owned 3,077,962 shares in the company, valued at $32,780,295.30. This trade represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jonathan Slager sold 9,562 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $10.65, for a total value of $101,835.30. Following the transaction, the chief executive officer owned 912,067 shares in the company, valued at approximately $9,713,513.55. This trade represents a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 137,949 shares of company stock valued at $1,458,376 in the last three months. 65.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BRDG. Jane Street Group LLC acquired a new stake in Bridge Investment Group during the 1st quarter worth $766,000. Geode Capital Management LLC grew its holdings in Bridge Investment Group by 1.6% during the 2nd quarter. Geode Capital Management LLC now owns 432,856 shares of the company's stock worth $4,334,000 after acquiring an additional 6,694 shares during the period. Finally, Woodline Partners LP acquired a new stake in Bridge Investment Group during the 1st quarter worth $4,197,000. Institutional investors own 52.83% of the company's stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company raised their price objective on Bridge Investment Group from $10.00 to $10.50 and gave the stock an "equal weight" rating in a research note on Friday, May 23rd. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $10.70.

About Bridge Investment Group

Bridge Investment Group Holdings Inc engages in the real estate investment management business in the United States. It manages capital on behalf of approximately hundred global institutions and 6,500 individual investors across approximately 25 investment vehicles. The company was founded in 2009 and is headquartered in Salt Lake City, Utah.

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