Lord Abbett & CO. LLC Has $8.73 Million Stake in Bridge Investment Group Holdings Inc. $BRDG

Key Points

• Lord Abbett & CO. LLC recently reduced its stake in Bridge Investment Group Holdings Inc. by 5.5%, selling 53,349 shares and now owning 910,711 shares valued at approximately $8.7 million.
• Several hedge funds have increased their investments in Bridge Investment Group, with notable purchases totaling between $63,000 and $400,000 in the first quarter.
• Bridge Investment Group announced a dividend of $0.045 per share, set to be paid to shareholders of record on August 18th, indicating an unusually high yield of 179.0% despite a negative payout ratio.

Lord Abbett & CO. LLC cut its stake in shares of Bridge Investment Group Holdings Inc. (NYSE:BRDG - Free Report) by 5.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 910,711 shares of the company's stock after selling 53,349 shares during the period. Lord Abbett & CO. LLC owned approximately 0.74% of Bridge Investment Group worth $8,725,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in Bridge Investment Group in the 1st quarter worth about $63,000. EP Wealth Advisors LLC purchased a new stake in shares of Bridge Investment Group during the 4th quarter valued at about $89,000. Aquatic Capital Management LLC purchased a new stake in shares of Bridge Investment Group during the 4th quarter valued at about $95,000. Northern Trust Corp increased its holdings in Bridge Investment Group by 19.2% during the 4th quarter. Northern Trust Corp now owns 89,937 shares of the company's stock worth $755,000 after purchasing an additional 14,481 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Bridge Investment Group in the 4th quarter valued at approximately $168,000. 52.83% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Chairman Robert Randolph Morse sold 27,749 shares of the company'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 sale, the chairman owned 3,077,962 shares in the company, valued at approximately $32,780,295.30. This represents a 0.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jonathan Slager sold 9,562 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $10.65, for a total value of $101,835.30. Following the sale, the chief executive officer owned 912,067 shares in the company, valued at $9,713,513.55. The trade was a 1.04% decrease in their position. The disclosure for this sale can be found here. Insiders sold 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 company insiders.

Analyst Ratings Changes

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

Bridge Investment Group Stock Down 1.4%

NYSE:BRDG traded down $0.1370 during trading hours on Thursday, hitting $9.4430. 117,452 shares of the company's stock traded hands, compared to its average volume of 397,404. The firm has a market cap of $1.18 billion, a P/E ratio of -22.54 and a beta of 1.41. The stock's fifty day moving average price is $10.09 and its two-hundred day moving average price is $9.50. Bridge Investment Group Holdings Inc. has a twelve month low of $7.12 and a twelve month high of $11.69. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.10 and a current ratio of 1.10.

Bridge Investment Group (NYSE:BRDG - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The company reported $0.14 EPS for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). Bridge Investment Group had a positive return on equity of 8.42% and a negative net margin of 3.03%.The firm had revenue of $73.23 million during the quarter, compared to the consensus estimate of $75.50 million. On average, research analysts expect that Bridge Investment Group Holdings Inc. will post 0.68 earnings per share for the current fiscal year.

Bridge Investment Group Dividend Announcement

The business also recently disclosed a dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be paid a dividend of $0.045 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a dividend yield of 179.0%. Bridge Investment Group's payout ratio is -42.86%.

Bridge Investment Group Profile

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.