Royce & Associates LP Sells 271,030 Shares of Bridge Investment Group Holdings Inc. (NYSE:BRDG)

Key Points

• Royce & Associates LP has reduced its stake in Bridge Investment Group Holdings Inc. by 27.1%, selling 271,030 shares and now holding approximately 0.59% of the company's stock valued at about $6.98 million.
• Wells Fargo & Company raised their price target for Bridge Investment Group to $10.50, while the stock currently has a consensus rating of "Hold" with a target price of $10.70.
• Insider transactions include the sale of 27,749 shares by Chairman Robert Randolph Morse at an average price of $10.65, as company insiders currently hold 65.90% of the stock.

Royce & Associates LP lowered its stake in shares of Bridge Investment Group Holdings Inc. (NYSE:BRDG - Free Report) by 27.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 728,596 shares of the company's stock after selling 271,030 shares during the quarter. Royce & Associates LP owned approximately 0.59% of Bridge Investment Group worth $6,980,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Tabor Asset Management LP acquired a new position in Bridge Investment Group during the 1st quarter worth $697,000. Mutual Advisors LLC acquired a new position in Bridge Investment Group during the 1st quarter worth $515,000. Janney Montgomery Scott LLC acquired a new position in Bridge Investment Group during the 1st quarter worth $400,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Bridge Investment Group during the 1st quarter worth $63,000. Finally, DigitalBridge Group Inc. boosted its position in Bridge Investment Group by 24.4% during the 4th quarter. DigitalBridge Group Inc. now owns 508,035 shares of the company's stock worth $4,267,000 after acquiring an additional 99,520 shares during the period. Institutional investors and hedge funds own 52.83% of the company's stock.

Analyst Ratings Changes

Separately, Wells Fargo & Company boosted 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 equities research analysts have rated the stock with a hold rating, According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $10.70.

Insider Transactions at Bridge Investment Group

In other Bridge Investment Group 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 value of $295,526.85. Following the transaction, the chairman directly owned 3,077,962 shares of the company's stock, valued at $32,780,295.30. This represents a 0.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at 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 completion of the transaction, the chief executive officer directly owned 912,067 shares in the company, valued at approximately $9,713,513.55. The trade was a 1.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 137,949 shares of company stock valued at $1,458,376. 73.00% of the stock is currently owned by company insiders.

Bridge Investment Group Stock Down 0.3%

NYSE:BRDG traded down $0.04 during trading hours on Friday, hitting $10.68. 310,045 shares of the company's stock traded hands, compared to its average volume of 575,208. The firm has a market cap of $1.32 billion, a P/E ratio of -20.53 and a beta of 1.41. Bridge Investment Group Holdings Inc. has a twelve month low of $7.09 and a twelve month high of $11.69. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.08 and a current ratio of 1.08. The stock's fifty day moving average price is $9.85 and its two-hundred day moving average price is $9.24.

Bridge Investment Group (NYSE:BRDG - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.17 by ($0.08). The business had revenue of $71.80 million for the quarter, compared to analyst estimates of $77.60 million. Bridge Investment Group had a negative net margin of 3.45% and a positive return on equity of 10.07%. 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 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.