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Bridge Bancorp (NASDAQ:BDGE) Earns "Neutral" Rating from DA Davidson

Last updated on Thursday, September 17, 2020 | 2020 MarketBeat

Bridge Bancorp (NASDAQ:BDGE)'s stock had its "neutral" rating reaffirmed by DA Davidson in a research note issued on Monday, Zacks.com reports. DA Davidson also issued estimates for Bridge Bancorp's Q3 2020 earnings at $0.69 EPS, FY2020 earnings at $2.53 EPS and FY2021 earnings at $2.59 EPS.

Other equities analysts have also issued reports about the company. ValuEngine lowered Bridge Bancorp from a "sell" rating to a "strong sell" rating in a research report on Monday, August 3rd. BidaskClub lowered Bridge Bancorp from a "hold" rating to a "sell" rating in a research report on Thursday. Finally, Zacks Investment Research lowered Bridge Bancorp from a "hold" rating to a "sell" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating and one has given a hold rating to the stock. The stock currently has an average rating of "Sell" and an average price target of $27.50.

Bridge Bancorp stock opened at $19.73 on Monday. The stock's 50 day moving average price is $19.93 and its 200 day moving average price is $20.58. The firm has a market capitalization of $389.57 million, a PE ratio of 8.15 and a beta of 1.10. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.00 and a current ratio of 1.00. Bridge Bancorp has a one year low of $17.17 and a one year high of $34.25.

Bridge Bancorp (NASDAQ:BDGE) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.54 EPS for the quarter, topping the consensus estimate of $0.52 by $0.02. The firm had revenue of $42.68 million for the quarter, compared to analyst estimates of $42.95 million. Bridge Bancorp had a return on equity of 9.66% and a net margin of 23.52%. On average, analysts forecast that Bridge Bancorp will post 2.59 earnings per share for the current fiscal year.

In other news, Director Daniel Rubin purchased 4,971 shares of the stock in a transaction dated Friday, September 4th. The stock was acquired at an average cost of $20.68 per share, for a total transaction of $102,800.28. Following the acquisition, the director now owns 31,309 shares of the company's stock, valued at $647,470.12. The acquisition was disclosed in a filing with the SEC, which is available at this link. Insiders bought a total of 6,000 shares of company stock valued at $121,381 over the last quarter. Company insiders own 16.50% of the company's stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Bridgeway Capital Management Inc. bought a new position in shares of Bridge Bancorp in the second quarter worth $1,919,000. Wedge Capital Management L L P NC acquired a new stake in shares of Bridge Bancorp in the second quarter valued at $1,461,000. Elizabeth Park Capital Advisors Ltd. acquired a new stake in shares of Bridge Bancorp in the second quarter valued at $1,357,000. Vanguard Group Inc. lifted its holdings in shares of Bridge Bancorp by 5.5% in the second quarter. Vanguard Group Inc. now owns 884,712 shares of the financial services provider's stock valued at $20,206,000 after buying an additional 46,193 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of Bridge Bancorp by 3.1% in the first quarter. BlackRock Inc. now owns 1,223,288 shares of the financial services provider's stock valued at $25,884,000 after buying an additional 36,517 shares during the period. Institutional investors and hedge funds own 57.62% of the company's stock.

About Bridge Bancorp

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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