Bridge Bancorp, Inc. (NASDAQ:BDGE) - Boenning Scattergood reduced their Q3 2020 earnings estimates for shares of Bridge Bancorp in a research report issued to clients and investors on Wednesday, October 14th. Boenning Scattergood analyst E. Zwick now expects that the financial services provider will post earnings of $0.74 per share for the quarter, down from their previous forecast of $0.75. Boenning Scattergood also issued estimates for Bridge Bancorp's Q4 2020 earnings at $0.78 EPS, FY2020 earnings at $2.52 EPS, Q1 2021 earnings at $1.07 EPS and FY2021 earnings at $3.12 EPS. Bridge Bancorp (NASDAQ:BDGE) last announced its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.54 EPS for the quarter, beating the Thomson Reuters' consensus estimate of $0.52 by $0.02. The business had revenue of $42.68 million during the quarter, compared to analysts' expectations of $42.95 million. Bridge Bancorp had a return on equity of 9.66% and a net margin of 23.52%.
Other equities research analysts have also recently issued research reports about the company. DA Davidson reissued a "neutral" rating on shares of Bridge Bancorp in a research note on Monday, September 14th. BidaskClub raised Bridge Bancorp from a "strong sell" rating to a "sell" rating in a research note on Thursday, October 8th. Zacks Investment Research cut Bridge Bancorp from a "hold" rating to a "sell" rating in a research note on Wednesday, September 16th. Finally, ValuEngine cut Bridge Bancorp from a "sell" rating to a "strong sell" rating in a research note on Monday, August 3rd. Three research analysts have rated the stock with a sell rating and one has issued a hold rating to the company's stock. Bridge Bancorp presently has a consensus rating of "Sell" and an average target price of $22.00.
Shares of NASDAQ BDGE opened at $19.51 on Friday. The stock has a market cap of $385.23 million, a price-to-earnings ratio of 8.06 and a beta of 1.15. The business has a 50 day simple moving average of $19.02 and a 200 day simple moving average of $19.85. Bridge Bancorp has a 52 week low of $16.51 and a 52 week high of $34.25. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.00 and a current ratio of 1.00.
Institutional investors have recently made changes to their positions in the business. Captrust Financial Advisors bought a new stake in Bridge Bancorp during the second quarter worth approximately $33,000. Bank of Montreal Can bought a new stake in shares of Bridge Bancorp in the second quarter valued at approximately $33,000. BNP Paribas Arbitrage SA boosted its position in shares of Bridge Bancorp by 25.7% in the first quarter. BNP Paribas Arbitrage SA now owns 5,055 shares of the financial services provider's stock valued at $107,000 after acquiring an additional 1,033 shares during the period. Citigroup Inc. boosted its position in shares of Bridge Bancorp by 54.2% in the first quarter. Citigroup Inc. now owns 5,623 shares of the financial services provider's stock valued at $119,000 after acquiring an additional 1,976 shares during the period. Finally, Capital Bank & Trust Co bought a new stake in shares of Bridge Bancorp in the first quarter valued at approximately $138,000. 57.62% of the stock is owned by hedge funds and other institutional investors.
In related news, Director Daniel Rubin bought 4,971 shares of the firm's stock in a transaction on Friday, September 4th. The stock was purchased at an average price of $20.68 per share, with a total value of $102,800.28. Following the completion of the transaction, the director now directly owns 31,309 shares of the company's stock, valued at $647,470.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders have acquired 6,350 shares of company stock valued at $127,569 in the last ninety days. Company insiders own 15.50% of the company's stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 30th. Shareholders of record on Friday, October 23rd will be given a dividend of $0.24 per share. The ex-dividend date of this dividend is Thursday, October 22nd. This represents a $0.96 dividend on an annualized basis and a yield of 4.92%. Bridge Bancorp's payout ratio is currently 37.07%.
Bridge Bancorp Company Profile
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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