Bank of New York Mellon Corp raised its position in Bridge Bancorp, Inc. (NASDAQ:BDGE) by 9.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,013 shares of the financial services provider’s stock after buying an additional 10,464 shares during the period. Bank of New York Mellon Corp’s holdings in Bridge Bancorp were worth $4,341,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in BDGE. Strategic Advisors LLC raised its stake in Bridge Bancorp by 6.4% in the first quarter. Strategic Advisors LLC now owns 9,891 shares of the financial services provider’s stock valued at $346,000 after buying an additional 592 shares in the last quarter. AQR Capital Management LLC purchased a new stake in Bridge Bancorp during the fourth quarter valued at approximately $356,000. Nationwide Fund Advisors raised its stake in Bridge Bancorp by 4.2% in the first quarter. Nationwide Fund Advisors now owns 12,252 shares of the financial services provider’s stock valued at $429,000 after buying an additional 493 shares in the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Bridge Bancorp by 2.0% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 12,742 shares of the financial services provider’s stock valued at $483,000 after buying an additional 251 shares in the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in Bridge Bancorp during the fourth quarter valued at approximately $554,000. Hedge funds and other institutional investors own 54.94% of the company’s stock.
Shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) opened at 33.45 on Tuesday. Bridge Bancorp, Inc. has a 52-week low of $26.90 and a 52-week high of $38.95. The company’s 50-day moving average is $33.82 and its 200 day moving average is $35.36. The firm has a market cap of $647.73 million, a price-to-earnings ratio of 16.95 and a beta of 0.80.
Bridge Bancorp (NASDAQ:BDGE) last announced its quarterly earnings data on Wednesday, April 26th. The financial services provider reported $0.47 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.47. The company had revenue of $34.58 million during the quarter, compared to the consensus estimate of $34.80 million. Bridge Bancorp had a net margin of 23.17% and a return on equity of 9.33%. On average, analysts expect that Bridge Bancorp, Inc. will post $2.01 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 28th. Shareholders of record on Friday, July 21st will be given a dividend of $0.23 per share. The ex-dividend date is Wednesday, July 19th. This represents a $0.92 dividend on an annualized basis and a yield of 2.75%. Bridge Bancorp’s payout ratio is currently 46.70%.
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BDGE has been the topic of several analyst reports. Keefe, Bruyette & Woods restated a “hold” rating and set a $37.00 price target on shares of Bridge Bancorp in a research report on Wednesday, April 5th. Zacks Investment Research lowered shares of Bridge Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, March 29th.
In other Bridge Bancorp news, Director Dennis A. Suskind sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 2nd. The shares were sold at an average price of $36.28, for a total transaction of $72,560.00. Following the completion of the transaction, the director now owns 82,321 shares in the company, valued at approximately $2,986,605.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James J. Manseau sold 2,045 shares of the company’s stock in a transaction on Monday, May 8th. The stock was sold at an average price of $36.35, for a total transaction of $74,335.75. The disclosure for this sale can be found here. In the last 90 days, insiders have acquired 113,234 shares of company stock valued at $3,815,829 and have sold 383,443 shares valued at $12,973,570. 5.30% of the stock is currently owned by corporate insiders.
About Bridge Bancorp
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank’s operations include its real estate investment trust subsidiary, Bridgehampton Community, Inc (BCI), a financial title insurance subsidiary, Bridge Abstract LLC (Bridge Abstract), and an investment services subsidiary, Bridge Financial Services LLC (Bridge Financial Services).
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