Parametric Portfolio Associates LLC Boosts Stake in Bridge Bancorp, Inc. (NASDAQ:BDGE)

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Parametric Portfolio Associates LLC grew its stake in shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) by 61.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 44,121 shares of the financial services provider’s stock after buying an additional 16,818 shares during the quarter. Parametric Portfolio Associates LLC’s holdings in Bridge Bancorp were worth $1,300,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of BDGE. Castine Capital Management LLC purchased a new position in Bridge Bancorp in the 1st quarter worth $2,197,000. Municipal Employees Retirement System of Michigan purchased a new position in Bridge Bancorp in the 2nd quarter worth $403,000. Acadian Asset Management LLC raised its position in Bridge Bancorp by 127.9% in the 2nd quarter. Acadian Asset Management LLC now owns 37,289 shares of the financial services provider’s stock worth $1,097,000 after purchasing an additional 20,930 shares during the period. LSV Asset Management raised its position in Bridge Bancorp by 3.0% in the 2nd quarter. LSV Asset Management now owns 85,700 shares of the financial services provider’s stock worth $2,524,000 after purchasing an additional 2,500 shares during the period. Finally, Prudential Financial Inc. raised its position in Bridge Bancorp by 19.6% in the 2nd quarter. Prudential Financial Inc. now owns 22,160 shares of the financial services provider’s stock worth $653,000 after purchasing an additional 3,630 shares during the period. Hedge funds and other institutional investors own 58.56% of the company’s stock.

In other news, major shareholder Nathan Lindenbaum acquired 3,875 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were purchased at an average price of $27.16 per share, for a total transaction of $105,245.00. Following the completion of the transaction, the insider now owns 10,015 shares of the company’s stock, valued at $272,007.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rudolph J. Santoro sold 1,700 shares of the business’s stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $28.47, for a total transaction of $48,399.00. Following the completion of the transaction, the director now owns 30,347 shares in the company, valued at approximately $863,979.09. The disclosure for this sale can be found here. 15.50% of the stock is currently owned by insiders.

BDGE has been the topic of a number of analyst reports. BidaskClub upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. ValuEngine upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Zacks Investment Research upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. Finally, DA Davidson initiated coverage on shares of Bridge Bancorp in a research report on Thursday, October 3rd. They issued a “neutral” rating and a $33.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $32.67.

Shares of NASDAQ:BDGE opened at $29.63 on Friday. The stock has a market cap of $587.86 million, a PE ratio of 11.14 and a beta of 1.11. The company’s fifty day moving average is $28.54 and its 200 day moving average is $29.07. Bridge Bancorp, Inc. has a 52 week low of $24.12 and a 52 week high of $33.88. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.76.

Bridge Bancorp (NASDAQ:BDGE) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.53 EPS for the quarter, missing analysts’ consensus estimates of $0.67 by ($0.14). Bridge Bancorp had a return on equity of 11.24% and a net margin of 22.25%. The business had revenue of $41.02 million during the quarter, compared to analysts’ expectations of $41.20 million. Sell-side analysts anticipate that Bridge Bancorp, Inc. will post 2.49 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 25th. Shareholders of record on Friday, October 18th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Thursday, October 17th. Bridge Bancorp’s payout ratio is 34.59%.

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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Institutional Ownership by Quarter for Bridge Bancorp (NASDAQ:BDGE)

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