Bridge Bancorp, Inc. (NASDAQ:BDGE) to Issue Quarterly Dividend of $0.23

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Bridge Bancorp, Inc. (NASDAQ:BDGE) declared a quarterly dividend on Friday, October 4th, Zacks reports. Shareholders of record on Friday, October 18th will be paid a dividend of 0.23 per share by the financial services provider on Friday, October 25th. This represents a $0.92 annualized dividend and a yield of 3.10%. The ex-dividend date of this dividend is Thursday, October 17th.

Bridge Bancorp has a dividend payout ratio of 43.8% meaning its dividend is sufficiently covered by earnings. Analysts expect Bridge Bancorp to earn $2.69 per share next year, which means the company should continue to be able to cover its $0.92 annual dividend with an expected future payout ratio of 34.2%.

Shares of BDGE opened at $29.70 on Wednesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average is $28.77 and its two-hundred day moving average is $29.09. Bridge Bancorp has a twelve month low of $24.12 and a twelve month high of $33.88. The firm has a market capitalization of $587.97 million, a P/E ratio of 11.17 and a beta of 1.11.

Bridge Bancorp (NASDAQ:BDGE) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.53 earnings per share for the quarter, missing the consensus estimate of $0.67 by ($0.14). The company had revenue of $41.02 million for the quarter, compared to analyst estimates of $41.20 million. Bridge Bancorp had a return on equity of 11.24% and a net margin of 22.25%. Analysts predict that Bridge Bancorp will post 2.49 EPS for the current year.

In related news, Director Rudolph J. Santoro sold 1,700 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $28.47, for a total transaction of $48,399.00. Following the transaction, the director now owns 30,347 shares of the company’s stock, valued at $863,979.09. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Kevin Santacroce sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $29.33, for a total transaction of $43,995.00. Following the transaction, the insider now directly owns 39,198 shares in the company, valued at approximately $1,149,677.34. The disclosure for this sale can be found here. 15.50% of the stock is owned by corporate insiders.

Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Tuesday, September 17th. BidaskClub upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Thursday, September 12th. DA Davidson assumed coverage on shares of Bridge Bancorp in a research report on Thursday, October 3rd. They issued a “neutral” rating and a $33.00 price target on the stock. Finally, ValuEngine upgraded shares of Bridge Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Four research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $32.67.

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.

Further Reading: The four types of profit margin

Dividend History for Bridge Bancorp (NASDAQ:BDGE)

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