Millennium Management LLC decreased its stake in shares of Bridge Bancorp, Inc. (NASDAQ:BDGE) by 30.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 117,154 shares of the financial services provider’s stock after selling 51,506 shares during the period. Millennium Management LLC owned approximately 0.59% of Bridge Bancorp worth $2,986,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in BDGE. Dimensional Fund Advisors LP grew its position in Bridge Bancorp by 11.2% in the third quarter. Dimensional Fund Advisors LP now owns 667,335 shares of the financial services provider’s stock valued at $22,155,000 after purchasing an additional 67,239 shares in the last quarter. Basswood Capital Management L.L.C. grew its position in Bridge Bancorp by 2.0% in the fourth quarter. Basswood Capital Management L.L.C. now owns 2,410,626 shares of the financial services provider’s stock valued at $61,447,000 after purchasing an additional 47,832 shares in the last quarter. LSV Asset Management bought a new position in Bridge Bancorp in the fourth quarter valued at $977,000. BlackRock Inc. grew its position in Bridge Bancorp by 3.5% in the fourth quarter. BlackRock Inc. now owns 1,061,917 shares of the financial services provider’s stock valued at $27,068,000 after purchasing an additional 35,652 shares in the last quarter. Finally, Renaissance Technologies LLC grew its position in Bridge Bancorp by 9.0% in the third quarter. Renaissance Technologies LLC now owns 260,099 shares of the financial services provider’s stock valued at $8,635,000 after purchasing an additional 21,499 shares in the last quarter. 57.77% of the stock is owned by institutional investors and hedge funds.
In other news, Director Basswood Capital Management, L sold 11,692 shares of Bridge Bancorp stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $31.41, for a total value of $367,245.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders sold 209,692 shares of company stock valued at $5,976,447. Insiders own 15.50% of the company’s stock.
A number of research analysts recently weighed in on the stock. Boenning Scattergood assumed coverage on shares of Bridge Bancorp in a research report on Monday, April 1st. They issued an “outperform” rating for the company. BidaskClub raised shares of Bridge Bancorp from a “strong sell” rating to a “sell” rating in a research report on Wednesday, March 27th. ValuEngine downgraded shares of Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Friday, March 22nd. Finally, TheStreet raised shares of Bridge Bancorp from a “c+” rating to a “b-” rating in a research report on Thursday, February 14th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $38.00.
Bridge Bancorp stock opened at $31.13 on Friday. The firm has a market capitalization of $617.87 million, a P/E ratio of 11.70 and a beta of 1.04. Bridge Bancorp, Inc. has a 1-year low of $24.12 and a 1-year high of $38.00. The company has a quick ratio of 0.91, a current ratio of 0.91 and a debt-to-equity ratio of 0.70.
Bridge Bancorp (NASDAQ:BDGE) last released its earnings results on Monday, January 28th. The financial services provider reported $0.70 earnings per share for the quarter, beating analysts’ consensus estimates of $0.67 by $0.03. The business had revenue of $39.21 million during the quarter. Bridge Bancorp had a net margin of 21.73% and a return on equity of 10.59%. On average, research analysts anticipate that Bridge Bancorp, Inc. will post 2.75 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 26th. Stockholders of record on Friday, April 19th will be given a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date of this dividend is Wednesday, April 17th. Bridge Bancorp’s dividend payout ratio (DPR) is presently 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 loans; and mortgage-backed securities, collateralized mortgage obligations, and other asset backed securities.
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