Bridge Bancorp (NASDAQ:BDGE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Bridge Bancorp (NASDAQ:BDGE) from a hold rating to a sell rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Bridge Bancorp, Inc. is the bank holding company of The Bridgehampton National Bank. “

A number of other brokerages have also weighed in on BDGE. BidaskClub lowered Bridge Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, January 15th. TheStreet lowered Bridge Bancorp from a b- rating to a c+ rating in a research report on Thursday, March 12th. Finally, ValuEngine raised Bridge Bancorp from a sell rating to a hold rating in a research report on Wednesday, January 29th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $34.67.

NASDAQ BDGE traded down $0.98 on Wednesday, reaching $20.08. 40,174 shares of the stock traded hands, compared to its average volume of 85,465. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.99 and a current ratio of 0.99. The company has a fifty day moving average price of $26.58 and a 200-day moving average price of $30.46. The company has a market cap of $417.89 million, a price-to-earnings ratio of 7.75 and a beta of 1.14. Bridge Bancorp has a 12 month low of $18.10 and a 12 month high of $34.25.

Bridge Bancorp (NASDAQ:BDGE) last issued its earnings results on Thursday, January 30th. The financial services provider reported $0.71 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.02. The business had revenue of $44.07 million during the quarter, compared to analyst estimates of $43.20 million. Bridge Bancorp had a return on equity of 10.69% and a net margin of 24.84%. As a group, research analysts anticipate that Bridge Bancorp will post 2.53 earnings per share for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Swiss National Bank grew its stake in Bridge Bancorp by 3.4% during the 4th quarter. Swiss National Bank now owns 30,400 shares of the financial services provider’s stock worth $1,019,000 after buying an additional 1,000 shares during the last quarter. AJO LP grew its stake in Bridge Bancorp by 37.0% during the 4th quarter. AJO LP now owns 153,167 shares of the financial services provider’s stock worth $5,135,000 after buying an additional 41,363 shares during the last quarter. California Public Employees Retirement System grew its stake in Bridge Bancorp by 12.1% during the 3rd quarter. California Public Employees Retirement System now owns 33,380 shares of the financial services provider’s stock worth $987,000 after buying an additional 3,616 shares during the last quarter. Denali Advisors LLC purchased a new position in Bridge Bancorp during the 4th quarter worth $104,000. Finally, Hotchkis & Wiley Capital Management LLC grew its stake in Bridge Bancorp by 64.7% during the 4th quarter. Hotchkis & Wiley Capital Management LLC now owns 161,400 shares of the financial services provider’s stock valued at $5,412,000 after purchasing an additional 63,420 shares during the last quarter. Hedge funds and other institutional investors own 58.76% of the company’s stock.

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.

Recommended Story: What is the accumulation/distribution indicator?

Get a free copy of the Zacks research report on Bridge Bancorp (BDGE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Bridge Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Bridge Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.