Zacks Investment Research Lowers Bridge Bancorp (NASDAQ:BDGE) to Sell

Zacks Investment Research lowered shares of Bridge Bancorp (NASDAQ:BDGE) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

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

Several other research analysts have also recently issued reports on the company. TheStreet cut Bridge Bancorp from a b- rating to a c+ rating in a research report on Thursday, March 12th. ValuEngine raised Bridge Bancorp from a sell rating to a hold rating in a research report on Wednesday, January 29th. Finally, BidaskClub cut Bridge Bancorp from a sell rating to a strong sell rating in a research report on Wednesday, January 15th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and one has given a buy rating to the stock. The company presently has an average rating of Hold and an average price target of $34.67.

NASDAQ:BDGE traded down $0.98 on Wednesday, hitting $20.08. The stock had a trading volume of 40,174 shares, compared to its average volume of 85,465. The stock has a market cap of $417.89 million, a price-to-earnings ratio of 7.75 and a beta of 1.14. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 1.13. The business’s 50-day simple moving average is $26.58 and its two-hundred day simple moving average is $30.46. Bridge Bancorp has a 52-week low of $18.10 and a 52-week high of $34.25.

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

Several hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC lifted its position in shares of Bridge Bancorp by 8.8% during the 4th quarter. Nuveen Asset Management LLC now owns 75,072 shares of the financial services provider’s stock valued at $2,517,000 after buying an additional 6,089 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Bridge Bancorp by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 253,566 shares of the financial services provider’s stock worth $8,502,000 after purchasing an additional 5,247 shares in the last quarter. Marshall Wace LLP purchased a new position in Bridge Bancorp in the 4th quarter worth approximately $472,000. Bank of New York Mellon Corp lifted its holdings in Bridge Bancorp by 22.2% in the 4th quarter. Bank of New York Mellon Corp now owns 137,598 shares of the financial services provider’s stock worth $4,614,000 after purchasing an additional 24,992 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Bridge Bancorp by 4.3% in the 4th quarter. Goldman Sachs Group Inc. now owns 46,257 shares of the financial services provider’s stock worth $1,551,000 after purchasing an additional 1,893 shares in the last quarter. 58.76% of the stock is currently owned by hedge funds and other institutional investors.

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.

See Also: What is the CAC 40 Index

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.