Basswood Capital Management, LLC recently disclosed that they own 11.5% of Bridge Bancorp Inc. (NASDAQ:BDGE) in a Form 13D/A disclosure that was filed with the Securities and Exchange Commission on Friday, November 25th. The investor owns 2,808,170 shares of the stock valued at $92,388,793. The reporting parties listed on the disclosure included Basswood Capital Management, LLC, Basswood Partners, LLC, Basswood Enhanced Long Short GP, LLC, Basswood Opportunity Partners, LP, Basswood Opportunity Fund, Inc, Basswood Enhanced Long Short Fund, LP, Basswood Financial Fund, LP, Basswood Financial Fund, Inc, Basswood Financial Long Only Fund, LP, Matthew Lindenbaum, Bennett Lindenbaum, Abigail Tambor 2012 Children’s Trust, Nathan Lindenbaum, Nathan J Lindenbaum 1995 Children Trust, Naftali Asher Investments LLC, Victoria and Benjamin Feder 2012 Children’s Trust, Victoria and Ben Feder’s 1996 Children’s Trust, Marcel Lindenbaum, Shari A Lindenbaum 1994 Children’s Trust, Ray Lindenbaum, Shai Tambor and MGS Partners, LLC. The disclosure is available through EDGAR at this link.
Several other hedge funds have also recently modified their holdings of BDGE. Strategic Advisors LLC boosted its position in shares of Bridge Bancorp by 0.5% in the second quarter. Strategic Advisors LLC now owns 8,491 shares of the financial services provider’s stock valued at $241,000 after buying an additional 41 shares during the last quarter. Rhumbline Advisers boosted its position in shares of Bridge Bancorp by 0.6% in the third quarter. Rhumbline Advisers now owns 17,451 shares of the financial services provider’s stock valued at $499,000 after buying an additional 110 shares during the last quarter. BlackRock Inc. boosted its position in shares of Bridge Bancorp by 4.0% in the third quarter. BlackRock Inc. now owns 4,610 shares of the financial services provider’s stock valued at $132,000 after buying an additional 179 shares during the last quarter. California State Teachers Retirement System boosted its position in shares of Bridge Bancorp by 0.6% in the third quarter. California State Teachers Retirement System now owns 35,267 shares of the financial services provider’s stock valued at $1,008,000 after buying an additional 200 shares during the last quarter. Finally, BlackRock Group LTD boosted its position in shares of Bridge Bancorp by 6.7% in the third quarter. BlackRock Group LTD now owns 3,992 shares of the financial services provider’s stock valued at $114,000 after buying an additional 252 shares during the last quarter. Institutional investors own 50.56% of the company’s stock.
Bridge Bancorp Inc. (NASDAQ:BDGE) opened at 32.90 on Friday. Bridge Bancorp Inc. has a 52-week low of $26.23 and a 52-week high of $33.10. The company has a market cap of $564.83 million, a PE ratio of 16.79 and a beta of 0.74. The firm’s 50 day moving average is $28.91 and its 200 day moving average is $29.27.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 28th. Stockholders of record on Friday, October 21st were paid a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a dividend yield of 2.80%. The ex-dividend date was Wednesday, October 19th. Bridge Bancorp’s dividend payout ratio (DPR) is 47.18%.
Several brokerages recently weighed in on BDGE. Zacks Investment Research cut shares of Bridge Bancorp from a “hold” rating to a “strong sell” rating in a research report on Monday, October 31st. Keefe, Bruyette & Woods dropped their price target on shares of Bridge Bancorp from $30.00 to $28.00 and set a “market perform” rating on the stock in a research report on Thursday, August 25th.
In other news, Director Dennis A. Suskind sold 2,000 shares of the company’s stock in a transaction dated Tuesday, September 20th. The shares were sold at an average price of $29.37, for a total transaction of $58,740.00. Following the completion of the transaction, the director now directly owns 87,973 shares of the company’s stock, valued at $2,583,767.01. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, major shareholder Basswood Capital Management, L acquired 2,881 shares of the stock in a transaction dated Monday, September 19th. The shares were purchased at an average cost of $29.16 per share, with a total value of $84,009.96. The disclosure for this purchase can be found here. Insiders own 6.00% of the company’s stock.
About Bridge Bancorp
Bridge Bancorp, Inc is a bank holding company for The Bridgehampton National Bank (the Bank). The Bank engages in commercial and consumer banking business, including accepting time, savings and demand deposits from the consumers, businesses and local municipalities surrounding its branch offices. These deposits, together with funds generated from operations and borrowings, are invested primarily in commercial real estate loans; multi-family mortgage loans; home equity loans; construction loans; residential mortgage loans; secured and unsecured commercial and consumer loans; Federal Home Loan Bank (FHLB), Federal National Mortgage Association (FNMA), Government National Mortgage Association (GNMA) and Federal Home Loan Mortgage Corporation (FHLMC) and non-agency mortgage-backed securities, collateralized mortgage obligations and other asset backed securities; New York State and local municipal obligations, and the United States government sponsored entity (U.S.