Bridge Bancorp, Inc. (NASDAQ:BDGE) declared a quarterly dividend on Monday, January 13th, Wall Street Journal reports. Stockholders of record on Friday, January 24th will be given a dividend of 0.24 per share by the financial services provider on Friday, January 31st. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Thursday, January 23rd. This is a boost from Bridge Bancorp’s previous quarterly dividend of $0.23.
Bridge Bancorp has increased its dividend payment by an average of 1.4% annually over the last three years. Bridge Bancorp has a payout ratio of 34.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Bridge Bancorp to earn $2.81 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 34.2%.
Shares of BDGE opened at $32.72 on Wednesday. The company has a debt-to-equity ratio of 0.94, a quick ratio of 0.97 and a current ratio of 0.97. Bridge Bancorp has a 1 year low of $25.47 and a 1 year high of $34.25. The stock has a market capitalization of $652.39 million, a PE ratio of 12.68 and a beta of 1.11. The stock has a 50-day simple moving average of $33.14 and a 200-day simple moving average of $30.57.
In other news, Director Basswood Capital Management, L sold 60,231 shares of Bridge Bancorp stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $32.74, for a total transaction of $1,971,962.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders have sold 118,759 shares of company stock worth $3,913,792. 15.50% of the stock is owned by insiders.
Several brokerages have commented on BDGE. BidaskClub lowered Bridge Bancorp from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 15th. ValuEngine cut Bridge Bancorp from a “hold” rating to a “sell” rating in a research report on Wednesday, December 4th. Zacks Investment Research cut Bridge Bancorp from a “buy” rating to a “hold” rating in a research report on Tuesday, December 31st. Finally, DA Davidson assumed coverage on Bridge Bancorp in a research report on Thursday, October 3rd. They set a “neutral” rating and a $33.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $34.67.
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.
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