Wells Fargo & Company Cuts Bridge Investment Group (NYSE:BRDG) Price Target to $10.00

Bridge Investment Group (NYSE:BRDG) had its price target cut by Wells Fargo & Company from $12.00 to $10.00 in a report released on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other brokerages have also recently weighed in on BRDG. UBS Group boosted their price target on shares of Bridge Investment Group from $7.00 to $11.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 22nd. Morgan Stanley cut Bridge Investment Group from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $14.00 to $11.00 in a research report on Friday, November 8th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $10.00 price target (down from $12.00) on shares of Bridge Investment Group in a research note on Tuesday, January 7th. Finally, TD Cowen cut their price target on shares of Bridge Investment Group from $10.50 to $10.00 and set a “hold” rating on the stock in a report on Tuesday, November 12th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $10.40.

Bridge Investment Group Price Performance

Shares of Bridge Investment Group stock opened at $7.26 on Tuesday. Bridge Investment Group has a one year low of $6.18 and a one year high of $11.69. The stock has a market capitalization of $879.07 million, a P/E ratio of 181.55 and a beta of 1.57. The business’s 50 day simple moving average is $9.09 and its two-hundred day simple moving average is $8.90. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.14 and a quick ratio of 1.14.

Bridge Investment Group (NYSE:BRDG) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). Bridge Investment Group had a net margin of 1.92% and a return on equity of 9.91%. The firm had revenue of $101.51 million for the quarter, compared to analysts’ expectations of $85.00 million. During the same quarter in the previous year, the company earned $0.22 EPS. Analysts forecast that Bridge Investment Group will post 0.68 EPS for the current year.

Bridge Investment Group Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, December 20th. Stockholders of record on Friday, December 6th were given a $0.10 dividend. The ex-dividend date was Friday, December 6th. This represents a $0.40 annualized dividend and a dividend yield of 5.51%. Bridge Investment Group’s dividend payout ratio is presently 1,000.00%.

Insider Buying and Selling

In other news, CEO Jonathan Slager sold 11,403 shares of the firm’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $8.29, for a total transaction of $94,530.87. Following the transaction, the chief executive officer now directly owns 962,481 shares of the company’s stock, valued at approximately $7,978,967.49. This trade represents a 1.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Dean Allara sold 10,877 shares of the firm’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $8.31, for a total transaction of $90,387.87. Following the transaction, the insider now owns 662,473 shares of the company’s stock, valued at approximately $5,505,150.63. This trade represents a 1.62 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 145,187 shares of company stock worth $1,204,966. 65.90% of the stock is owned by company insiders.

Institutional Trading of Bridge Investment Group

Several hedge funds and other institutional investors have recently modified their holdings of the company. Quarry LP boosted its position in shares of Bridge Investment Group by 22.5% in the second quarter. Quarry LP now owns 8,350 shares of the company’s stock valued at $62,000 after acquiring an additional 1,535 shares during the period. Jane Street Group LLC acquired a new stake in Bridge Investment Group in the third quarter worth $102,000. Paloma Partners Management Co acquired a new position in shares of Bridge Investment Group in the third quarter valued at approximately $110,000. XTX Topco Ltd bought a new stake in shares of Bridge Investment Group in the third quarter worth $127,000. Finally, Bank of New York Mellon Corp grew its holdings in Bridge Investment Group by 3.2% during the second quarter. Bank of New York Mellon Corp now owns 55,328 shares of the company’s stock worth $411,000 after purchasing an additional 1,735 shares during the period. 52.83% of the stock is currently owned by hedge funds and other institutional investors.

About Bridge Investment Group

Bridge Investment Group Holdings Inc engages in the real estate investment management business in the United States. It manages capital on behalf of approximately hundred global institutions and 6,500 individual investors across approximately 25 investment vehicles. The company was founded in 2009 and is headquartered in Salt Lake City, Utah.