Insiders Are Buying Bridge Bancorp

Oct. 7.13 | About: Bridge Bancorp, (BDGE)

In this article, I will feature one bank that has seen intensive insider buying during the last 30 days. Intensive insider buying can be defined by the following three criteria:

  1. The stock is purchased by three or more insiders within one month.
  2. The stock is sold by no insiders in the month of intensive purchasing.
  3. At least two purchasers increase their holdings by more than 10%.

Bridge Bancorp (NASDAQ:BDGE) operates as the bank holding company for The Bridgehampton National Bank that provides commercial and consumer banking services primarily in Suffolk county, eastern Long Island, New York.

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Insider buying during the last 30 days

Here is a table of Bridge Bancorp's insider-trading activity during the last 30 days by insider.

Name Title Trade Date Shares Purchased Current Ownership (Direct+Indirect) Increase In Shares
Dennis Suskind Director Oct 2 13,500 122,226 shares +12.4%
Rudolph Santoro Director Oct 2 5,000 10,342 shares +93.6%
Kevin Santacroce Chief Lending Officer Oct 2 4,750 37,773 shares +14.4%
Kevin O'Connor CEO Oct 2 10,000 91,713 shares +12.2%
Howard Nolan COO Oct 2 2,000 43,786 shares +4.8%
Albert McCoy Director Oct 2 12,500 84,631 shares +17.3%
Charles Massoud Director Oct 2 2,200 17,941 shares +14.0%
Marcia Hefter Director Oct 2 2,300 75,458 shares +3.1%
Antonia Donohue Director Oct 2 1,000 6,595 shares +17.9%
Emanuel Arturi Director Oct 2 10,000 29,279 shares +51.9%
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There have been 63,250 shares purchased by insiders during the last 30 days. The shares were purchased pursuant to a public offering.

Insider buying by calendar month

Here is a table of Bridge Bancorp's insider-trading activity by calendar month.

Month Insider buying / shares Insider selling / shares
October 2013 63,250 0
September 2013 0 0
August 2013 0 0
July 2013 0 0
June 2013 0 0
May 2013 4,935 0
April 2013 0 0
March 2013 0 0
February 2013 1,000 0
January 2013 0 707
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There have been 69,185 shares purchased and there have been 707 shares sold by insiders this year.

Financials

Bridge Bancorp reported the second-quarter financial results on July 25 with the following highlights:

Revenue $12.3 million
Net income $3.3 million
Book value $12.88 per share
Tangible book value $12.63 per share
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Competition

Bridge Bancorp's peer group consists of the following: Adirondack Trust Company (OTCPK:ADKT), Bank of Utica (OTCPK:BKUT), Citizens Financial Services (OTCPK:CZFS), Codorus Valley Bancorp (NASDAQ:CVLY), ENB Financial Corp (OTCPK:ENBP), Fidelity D & D Bancorp (OTCPK:FDBC), FNB Bancorp (OTCPK:FBIP), Penns Woods Bancorp (NASDAQ:PWOD), and Penseco Financial Services Corporation (OTCQB:PFNS).

Here is a table comparing Bridge Bancorp to the peer group.

  BDGE Peer average
Price/Earnings 14.53 11.74
Price/Book 168.12% 120.72%
Dividend yield 4.25% 3.15%
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Bridge Bancorp has a higher dividend yield than the peer group.

Here is a table of these competitors' insider-trading activities this year.

Company Insider buying / shares Insider selling / shares
CZFS 100 1,639
CVLY 5,449 11,362
ENBP 175 479
FDBC 22,355 0
PWOD 2,000 0
PFNS 383 0
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Only Bridge Bancorp has seen intensive insider buying during the last 30 days.

Conclusion

There have been 10 different insiders buying Bridge Bancorp and there have not been any insiders selling Bridge Bancorp during the last 30 days. Eight of these 10 insiders increased their holdings by more than 10%. Bridge Bancorp has an insider ownership of 1.50%.

There are two analyst buy ratings, one neutral rating, and zero sell ratings with an average price target of $25.33.

Bridge Bancorp has a book value of $12.88 per share and the stock has a dividend yield of 4.25%. The stock is currently sitting right at its 200-day moving average, which could be a good entry point for the stock.

Disclosure: I have no positions in any stocks mentioned, but may initiate a long position in BDGE over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.