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:
- The stock is purchased by three or more insiders within one month.
- The stock is sold by no insiders in the month of intensive purchasing.
- 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.
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%|
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|
There have been 69,185 shares purchased and there have been 707 shares sold by insiders this year.
Bridge Bancorp reported the second-quarter financial results on July 25 with the following highlights:
|Net income||$3.3 million|
|Book value||$12.88 per share|
|Tangible book value||$12.63 per share|
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.
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|
Only Bridge Bancorp has seen intensive insider buying during the last 30 days.
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.