Matthew Lindenbaum‘s Basswood Capital has further reduced its stake in Bridge Bancorp Inc (NASDAQ:BDGE) according to a recent filing with the Securities and Exchange Commission.
Whereas the fund held 1.65 million shares at the end of the first quarter, it now holds 1.25 million shares or 7.2% of the company’s common stock. Matthew Lindenbaum also owns 161,015 shares which gives him control over an aggregate of 1.41 million shares of Bridge Bancorp or 8.1% of its outstanding stock. Together with other affiliates, Basswood Capital’s exposure rises to some 11.7% of the company’s common stock.
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Bridge Bancorp Inc (NASDAQ:BDGE) is the holding company of The Bridgehampton National Bank that operates 38 branches in Suffolk, Nassau counties, Bayside, and Manhattan. The company has a market cap of $484 million and pays an annual dividend of $0.92 per share, carrying a yield of 3.40%. So far this year, the stock has been trending sideways and has ended yesterday’s trading session at 27.75 per share, down by 7.4% for the year. The stock is currently trading at a trailing Price to Earnings (P/E) ratio of 18, in line with the industry average. For the first quarter of 2016, Bridge Bancorp posted a profit of $8.6 million or $0.49 per share, while revenues came in at $33.4 million.
Hedge fund sentiment towards Bridge Bancorp Inc (NASDAQ:BDGE) was unchanged during the quarter, with the same 8 funds holding the stock at the end of March. Together these funds controlled 14.7% of the company’s common stock. Jim Simons‘ Renaissance Technologies boosted its stake by 90% during the quarter to amass 172,900 shares, while Joshua Nash left his fund’s investment untouched. According to its latest 13F filing, Nash’s Ulysses Management held 461,814 shares of Bridge Bancorp.
You can access the original SEC filing by clicking here.
Ownership Summary Table
| Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
|---|---|---|---|---|---|---|
| Basswood Capital Management | 0 | 1,251,076 | 0 | 1,251,076 | 1,251,076 | 7.2% |
| Basswood Partners | 0 | 331,280 | 0 | 331,280 | 331,280 | 1.9% |
| Basswood Enhanced Long Short GP | 0 | 512,228 | 0 | 512,228 | 512,228 | 2.9% |
| Basswood Opportunity Partners | 0 | 225,109 | 0 | 225,109 | 225,109 | 1.3% |
| Basswood Opportunity Fund, Inc | 0 | 112,894 | 0 | 112,894 | 112,894 | 0.7% |
| Basswood Enhanced Long Short Fund | 0 | 512,228 | 0 | 512,228 | 512,228 | 2.9% |
| Basswood Financial Fund | 0 | 82,596 | 0 | 82,596 | 82,596 | 0.5% |
| Basswood Financial Fund, Inc | 0 | 29,865 | 0 | 29,865 | 29,865 | 0.2% |
| Basswood Financial Long Only Fund | 0 | 23,575 | 0 | 23,575 | 23,575 | 0.1% |
| BCM Select Equity I Master, Ltd | 0 | 0 | 0 | 0 | 0 | 0.0% |
| Matthew Lindenbaum | 161,015 | 1,251,076 | 161,015 | 1,251,076 | 1,412,091 | 8.1% |
| Bennett Lindenbaum | 138,282 | 1,251,076 | 138,282 | 1,251,076 | 1,389,358 | 8.0% |
| Abigail Tambor | 0 | 97,202 | 0 | 97,202 | 97,202 | 0.6% |
| Nathan Lindenbaum | 3,913 | 402,236 | 3,913 | 402,236 | 406,149 | 2.3% |
| Nathan J Lindenbaum 1995 Children Trust | 0 | 50,197 | 0 | 50,197 | 50,197 | 0.3% |
| Naftali Asher Investments | 0 | 65,970 | 0 | 65,970 | 65,970 | 0.4% |
| Victoria and Benjamin Feder | 0 | 87,327 | 0 | 87,327 | 87,327 | 0.5% |
| Victoria and Ben Feder s 1996 Children s Trust | 0 | 9,875 | 0 | 9,875 | 9,875 | 0.1% |
| Marcel Lindenbaum | 68,937 | 0 | 68,937 | 0 | 68,937 | 0.4% |
| Shari A. Lindenbaum 1994 Children s Trust | 0 | 20,540 | 0 | 20,540 | 20,540 | 0.1% |
| Shari A. Lindenbaum | 0 | 116,167 | 0 | 116,167 | 116,167 | 0.7% |
| Ray Lindenbaum | 0 | 9,875 | 0 | 9,875 | 9,875 | 0.1% |
| Shai Tambor | 0 | 184,529 | 0 | 184,529 | 184,529 | 1.1% |
| MGS Partners | 0 | 81,000 | 0 | 81,000 | 81,000 | 0.5% |
Follow Matthew Lindenbaum's Basswood Capital
Page 1 of 33 – SEC Filing
| Bridge Bancorp, Inc. |
| Common Stock |
| 108035106 |
| Basswood Capital Management, L.L.C. 645 Madison Avenue, 10th Floor New York, NY 10022 Attn: Matthew Lindenbaum With a copy to: Willkie Farr & Gallagher LLP 787 Seventh Avenue New York, NY 10019 Attn: Michael A. Schwartz, Esq. |
| June 21, 2016 |
| * | The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
