Bridge Investment Group (NYSE:BRDG) Sees Strong Trading Volume on Earnings Beat

Shares of Bridge Investment Group Holdings Inc. (NYSE:BRDG) saw an uptick in trading volume on Tuesday following a stronger than expected earnings report. 695,335 shares were traded during mid-day trading, an increase of 159% from the previous session’s volume of 268,140 shares.The stock last traded at $10.26 and had previously closed at $10.60.

The company reported $0.18 earnings per share for the quarter, topping analysts’ consensus estimates of $0.16 by $0.02. Bridge Investment Group had a net margin of 1.92% and a return on equity of 9.91%. The firm had revenue of $81.96 million for the quarter, compared to analysts’ expectations of $82.02 million.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $10.00 target price (down from $12.00) on shares of Bridge Investment Group in a research report on Tuesday, January 7th. TD Cowen cut their target price on shares of Bridge Investment Group from $10.50 to $10.00 and set a “hold” rating on the stock in a research report on Tuesday, November 12th. Morgan Stanley cut shares of Bridge Investment Group from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $14.00 to $11.00 in a research report on Friday, November 8th. Finally, Wells Fargo & Company cut their price target on shares of Bridge Investment Group from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, Bridge Investment Group presently has an average rating of “Hold” and a consensus price target of $10.40.

Insiders Place Their Bets

In other news, Vice Chairman Dean Allara sold 10,877 shares of Bridge Investment Group stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $8.31, for a total value of $90,387.87. Following the completion of the transaction, the insider now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Katherine Elsnab sold 3,078 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $8.29, for a total value of $25,516.62. Following the sale, the chief financial officer now owns 303,937 shares in the company, valued at approximately $2,519,637.73. The trade was a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 145,187 shares of company stock worth $1,204,966. 73.00% of the stock is currently owned by insiders.

Institutional Trading of Bridge Investment Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in BRDG. Royce & Associates LP increased its holdings in shares of Bridge Investment Group by 1.2% during the third quarter. Royce & Associates LP now owns 773,230 shares of the company’s stock valued at $7,632,000 after acquiring an additional 8,909 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Bridge Investment Group during the third quarter valued at approximately $448,000. Jennison Associates LLC grew its holdings in Bridge Investment Group by 2.3% during the third quarter. Jennison Associates LLC now owns 3,370,882 shares of the company’s stock worth $33,271,000 after buying an additional 74,779 shares in the last quarter. FMR LLC raised its position in Bridge Investment Group by 288.0% in the 3rd quarter. FMR LLC now owns 1,509,690 shares of the company’s stock valued at $14,901,000 after buying an additional 1,120,549 shares during the last quarter. Finally, Rockefeller Capital Management L.P. bought a new position in Bridge Investment Group during the 3rd quarter valued at $638,000. 52.83% of the stock is owned by institutional investors.

Bridge Investment Group Stock Performance

The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.14 and a current ratio of 1.14. The company’s 50 day moving average price is $8.07 and its 200-day moving average price is $8.94. The stock has a market cap of $1.24 billion, a P/E ratio of 256.56 and a beta of 1.56.

Bridge Investment Group Company Profile

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.