Bridge Investment Group (NYSE:BRDG) Sets New 1-Year High After Dividend Announcement

Bridge Investment Group Holdings Inc. (NYSE:BRDG) reached a new 52-week high during trading on Wednesday following a dividend announcement from the company. The company traded as high as $11.69 and last traded at $11.68, with a volume of 11512 shares changing hands. The stock had previously closed at $10.96.

The newly announced dividend which will be paid on Friday, December 20th. Investors of record on Friday, December 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Friday, December 6th. Bridge Investment Group’s dividend payout ratio is -472.68%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BRDG. Wells Fargo & Company increased their target price on shares of Bridge Investment Group from $11.00 to $11.50 and gave the stock an “overweight” rating in a report on Wednesday, October 9th. Morgan Stanley lowered shares of Bridge Investment Group from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $14.00 to $11.00 in a report on Friday. UBS Group upped their price target on Bridge Investment Group from $7.00 to $11.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 22nd. Finally, TD Cowen downgraded Bridge Investment Group from a “buy” rating to a “hold” rating and upped their price target for the stock from $10.00 to $10.50 in a research note on Monday, October 14th. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, Bridge Investment Group presently has an average rating of “Hold” and an average target price of $11.10.

Bridge Investment Group Stock Up 2.0 %

The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $1.24 billion, a P/E ratio of -90.95 and a beta of 1.63. The business has a 50-day moving average price of $9.72 and a 200 day moving average price of $8.30.

Bridge Investment Group (NYSE:BRDG) last posted its earnings results on Tuesday, August 6th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $104.76 million during the quarter, compared to the consensus estimate of $79.05 million. Bridge Investment Group had a return on equity of 16.35% and a net margin of 0.82%. During the same period in the prior year, the company earned $0.20 EPS. On average, equities analysts expect that Bridge Investment Group Holdings Inc. will post 0.74 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of BRDG. Albion Financial Group UT purchased a new stake in Bridge Investment Group during the 2nd quarter valued at $37,000. Quarry LP raised its holdings in Bridge Investment Group by 22.5% during the 2nd quarter. Quarry LP now owns 8,350 shares of the company’s stock valued at $62,000 after buying an additional 1,535 shares during the period. HBK Sorce Advisory LLC increased its stake in Bridge Investment Group by 23.4% in the first quarter. HBK Sorce Advisory LLC now owns 21,296 shares of the company’s stock worth $146,000 after purchasing an additional 4,035 shares during the period. Quest Partners LLC purchased a new stake in Bridge Investment Group in the third quarter worth $448,000. Finally, Bank of New York Mellon Corp increased its stake in Bridge Investment Group by 3.2% in 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 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.