Bridge Investment Group (NYSE:BRDG) Shares Gap Up Following Earnings Beat

Bridge Investment Group Holdings Inc. (NYSE:BRDG)’s stock price gapped up prior to trading on Monday following a better than expected earnings announcement. The stock had previously closed at $7.92, but opened at $10.56. Bridge Investment Group shares last traded at $10.63, with a volume of 978,802 shares traded.

The company reported $0.18 earnings per share for the quarter, topping the consensus estimate of $0.16 by $0.02. Bridge Investment Group had a return on equity of 9.91% and a net margin of 1.92%.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Bridge Investment Group news, Vice Chairman Dean Allara sold 10,877 shares of the 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 sale, the insider now owns 662,473 shares of the company’s stock, valued at $5,505,150.63. This trade represents a 1.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Katherine Elsnab sold 3,078 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $8.29, for a total value of $25,516.62. Following the sale, the chief financial officer now directly owns 303,937 shares in the company, valued at $2,519,637.73. This trade represents a 1.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 145,187 shares of company stock valued at $1,204,966. Corporate insiders own 65.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its stake in shares of Bridge Investment Group by 0.6% in the 4th quarter. Franklin Resources Inc. now owns 1,295,065 shares of the company’s stock valued at $10,879,000 after purchasing an additional 8,218 shares during the last quarter. Royce & Associates LP grew its stake in shares of Bridge Investment Group by 1.2% in the 3rd quarter. Royce & Associates LP now owns 773,230 shares of the company’s stock valued at $7,632,000 after purchasing an additional 8,909 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of Bridge Investment Group in the 3rd quarter valued at approximately $102,000. EP Wealth Advisors LLC purchased a new position in shares of Bridge Investment Group in the 4th quarter valued at approximately $89,000. Finally, Paloma Partners Management Co purchased a new position in shares of Bridge Investment Group in the 3rd quarter valued at approximately $110,000. Hedge funds and other institutional investors own 52.83% of the company’s stock.

Bridge Investment Group Stock Up 36.0 %

The firm has a 50 day simple moving average of $8.04 and a two-hundred day simple moving average of $8.92. The company has a market capitalization of $1.30 billion, a PE ratio of 270.49 and a beta of 1.55. The company has a current ratio of 1.14, a quick ratio of 1.14 and a debt-to-equity ratio of 0.86.

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.