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

Bridge Investment Group Holdings Inc. (NYSE:BRDG) shares 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 trading hands. The stock had previously closed at $10.96.

The newly announced dividend which will be paid on Friday, December 20th. Shareholders of record on Friday, December 6th will be paid 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 presently -472.68%.

Analysts Set New Price Targets

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

Bridge Investment Group Stock Performance

The business’s fifty day simple moving average is $9.72 and its 200-day simple moving average is $8.30. The firm has a market cap of $1.24 billion, a P/E ratio of -90.95 and a beta of 1.63. The company has a current ratio of 1.21, a quick ratio of 1.21 and a debt-to-equity ratio of 0.85.

Bridge Investment Group (NYSE:BRDG) last announced its earnings results on Tuesday, August 6th. The company reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.02. The firm had revenue of $104.76 million for the quarter, compared to analyst estimates of $79.05 million. Bridge Investment Group had a net margin of 0.82% and a return on equity of 16.35%. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, sell-side analysts expect that Bridge Investment Group Holdings Inc. will post 0.74 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Jennison Associates LLC raised its holdings in Bridge Investment Group by 2.3% in 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 during the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Bridge Investment Group by 0.8% during the first quarter. Lord Abbett & CO. LLC now owns 860,963 shares of the company’s stock valued at $5,898,000 after purchasing an additional 6,851 shares during the last quarter. Thornburg Investment Management Inc. raised its holdings in shares of Bridge Investment Group by 181.2% during the first quarter. Thornburg Investment Management Inc. now owns 783,353 shares of the company’s stock valued at $5,358,000 after purchasing an additional 504,812 shares during the last quarter. Royce & Associates LP boosted its stake in shares of Bridge Investment Group by 1.2% during the 3rd quarter. Royce & Associates LP now owns 773,230 shares of the company’s stock worth $7,632,000 after acquiring an additional 8,909 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its position in shares of Bridge Investment Group by 21.7% during the 2nd quarter. 1832 Asset Management L.P. now owns 171,620 shares of the company’s stock valued at $1,273,000 after acquiring an additional 30,620 shares during the period. 52.83% of the stock is owned by hedge funds and other institutional investors.

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.