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

Bridge Investment Group Holdings Inc. (NYSE:BRDG)’s share price gapped up before the market opened on Monday following a stronger than expected earnings report. 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 trading hands.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $10.00 target price (down previously from $12.00) on shares of Bridge Investment Group in a research note on Tuesday, January 7th. TD Cowen decreased 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 note on Tuesday, November 12th. Morgan Stanley lowered shares of Bridge Investment Group from an “overweight” rating to an “equal weight” rating and cut their price objective for the company from $14.00 to $11.00 in a report on Friday, November 8th. Finally, Wells Fargo & Company cut their price objective on shares of 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 investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price 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 on Monday, January 6th. The stock was sold at an average price of $8.31, for a total transaction of $90,387.87. Following the completion of the sale, the insider now directly owns 662,473 shares in the company, valued at approximately $5,505,150.63. This trade represents a 1.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Katherine Elsnab sold 3,078 shares of Bridge Investment Group stock in a transaction on 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 owns 303,937 shares of the company’s stock, valued at approximately $2,519,637.73. This trade represents a 1.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 145,187 shares of company stock valued at $1,204,966 over the last three months. 65.90% of the stock is owned by company insiders.

Institutional Trading of Bridge Investment Group

Several institutional investors and hedge funds have recently made changes to their positions in BRDG. Royce & Associates LP raised its holdings in shares of Bridge Investment Group by 1.2% in 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 stake in shares of Bridge Investment Group during the third quarter worth about $448,000. Jennison Associates LLC grew its stake in shares of 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 acquiring an additional 74,779 shares during the last quarter. FMR LLC grew its stake in shares of Bridge Investment Group by 288.0% during the third quarter. FMR LLC now owns 1,509,690 shares of the company’s stock worth $14,901,000 after acquiring an additional 1,120,549 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in shares of Bridge Investment Group during the third quarter worth about $638,000. 52.83% of the stock is currently owned by institutional investors.

Bridge Investment Group Price Performance

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

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.