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Basswood Capital Further Reduces Stake In Bridge Bancorp (BDGE)

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Matthew Lindenbaum‘s Basswood Capital has further reduced its stake in Bridge Bancorp Inc (NASDAQ:BDGE) according to a recent filing with the Securities and Exchange Commission.

Whereas the fund held 1.65 million shares at the end of the first quarter, it now holds 1.25 million shares or 7.2% of the company’s common stock. Matthew Lindenbaum also owns 161,015 shares which gives him control over an aggregate of 1.41 million shares of Bridge Bancorp or 8.1% of its outstanding stock. Together with other affiliates, Basswood Capital’s exposure rises to some 11.7% of the company’s common stock.

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Kevin George/Shutterstock.com

Bridge Bancorp Inc (NASDAQ:BDGE) is the holding company of The Bridgehampton National Bank that operates 38 branches in Suffolk, Nassau counties, Bayside, and Manhattan. The company has a market cap of $484 million and pays an annual dividend of $0.92 per share, carrying a yield of 3.40%. So far this year, the stock has been trending sideways and has ended yesterday’s trading session at 27.75 per share, down by 7.4% for the year. The stock is currently trading at a trailing Price to Earnings (P/E) ratio of 18, in line with the industry average. For the first quarter of 2016, Bridge Bancorp posted a profit of $8.6 million or $0.49 per share, while revenues came in at $33.4 million.

Hedge fund sentiment towards Bridge Bancorp Inc (NASDAQ:BDGE) was unchanged during the quarter, with the same 8 funds holding the stock at the end of March. Together these funds controlled 14.7% of the company’s common stock. Jim Simons‘ Renaissance Technologies boosted its stake by 90% during the quarter to amass 172,900 shares, while Joshua Nash left his fund’s investment untouched. According to its latest 13F filing, Nash’s Ulysses Management held 461,814 shares of Bridge Bancorp.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Basswood Capital Management 0 1,251,076 0 1,251,076 1,251,076 7.2%
Basswood Partners 0 331,280 0 331,280 331,280 1.9%
Basswood Enhanced Long Short GP 0 512,228 0 512,228 512,228 2.9%
Basswood Opportunity Partners 0 225,109 0 225,109 225,109 1.3%
Basswood Opportunity Fund, Inc 0 112,894 0 112,894 112,894 0.7%
Basswood Enhanced Long Short Fund 0 512,228 0 512,228 512,228 2.9%
Basswood Financial Fund 0 82,596 0 82,596 82,596 0.5%
Basswood Financial Fund, Inc 0 29,865 0 29,865 29,865 0.2%
Basswood Financial Long Only Fund 0 23,575 0 23,575 23,575 0.1%
BCM Select Equity I Master, Ltd 0 0 0 0 0 0.0%
Matthew Lindenbaum 161,015 1,251,076 161,015 1,251,076 1,412,091 8.1%
Bennett Lindenbaum 138,282 1,251,076 138,282 1,251,076 1,389,358 8.0%
Abigail Tambor 0 97,202 0 97,202 97,202 0.6%
Nathan Lindenbaum 3,913 402,236 3,913 402,236 406,149 2.3%
Nathan J Lindenbaum 1995 Children Trust 0 50,197 0 50,197 50,197 0.3%
Naftali Asher Investments 0 65,970 0 65,970 65,970 0.4%
Victoria and Benjamin Feder 0 87,327 0 87,327 87,327 0.5%
Victoria and Ben Feder s 1996 Children s Trust 0 9,875 0 9,875 9,875 0.1%
Marcel Lindenbaum 68,937 0 68,937 0 68,937 0.4%
Shari A. Lindenbaum 1994 Children s Trust 0 20,540 0 20,540 20,540 0.1%
Shari A. Lindenbaum 0 116,167 0 116,167 116,167 0.7%
Ray Lindenbaum 0 9,875 0 9,875 9,875 0.1%
Shai Tambor 0 184,529 0 184,529 184,529 1.1%
MGS Partners 0 81,000 0 81,000 81,000 0.5%
Matthew Lindenbaum
Matthew Lindenbaum
Basswood Capital

Page 1 of 33 – SEC Filing


 

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

SCHEDULE 13D
(Under the Securities Exchange Act of 1934)
 (Amendment No. 1)*

Bridge Bancorp, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
108035106
(CUSIP Number)
Basswood Capital Management, L.L.C.
645 Madison Avenue, 10th Floor
New York, NY 10022
Attn: Matthew Lindenbaum
With a copy to:
Willkie Farr & Gallagher LLP
787 Seventh Avenue
New York, NY 10019
Attn: Michael A. Schwartz, Esq.
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
June 21, 2016
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-l(e), 240.13d-l(f) or 240.13d-1(g), check the following box.  ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
*
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Exchange Act”) or otherwise subject to the liabilities of that section of the  Exchange Act but shall be subject to all other provisions of the Exchange Act (however, see the Notes).  
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