Basswood Capital Ups Stake in NewBridge Bancorp (NBBC)

A new filing with the U.S. Securities and Exchange Commission showed that Matthew Lindenbaum‘s Basswood Capital has raised its stake in NewBridge Bancorp (NASDAQ:NBBC) to 5.85% of the company’s class A stock. Basswood currently holds around 1.48 million class A shares of NewBridge, versus 746,800 shares disclosed in the fund’s latest 13F filing.

NewBridge Bancorp

The move comes amid the announcement according to which, NewBridge Bancorp (NASDAQ:NBBC)’s and CapStone Bank’s shareholders have voted in favor of the merger of NewBridge’s wholly-owned subsidiary, NewBridge Bank and CapStone Bank. After the merger takes place, NewBridge Bank will become a $2.4 billion institution with 40 branches and offices throughout North Carolina.

NewBridge Bancorp (NASDAQ:NBBC), a $206 million bank holding company, has posted a net income of $18.9 million, or $0.65 per diluted share for the last year, which represents a significant improvement from a loss of $28.2 million reported a year earlier. At the same time, the income was above the analysts estimate of $0.46 per share. The stock of the company trails a Price to Earnings of around 11.xx, which is a bit lower than the average for the Regional Mid-Atlantic Banks P/E of 17.xx. Moreover, the company has a forward P/E of also around 11.xx, and a Price/Earnings to Growth Ratio of over 3.00.

Aside from Basswood Capital, some other hedge funds have also been bullish on NewBridge Bancorp (NASDAQ:NBBC) during the last quarter of 2013. Endicott Management, managed by Robert I. Usdan and Wayne K. Goldstein, reported holding 2.50 million shares of the bank holding company, valued at $18.6 million. Anton Schutz‘s Mendon Capital Advisors holds a less significant stake, which contains 296,500, worth $2.2 million. Emanuel Friedman’s EJF Capital, at the end of last year, held over 511,900 shares of NewBridge.

Basswood Capital reported last week, that Mr. Lindenbaum was appointed as director to Hudson Valley Holding Corp. (NYSE:HVB)’s board. The fund holds 9.83% of the company’s stock. The fund holds the largest chunk of its 13F portfolio invested in Financial stocks, with Synovus Financial Corp. (NYSE:SNV) representing the largest holding worth $77.59 million, which contains 21.55 million shares.

Disclosure: none

Recommended Reading:

Nelson Obus, Wynnefield Capital Are Bullish on GlyEco Inc (GLYE)

Healthcor Management Initiates Exposure to Oxygen Biotherapeutics, Inc. (OXBT)

David Einhorn, Greenlight Capital Raise Stake in BioFuel Energy Corp. (BIOF); Send Business Proposal To Board

 

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

Cheapest Cities to Visit in the US

Most Expensive Summer Camps

Most Expensive Animals in the World

Most Expensive Specialty Crops in the World

Movies That Took Ages to Make

The Longest Hollywood Films Ever Made

Most Expensive Concert Stages

The Richest Bands of all Time

10 Most Corrupt Countries 2013 List

10 Countries with the Highest Quality of Life Index

Most Expensive Mattresses in the World

5 Smallest Countries by Land Area

The Ultimate Heartbreak Songs

Richest Teenagers in the World

10 Most Haunted Places in America

10 Best Places to Retire in Florida East Coast

Top 10 Places to See Before You Die

Top 8 Countries in the World Where Justice Prevails

10 Richest States in America

15 Wealthiest Countries in the World

Richest Singers in the World

Most Expensive Tasting Menu in New York City

Most Expensive Baby Items in the World

Most Expensive Hotel Suites in Vegas

Most Expensive Brunch in New York City

Most Expensive Beef Cuts in the World

25 Best Colleges to Get a Job

Top 10 US Supermarkets

The 25 Most Dangerous Cities in the World to Visit

Most Expensive Xbox Games

Top 11 Cities Where Billionaires Live

Top 10 Most Charitable Companies in America

Most Expensive Seafood in the World

The 10 Wildest Conspiracy Theories

The 10 Best Job Markets in the US

Top 10 Accounting Scandals of All Time

The 25 Biggest Cities in the World

Top 10 Best Paying Virtual Jobs

Most Expensive Leather Shoes in the World

Top 6 Things to Buy in March

The 10 Most Stressful Jobs in America – 2014 List

Top 10 Jobs for Introverted People

Top 10 Honeymoon Destinations in the World

Top 10 Highest Paying Jobs in the World

Most Expensive Day-Care in New York City

The 10 Cheapest Places to Retire Abroad

Top 10 Most Expensive Luxury Cars in the World – 2014

Killer Small Business Ideas

The 50 Best Personal Finance Blogs

Most Expensive Apartments in New York City

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!