Bridge Investment Group Holdings Inc. (NYSE: BRDG – Get Rating) was the target of a significant drop in short interest during the month of July. As of July 31, there was short interest totaling 191,600 shares, down 7.3% from the July 15 total of 206,600 shares. Currently, 0.7% of the stock’s shares are sold short. Based on an average daily volume of 153,100 shares, the day-to-cover ratio is currently 1.3 days.
Analyst upgrades and downgrades
Several brokerages have recently released reports on BRDG. Morgan Stanley raised its price target on shares of Bridge Investment Group from $21.00 to $22.00 and gave the stock an “overweight” rating in a Friday, August 12 research report. Wells Fargo & Company raised its price target on Bridge Investment Group from $19.00 to $21.00 and gave the company an “overweight” rating in a Wednesday, Aug. 10 research note.
Hedge funds weigh on Bridge Investment Group
A number of hedge funds and other institutional investors have recently changed their holdings in BRDG. Conversant Capital LLC purchased a new position in shares of Bridge Investment Group during Q4 for a value of $30,463,000. Vanguard Group Inc. increased its stake in shares of Bridge Investment Group by 26.5% in the first quarter. Vanguard Group Inc. now owns 2,075,765 shares of the company valued at $42,241,000 after acquiring an additional 434,346 shares last quarter. Jennison Associates LLC increased its stake in Bridge Investment Group by 10.1% during the 4th quarter. Jennison Associates LLC now owns 2,021,512 shares of the company worth $50,477,000 after purchasing an additional 184,656 shares in the last quarter. Lord Abbett & CO. LLC increased its stake in Bridge Investment Group by 39.0% during the 1st quarter. Lord Abbett & CO. LLC now owns 557,049 shares of the company worth $11,336,000 after purchasing an additional 156,156 shares during the period. Finally, Renaissance Technologies LLC acquired a new position in shares of Bridge Investment Group during the fourth quarter at a value of $3,031,000. 65.49% of the shares are currently held by institutional investors.
Bridge Investment Group Stock Performance
BRDG shares opened at $18.50 on Wednesday. The company’s 50-day moving average is $15.75 and its 200-day moving average is $18.21. Bridge Investment Group has a one-year low of $13.74 and a one-year high of $25.61. The company has a market cap of $538.91 million and a price-to-earnings ratio of 10.76. The company has a debt ratio of 0.22, a quick ratio of 1.13 and a current ratio of 1.13.
Bridge Investment Group increases its dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 16. Shareholders of record on Friday, September 2 will receive a dividend of $0.30 per share. This represents an annualized dividend of $1.20 and a dividend yield of 6.49%. The ex-dividend date is Thursday, September 1. This is a positive change from Bridge Investment Group’s previous quarterly dividend of $0.26. Bridge Investment Group’s payout ratio is 60.47%.
Bridge Investment Group Company Profile
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Bridge Investment Group Holdings Inc is engaged in real estate investment management business in the United States. It manages capital on behalf of around 100 global institutions and 6,500 individual investors through approximately 25 investment vehicles. The company was founded in 2009 and is based in Salt Lake City, Utah.
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