Bank of Nova Scotia Boosts Holdings in Bridge Investment Group Holdings Inc. (NYSE:BRDG)

Bank of Nova Scotia grew its position in Bridge Investment Group Holdings Inc. (NYSE:BRDGGet Rating) by 46.2% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 17,120 shares of the company’s stock after purchasing an additional 5,410 shares during the period. Bank of Nova Scotia’s holdings in Bridge Investment Group were worth $248,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in Bridge Investment Group by 26.5% during the 1st quarter. Vanguard Group Inc. now owns 2,075,765 shares of the company’s stock worth $42,241,000 after purchasing an additional 434,346 shares during the last quarter. Jennison Associates LLC boosted its holdings in shares of Bridge Investment Group by 8.2% in the second quarter. Jennison Associates LLC now owns 2,227,886 shares of the company’s stock valued at $32,393,000 after acquiring an additional 168,490 shares in the last quarter. Lord Abbett & CO. LLC boosted its holdings in shares of Bridge Investment Group by 39.0% in the first quarter. Lord Abbett & CO. LLC now owns 557,049 shares of the company’s stock valued at $11,336,000 after acquiring an additional 156,156 shares in the last quarter. Goldman Sachs Group Inc. purchased a new stake in shares of Bridge Investment Group in the first quarter valued at about $2,177,000. Finally, First Republic Investment Management Inc. purchased a new stake in shares of Bridge Investment Group in the first quarter valued at about $1,792,000. Hedge funds and other institutional investors own 59.49% of the company’s stock.

Bridge Investment Group Stock Performance

Shares of BRDG opened at $14.95 on Monday. The company has a current ratio of 2.42, a quick ratio of 2.42 and a debt-to-equity ratio of 0.45. The stock has a market cap of $437.24 million, a P/E ratio of 10.10 and a beta of 1.67. The company has a 50-day moving average of $15.25 and a two-hundred day moving average of $16.14. Bridge Investment Group Holdings Inc. has a 12-month low of $13.74 and a 12-month high of $25.61.

Bridge Investment Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 16th. Shareholders of record on Friday, December 2nd will be given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date of this dividend is Thursday, December 1st. Bridge Investment Group’s payout ratio is currently 81.08%.

Analyst Upgrades and Downgrades

BRDG has been the topic of several analyst reports. Credit Suisse Group initiated coverage on shares of Bridge Investment Group in a report on Tuesday, October 18th. They issued a “neutral” rating and a $15.00 target price on the stock. Morgan Stanley reduced their price objective on shares of Bridge Investment Group from $22.00 to $21.00 and set an “overweight” rating for the company in a research note on Wednesday, October 19th. UBS Group raised their price objective on shares of Bridge Investment Group from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Tuesday, November 15th. Wells Fargo & Company raised their price objective on shares of Bridge Investment Group from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Wednesday, August 10th. Finally, TheStreet cut shares of Bridge Investment Group from a “c-” rating to a “d+” rating in a research note on Wednesday, October 19th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Bridge Investment Group Company Profile

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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.

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Institutional Ownership by Quarter for Bridge Investment Group (NYSE:BRDG)

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