UPDATE: FIG Partners Initiates Coverage on Bridge Bancorp with Outperform on New Loan Growth

In a report published on Monday, FIG Partners analyst Christopher Marinae initiated coverage on

with an Overweight rating and a price target of $25.00. In the report, FIG Partners stated, "We believe BDGE has a very unique Balance Sheet composition with Securities at 41% of Total Assets. This should allow BDGE to fund their robust loan growth for years to come without raising additional capital. Another key driver for BDGE is the low cost of funds that should benefit NIM in any interest rate environment. As securities are sold to fund new loan growth NIM should rebound slightly due to the transition in higher-yielding earning assets. Pricing has been an issue for the peer group but should not be a concern BDGE as loan growth continues. BDGE operates and services many difference diverse communities on the east end of long island where they continue to execute. While loan growth is the main driver of higher Net Income, BDGE has maintained its focus on pristine credit quality. Currently, BDGE pays a hefty $0.92 cents per share or 4.40% dividend yield which is among the top Northeast commercial banks. In our conversations with Chairman & CEO Kevin O'Connor, he stated that he has no plans to change the dividends as he has inherited this payout." Bridge Bancorp closed on Monday at $21.99.