Chain Bridge Bancorp ten percent owner sells $868,458 in stock

Martin S. Friedman, a ten percent owner of Chain Bridge Bancorp (NASDAQ:BDGE_old) Inc. (OTC:CBNA), recently sold a significant portion of Class A common stock in the company. According to a recent SEC filing, Friedman sold 32,158 shares at an average price of $27.006 per share, totaling approximately $868,458. The sale comes as the stock trades near its 52-week high of $27.97, with InvestingPro data showing a strong one-year return of 27.5%.

Following this transaction, Friedman, through Financial Opportunity (SO:FTCE11B) Fund LLC, beneficially owns 306,078 shares of Chain Bridge Bancorp, a company currently valued at $177.37 million. Trading at a P/E ratio of 6.51, the stock appears overvalued according to InvestingPro Fair Value metrics. It’s important to note that, while Friedman holds voting and dispositive power over these shares, he disclaims beneficial ownership. The sales were conducted indirectly, as noted in the filing. Get access to more detailed insider trading analysis and 7 additional key InvestingPro Tips for CBNA with an InvestingPro subscription.

In other recent news, Chain Bridge Bancorp has been the focus of analyst attention, with Piper Sandler making significant adjustments to its stock rating and price target. Piper Sandler downgraded Chain Bridge Bancorp from Overweight to Neutral due to the stock’s appreciation since its IPO, which has brought it close to the firm’s 12-month price target of $29.00. This decision suggests that the potential for near-term growth in the stock’s value might be limited. Despite the downgrade, Piper Sandler acknowledges the company’s strong business strategy and prudent financial management. Additionally, analyst Mark Fitzgibbon of Piper Sandler revised the price target from $31.00 to $29.00 while maintaining an Overweight rating. Fitzgibbon highlights Chain Bridge Bancorp as a low-risk player in a volatile banking sector, emphasizing its defensive characteristics and stability. The bank is seen as well-positioned to benefit from the current political climate in Washington, according to Fitzgibbon. Investors are likely to consider these recent developments as they assess the potential for future appreciation in Chain Bridge Bancorp’s stock.

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