Carl M. Porto, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired 200 shares of the company's common stock. The transaction, which took place on December 9, 2024, was executed at a price range between $32.84 and $33.00 per share, amounting to a total value of approximately $6,580. The purchase comes as the stock has shown strong momentum, gaining nearly 39% over the past six months according to InvestingPro data. Following this acquisition, Porto holds a total of 19,129 shares indirectly through a deferred compensation plan. This move reflects Porto's continued investment in the financial institution, headquartered in New Canaan, Connecticut. The $252 million market cap company currently trades at 0.94 times book value and offers a 2.45% dividend yield, having maintained dividend payments for 10 consecutive years. InvestingPro analysis suggests the stock is currently trading slightly above its Fair Value.
In other recent news, Bankwell Financial Group reported an increase in net income for the third quarter of 2024, reaching $1.9 million, or $0.24 per share, up from $1.1 million, or $0.14 per share, in the previous quarter. However, the earnings were impacted by an $8.2 million charge-off against a $13.7 million office loan participation. In addition to financial results, the company declared a cash dividend of $0.20 per share and authorized a new share repurchase plan for up to 250,000 shares of its common stock.
These recent developments come alongside an anticipated reduction in funding costs and potential benefits to the net interest margin from maturing loans in the coming year. Bankwell Financial Group has also made significant amendments to its bylaws, including altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings.
In other developments, the company is set to record an $8.2 million charge off related to a non-performing commercial real estate loan. The charge off is tied to a $13.7 million loan for a Class A office park in suburban New Jersey. Post charge off, Bankwell's remaining exposure is projected at about $5.5 million. These are the latest updates from Bankwell Financial Group.
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