NEW CANAAN, Conn.—Carl M. Porto, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired shares in the company, according to a filing with the Securities and Exchange Commission. On December 6, 2024, Porto purchased 196 shares of common stock at a price range of $32.79 to $32.95 per share, amounting to a total transaction value of approximately $6,448. Following this acquisition, Porto holds a total of 18,929 shares indirectly through a Deferred Compensation Plan. The purchase comes as BWFG shares have shown strong momentum, gaining nearly 40% over the past six months. According to InvestingPro analysis, the stock is currently trading near its Fair Value.
This transaction reflects Porto's ongoing involvement with Bankwell Financial, a state commercial bank headquartered in New Canaan, Connecticut. The $249 million market cap institution has maintained dividend payments for 10 consecutive years, currently offering a 2.4% yield. The purchase is part of a series of transactions that have been disclosed under the company's stock plan, which includes various vesting schedules for restricted stock granted in previous years. InvestingPro subscribers can access additional insights, including 6 key tips about BWFG's financial health and growth prospects.
In other recent news, Bankwell Financial Group reported a rise in net income for the third quarter of 2024, reaching $1.9 million. This increase was despite an $8.2 million charge-off against a $13.7 million office loan participation, which resulted in a $0.79 per share drag on earnings. The company's board also declared a cash dividend of $0.20 per share. Bankwell's board authorized a new share repurchase plan, allowing the company to buy back up to 250,000 shares of its outstanding common stock.
In addition to these developments, Bankwell Financial Group is set to record an $8.2 million charge off related to a non-performing commercial real estate loan, according to a recent SEC filing. The borrower defaulted on payments, leading to foreclosure proceedings and a revaluation of the property's estimated worth. Post charge off, Bankwell's remaining exposure is projected at about $5.5 million.
Furthermore, Bankwell Financial Group has made significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. These changes, approved by the company's Board of Directors, include altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings. These recent developments underscore Bankwell Financial Group's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards.
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