Eric J. Dale, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently increased his stake in the company by purchasing 339 shares of common stock. The transaction, which took place on December 6, 2024, was executed at a price range of $32.79 to $32.95 per share, totaling approximately $11,153. The purchase comes as the stock has shown strong momentum, gaining nearly 40% over the past six months according to InvestingPro data.
Following this acquisition, Dale holds a total of 37,461 shares indirectly through a deferred compensation plan. This move reflects continued confidence in the company's prospects, as Bankwell Financial Group continues to operate in the state commercial banking sector. The $249 million market cap bank trades near its InvestingPro Fair Value and maintains a solid 2.4% dividend yield, having sustained dividend payments for 10 consecutive years. InvestingPro subscribers can access 5 additional key insights about BWFG's financial health and growth prospects.
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. This is a rise from $1.1 million, or $0.14 per share, in the previous quarter. The company has also declared a cash dividend of $0.20 per share. However, these earnings were impacted by an $8.2 million charge-off against a $13.7 million office loan participation.
In addition to these financial developments, 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. This replaces the previous plan, under which Bankwell repurchased 532,802 shares.
Furthermore, Bankwell Financial Group will record an $8.2 million charge off related to a non-performing commercial real estate loan. This charge off is tied to a $13.7 million loan for a Class A office park in suburban New Jersey. The borrower defaulted on payments, leading to foreclosure proceedings and a revaluation of the property's estimated worth.
Finally, Bankwell Financial Group has made significant amendments to its bylaws. Changes approved by the company's Board of Directors include altering the month for the annual shareholders' meeting from June to May and adjusting the requirement for the number of inspectors of elections at these meetings. These are recent developments that reflect the company's commitment to maintaining modern and efficient corporate practices.
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