NEW CANAAN, CT—Jeffrey R. Dunne, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), acquired 29 shares of the company's common stock on November 25, 2024, according to a recent SEC filing. This purchase was made at a price range of $34.47 to $34.51 per share, totaling approximately $1,000. Following this transaction, Dunne holds 3,248 shares indirectly through a deferred compensation plan.
In addition to his indirect holdings, Dunne also retains direct ownership of 834 shares, 1,600 shares, and 1,666 shares of common stock in separate holdings. These shares include restricted stock granted under the 2022 Bankwell Financial Group Stock Plan, with vesting schedules extending through 2025.
Bankwell Financial Group, headquartered in New Canaan, Connecticut, operates as a state commercial bank, providing a range of financial services.
In other recent news, Bankwell Financial Group reported a rise in third-quarter net income, reaching $1.9 million. However, this was impacted by an $8.2 million charge-off against a $13.7 million office loan participation. The company's board also declared a cash dividend of $0.20 per share and authorized a new share repurchase plan, allowing the purchase of up to 250,000 shares of its outstanding common stock.
Further, 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.
Significant amendments to the company's bylaws have also been made, including altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings. Revisions to titles and membership requirements of various Board committees were also part of these updates.
These recent developments underscore Bankwell Financial Group's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards. Please note, the company's future results are subject to various risks and uncertainties as stated in the SEC filing.
InvestingPro Insights
Jeffrey R. Dunne's recent acquisition of Bankwell Financial Group (NASDAQ:BWFG) shares aligns with several positive trends highlighted by InvestingPro data. The company's stock has shown remarkable strength, with a 27.86% price total return over the past three months and an impressive 44.35% return over the last six months. This upward momentum is further evidenced by the stock trading near its 52-week high, at 97.27% of that peak.
InvestingPro Tips reveal that Bankwell Financial Group has maintained dividend payments for 10 consecutive years, which may be attractive to income-focused investors like Dunne. The current dividend yield stands at 2.32%, offering a steady income stream. Additionally, analysts predict the company will remain profitable this year, despite expectations of a drop in net income.
It's worth noting that while the company's revenue growth has slowed, with a -25.9% decline in the last twelve months, Bankwell Financial Group maintains a solid operating income margin of 33.68%. This suggests efficient management of operational costs despite revenue challenges.
For investors seeking a more comprehensive analysis, InvestingPro offers 10 additional tips for Bankwell Financial Group, providing a deeper understanding of the company's financial health and market position.
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