In a recent transaction, Lawrence B. Seidman, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), acquired 230 shares of the company's common stock. The shares were purchased at a price range of $32.79 to $32.95 per share, totaling approximately $7,567. Following this transaction, Seidman holds 1,953 shares indirectly through a Deferred Compensation Plan. The purchase comes as the stock shows strong momentum, with InvestingPro data revealing a remarkable 39% gain over the past six months.
Seidman also maintains various other holdings, including significant shares through entities such as Seidman and Associates, L.L.C., and Seidman Investment Partnership, L.P. These holdings reflect his continued investment in Bankwell Financial Group, a state commercial bank headquartered in New Canaan, Connecticut. With a market capitalization of $250.6 million and a consistent dividend payment history spanning 10 years, the bank currently offers a 2.42% dividend yield. InvestingPro subscribers can access 6 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. Despite a significant $8.2 million charge-off against a $13.7 million office loan, the company declared a cash dividend and authorized a new share repurchase plan. These recent developments also include a decline in pre-tax, pre-provision net revenue and a decrease in brokered deposits.
Bankwell Financial is also facing an $8.2 million charge-off related to a non-performing commercial real estate loan. This charge-off, tied to a loan for a Class A office park in suburban New Jersey, has led to foreclosure proceedings and a revaluation of the property's estimated worth.
In addition, Bankwell Financial 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 are recent developments that underscore Bankwell Financial Group's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards. The company's future results are subject to various risks and uncertainties, as stated in the SEC filing.
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