Blake S. Drexler, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired shares in the company, according to a regulatory filing. On December 6, Drexler purchased 13 shares of Bankwell's common stock at an average price of $32.85 per share, totaling approximately $427. The purchase comes as Bankwell's stock has shown strong momentum, gaining nearly 40% over the past six months. According to InvestingPro, the company maintains a 2.4% dividend yield and has consistently paid dividends for the past decade. This acquisition adds to Drexler's holdings, which now include 36,210 shares held indirectly through a deferred compensation plan. The transaction reflects ongoing insider activity within the company, which operates in the state commercial banking sector. With a market capitalization of $249 million and trading below book value, Bankwell presents interesting metrics for investors. InvestingPro subscribers can access 5 additional key insights about Bankwell'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, up from $1.1 million in the previous quarter. The company's board declared a cash dividend of $0.20 per share and authorized a new share repurchase plan, allowing the company to buy back up to 250,000 shares of its outstanding common stock. However, Bankwell Financial also recorded an $8.2 million charge-off against a $13.7 million office loan participation, impacting the third quarter's earnings.
In addition to these financial updates, the company announced significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. These changes include altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings. The company's governance practices have been modernized to ensure they are up-to-date and compliant with legal standards.
Despite the charge-off, Bankwell Financial remains optimistic about its future, citing strategic investments in the commercial lending platform as reasons for an expected margin expansion and improved profitability. The company also anticipates a reduction in funding costs and potential benefits to the net interest margin from maturing loans in the coming year. These are the latest developments in the company's ongoing efforts to provide value to its shareholders.
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