Bankwell Financial Group, Inc. (NASDAQ:BWFG) director Blake S. Drexler made a recent purchase of the company's common stock, according to a filing with the Securities and Exchange Commission. The transaction, dated May 22, 2024, involved the acquisition of 203 shares at a price of $24.34, totaling $4941.
The reported price range for the shares was between $24.25 and $24.39, as per the footnote in the filing. It's also noted that Drexler has agreed to provide the SEC with individual transaction details upon request.
Following the transaction, Drexler's total direct ownership in Bankwell Financial Group includes several holdings of common stock. Notably, the director has holdings in a deferred compensation plan, as a trustee, and within an IRA-401(k), among others. The largest of these holdings consists of 152,741 shares owned directly.
The filing also detailed several tranches of restricted stock granted to Drexler under the company's stock plan, with varying vesting dates and conditions. This includes 2,500 shares of restricted stock granted on December 29, 2023, with parts of it vesting immediately and others set to vest in 2025.
Bankwell Financial Group, Inc., headquartered in New Canaan, Connecticut, is a commercial bank that provides a range of financial services. The recent stock purchase by a company director is often seen as a sign of confidence in the financial health and future prospects of the company by its leadership.
InvestingPro Insights
Amid the recent stock purchase by Bankwell Financial Group, Inc. (NASDAQ:BWFG) director Blake S. Drexler, a glimpse into the company's financial metrics provides additional context. Currently, Bankwell Financial Group is trading at an earnings multiple that appears attractive, with a P/E Ratio of 6.27 and a slightly adjusted P/E Ratio for the last twelve months as of Q1 2024 at 6.31. This positions the company as trading at a low earnings multiple, which could be an indicator of undervaluation relative to earnings.
However, an InvestingPro Tip suggests that Bankwell may suffer from weak gross profit margins, which is corroborated by a gross profit margin of 48.14% for the same period. Furthermore, despite the company's profitability over the last twelve months, another InvestingPro Tip indicates that net income is expected to drop this year, which investors may want to consider when assessing the company's future earnings potential.
For dividend-seeking investors, Bankwell has demonstrated a commitment to shareholder returns, maintaining dividend payments for 10 consecutive years, with a current dividend yield of 3.3%. This steady track record of dividend payments may appeal to those looking for consistent income streams.
For more detailed analysis and additional InvestingPro Tips, investors can explore the full suite of insights on Bankwell Financial Group, Inc. at Investing.com. Currently, there are 6 additional tips available, which can be accessed with a yearly or biyearly Pro and Pro+ subscription. Interested readers can use the coupon code PRONEWS24 to get an extra 10% off their subscription.
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