Jeffrey R. Dunne, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired 204 shares of the company's common stock. The purchase, valued at approximately $6,711, was made at a price range of $32.84 to $33.00 per share, close to the current trading price of $33.08. The $252 million market cap company has seen impressive momentum, with shares surging nearly 39% over the past six months. According to InvestingPro analysis, the stock is currently trading slightly above its Fair Value. Following this transaction, Dunne holds a total of 3,651 shares indirectly through a deferred compensation plan.
Additionally, Dunne has direct ownership of 834 shares, with further holdings of 1,600 and 1,666 shares, respectively, under different vesting conditions as part of restricted stock grants. These transactions reflect ongoing engagement with the company's stock plan, aligning with Bankwell Financial's strategic interests.
In other recent news, Bankwell Financial Group reported a rise in net income for the third quarter of 2024, reaching $1.9 million, or $0.24 per share, up from the previous quarter's $1.1 million, or $0.14 per share. This increase was despite an $8.2 million charge-off related to a non-performing commercial real estate loan. The company's board also declared a cash dividend of $0.20 per share and authorized a new share repurchase plan, replacing the previous one under which Bankwell repurchased 532,802 shares.
In further developments, Bankwell Financial Group has recorded significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. The company's Board of Directors approved these changes, which include altering the month for the annual shareholders' meeting and adjusting the requirement for the number of inspectors of elections at these meetings.
Despite a significant charge-off in the third quarter, President and CEO Christopher R. Gruseke remains optimistic about the company's future. He cited a liability-sensitive balance sheet and strategic investments in the commercial lending platform as reasons for an expected margin expansion and improved profitability. Bankwell continues to invest in growth, with recent initiatives including a lending partnership with Lendio, the launch of Bankwell Direct, a new Small Business Administration division, and the addition of key leadership personnel.
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