Eric J. Dale, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), has purchased 346 shares of the company's common stock, according to a recent filing with the Securities and Exchange Commission. The shares were acquired at an average price of $32.91, amounting to a total purchase value of $11,386. Following this transaction, Dale holds a total of 37,807 shares in the company. The stock has shown strong momentum with a 39% gain over the past six months, and InvestingPro analysis indicates the shares are currently fairly valued.
These shares were acquired through a deferred compensation plan, indicating a long-term investment perspective. Bankwell Financial Group, headquartered in New Canaan, Connecticut, operates as a state commercial bank, providing a range of financial services to its clients. With a market capitalization of $252 million and a dividend yield of 2.45%, the company has maintained dividend payments for 10 consecutive years. InvestingPro subscribers can access additional insights, including 4 more ProTips and detailed financial metrics.
In other recent news, Bankwell Financial Group reported a rise in net income for the third quarter of 2024, reaching $1.9 million. However, the company is set to record an $8.2 million charge-off related to a non-performing commercial real estate loan. This charge-off is connected to a $13.7 million loan for a Class A office park in suburban New Jersey.
Bankwell's board also 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. The company's pre-tax, pre-provision net revenue (PPNR) stood at $9.0 million, marking a 7% decline from the previous quarter.
In addition to financial developments, significant amendments to its bylaws were approved by the company's Board of Directors. 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 is taking these steps as part of its ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards.
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