Bankwell Financial's director Darryl Demos buys $74,669 in stock

Published 17-12-2024, 10:34 pm
BWFG
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Bankwell Financial Group, Inc. (NASDAQ:BWFG) recently saw a notable transaction from its director, Darryl Demos. According to a recent SEC filing, Demos purchased a total of 2,290 shares of Bankwell Financial common stock on December 13, 2024. The shares were acquired at a price range of $32.60 to $32.62 per share, amounting to a total transaction value of $74,669. The purchase comes as the stock has shown strong momentum, with a 36% gain over the past six months according to InvestingPro data.

Following these transactions, Demos now directly owns 8,156 shares of the company. The purchase reflects a continued interest in the financial institution, which is headquartered in New Canaan, Connecticut. Bankwell Financial Group operates as a state commercial bank, providing a range of financial services to its clients. With a market capitalization of $249 million and a track record of maintaining dividend payments for 10 consecutive years, the company shows promising fundamentals. InvestingPro analysis reveals additional insights about the company'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. This rise was accompanied by the company's board declaring a cash dividend of $0.20 per share. However, the earnings were impacted by an $8.2 million charge-off against a $13.7 million office loan participation. In addition, Bankwell reported a pre-tax, pre-provision net revenue of $9.0 million, a 7% decline from the previous quarter.

The bank also authorized a new share repurchase plan, allowing it to buy back up to 250,000 shares of its common stock. Amid these financial updates, Bankwell faces an $8.2 million charge off related to a non-performing commercial real estate loan. The company has made significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. These recent developments underscore Bankwell Financial Group's ongoing efforts to adapt to changing market conditions and maintain efficient corporate practices.

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