Bankwell financial director Lawrence Seidman buys $144,664 in shares
Lawrence B. Seidman, a director at Bankwell Financial Group, Inc. (NASDAQ:), has increased his stake in the company through a series of transactions on October 31, 2024. Seidman acquired a total of 4,976 shares of Bankwell Financial’s common stock, with the purchase price per share ranging from $29.06 to $29.20. The total value of these transactions amounted to approximately $144,664.
The transactions were conducted through various entities associated with Seidman, including Seidman and Associates, L.L.C., Seidman Investment Partnership, L.P., and others. Following these acquisitions, Seidman holds a significant number of shares in Bankwell Financial, reflecting his continued confidence in the company’s prospects.
In other recent news, Bankwell Financial Group reported an increase in net income for the third quarter of 2024, rising to $1.9 million, or $0.24 per share. This is a significant increase from the previous quarter’s $1.1 million, or $0.14 per share. However, the company’s earnings were impacted by an $8.2 million charge-off against a $13.7 million office loan participation. Amid these developments, Bankwell’s board declared a cash dividend of $0.20 per share and authorized a new share repurchase plan, replacing the previous one established in 2018.
The company also reported a decrease in pre-tax, pre-provision net revenue (PPNR) from the second to the third quarter of 2024. Despite these challenges, Bankwell continues to invest in growth with recent initiatives such as a lending partnership with Lendio, the launch of Bankwell Direct, and the addition of key leadership personnel. Additionally, Bankwell has made significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements.
Bankwell Financial Group is also set to record an $8.2 million charge off related to a non-performing commercial real estate loan, according to a recent SEC filing. The company’s future results are subject to various risks and uncertainties, as stated in the SEC filing. These are the recent developments surrounding Bankwell Financial Group.
InvestingPro Insights
Lawrence B. Seidman’s recent acquisition of Bankwell Financial Group (NASDAQ:BWFG) shares aligns with several key financial indicators and insights from InvestingPro.
The company’s Price to Book ratio of 0.81, as of the last twelve months ending Q3 2024, suggests that the stock may be undervalued relative to its book value. This could be a factor in Seidman’s decision to increase his stake, potentially seeing an opportunity for future appreciation.
Additionally, Bankwell Financial Group has maintained dividend payments for 10 consecutive years, as highlighted by an InvestingPro Tip. This consistent dividend history may be attractive to investors like Seidman who value steady income streams. The current dividend yield stands at 2.81%, offering a reasonable return for shareholders.
Despite a challenging environment, with revenue growth declining by 25.9% in the last twelve months, the company remains profitable. An InvestingPro Tip indicates that analysts predict the company will be profitable this year, which could be another factor supporting Seidman’s investment decision.
It’s worth noting that InvestingPro offers additional insights, with 5 more tips available for Bankwell Financial Group. These tips could provide further context to Seidman’s investment strategy and the company’s overall financial health.
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