Blake S. Drexler, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently reported the purchase of 14 shares of the company's common stock. The transaction, executed on December 9, 2024, was valued at approximately $460, with the shares purchased at an average price of $32.88 each. The purchase comes as the $252 million market cap company has seen its stock surge nearly 39% over the past six months. According to InvestingPro, the company has maintained dividend payments for 10 consecutive years, with additional insights available to subscribers. Following this acquisition, Drexler holds a total of 36,224 shares indirectly through a Deferred Compensation Plan.
In addition to these new holdings, Drexler also maintains direct ownership of various other Bankwell Financial Group stocks, including 834 shares of restricted stock granted in December 2023 and 1,600 shares granted in December 2022. These shares are subject to vesting schedules under the company's stock plans.
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 $1.1 million, or $0.14 per share, in the previous quarter. However, the company is set to record an $8.2 million charge-off against a $13.7 million office loan participation, which impacted the quarter's earnings. In addition, the board authorized a new share repurchase plan, allowing for the buyback of up to 250,000 shares of its outstanding common stock.
In terms of governance, the company has made significant amendments to its bylaws, reflecting updates in corporate practices and legal requirements. 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.
In terms of future expectations, Bankwell Financial Group anticipates a reduction in funding costs and potential benefits to the net interest margin from maturing loans in the coming year, according to analysts. The company's ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards are part of these recent developments. However, the company's future results are subject to various risks and uncertainties as stated in the SEC filing.
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