Douglas J. Parish, a director at Bridgewater Bancshares Inc (NASDAQ:BWB), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Parish sold 5,750 shares of common stock on November 14, 2024. The shares were sold at an average price of $15.0486, with transaction prices ranging from $15.02 to $15.09, totaling approximately $86,529.
Following this transaction, Parish retains direct ownership of 1,636 shares. Additionally, he holds 15,607 shares indirectly through the Douglas J Parish Revocable Trust, where he serves as a co-trustee with shared voting and investment power. The trust arrangement highlights Parish's continued vested interest in Bridgewater Bancshares, despite the recent sale.
In other recent news, Bridgewater Bancshares reported stable growth in its third-quarter earnings with $0.27 per share. The bank displayed consistent net interest income growth and a steady net interest margin, along with a notable increase in core deposits. Bridgewater Bancshares also announced an anticipated acquisition of First Minnetonka City Bank, which is expected to boost liquidity and reduce the bank's commercial real estate concentration.
Leadership changes were also part of recent developments, with the appointment of Nick Place as Chief Banking Officer and Lisa Salazar as Chief Operating Officer. On the downside, loan balances saw a decline of $115 million due to elevated loan payoffs, despite high loan demand. However, the bank anticipates modest margin expansion in the fourth quarter of 2024, with a focus on conservative credit practices.
With the acquisition of First Minnetonka City Bank expected to close in the fourth quarter of 2024, Bridgewater Bancshares is set to maintain its conservative credit practices and focus on profitable growth. The bank's strong capital ratios and robust loan pipeline are also positive indicators. Despite some challenges, Bridgewater Bancshares remains optimistic about its growth strategy and the upcoming strategic acquisition.
InvestingPro Insights
In light of Douglas J. Parish's recent stock sale, it's worth examining some key financial metrics and insights for Bridgewater Bancshares Inc (NASDAQ:BWB). According to InvestingPro data, the company currently has a market capitalization of $407.82 million and a price-to-earnings (P/E) ratio of 13.88, suggesting a relatively modest valuation compared to some peers in the banking sector.
One InvestingPro Tip indicates that BWB has experienced a large price uptick over the last six months. This is corroborated by the InvestingPro data showing a 27.51% price total return over the past six months. This significant increase in share price may have influenced Parish's decision to sell a portion of his holdings, potentially to realize gains.
Another relevant InvestingPro Tip notes that analysts predict the company will be profitable this year, which is consistent with the positive earnings per share (EPS) figures reported. The diluted EPS from continuing operations for the last twelve months stands at $1.05, reflecting the company's profitability.
It's important to note that InvestingPro offers additional insights beyond what's mentioned here. In fact, there are 6 more InvestingPro Tips available for Bridgewater Bancshares, which could provide further context to Parish's stock sale and the company's overall financial health.
Douglas J. Parish, a director at Bridgewater Bancshares Inc (NASDAQ:BWB), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Parish sold 5,750 shares of common stock on November 14, 2024. The shares were sold at an average price of $15.0486, with transaction prices ranging from $15.02 to $15.09, totaling approximately $86,529.
Following this transaction, Parish retains direct ownership of 1,636 shares. Additionally, he holds 15,607 shares indirectly through the Douglas J Parish Revocable Trust, where he serves as a co-trustee with shared voting and investment power. The trust arrangement highlights Parish's continued vested interest in Bridgewater Bancshares, despite the recent sale.
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