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Kevin D. Leitao, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired 2,000 shares of the company’s common stock. The shares were purchased at an average price of $30.38 per share, resulting in a total transaction value of approximately $60,760. Following this transaction, Leitao holds a total of 4,500 shares indirectly through an IRA. The price range for the transaction was between $30.30 and $30.46 per share, notably below analysts’ target price of $40. Want deeper insights? InvestingPro subscribers have access to over 30 additional financial metrics and analysis tools.
In other recent news, Bankwell Financial Group reported an increase in its fourth-quarter earnings, declaring a cash dividend for shareholders. The regional bank reported a GAAP net income of $2.5 million, compared to $1.9 million in the previous quarter. The board of directors declared a $0.20 per share cash dividend. Despite a positive earnings report, pre-tax, pre-provision net revenue declined 12% to $7.9 million.
The company also announced the execution of purchase and sale agreements on two nonperforming assets, which will significantly reduce nonperforming assets as a percentage of total assets. Bankwell Financial Group also initiated a new SBA (LON:SBA) lending division in the first quarter of 2025, anticipating growth in noninterest income.
The bank amended a previous agreement with investor Lawrence B. Seidman, permitting Seidman and his affiliates to acquire up to 14.99% of Bankwell’s fully diluted outstanding common stock. Furthermore, significant amendments to its bylaws were made, reflecting updates in corporate practices and legal requirements. These are recent developments that underline Bankwell Financial Group’s ongoing efforts to ensure its governance practices are up-to-date and compliant with legal standards.
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