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NEW CANAAN, CT—Lawrence B. Seidman, a director at Bankwell Financial Group, Inc. (NASDAQ:BWFG), recently acquired 95 shares of the company’s common stock. According to a Form 4 filing with the Securities and Exchange Commission, the shares were purchased on March 12 at a price of $29.04 each, amounting to a total transaction value of $2,758.
Following this acquisition, Seidman now holds 2,777 shares indirectly through a deferred compensation plan. This transaction underscores Seidman’s continued involvement with the financial group, which is headquartered in New Canaan, Connecticut. The company has maintained dividend payments for 11 consecutive years, currently offering a 2.73% yield.
Bankwell Financial Group operates within the state commercial banks sector, providing a range of banking services to its clients. The company’s stock is listed on the NASDAQ under the ticker symbol BWFG. Analysts maintain a $40 price target for the stock, according to InvestingPro, which offers additional insights and metrics for investors seeking deeper analysis.
In other recent news, Bankwell Financial Group has reported an increase in its fourth-quarter earnings, with GAAP net income reaching $2.5 million, or $0.32 per share, compared to $1.9 million, or $0.24 per share, in the previous quarter. The company also declared a $0.20 per share cash dividend for shareholders, payable in February 2025. Despite the positive earnings results, the company’s pre-tax, pre-provision net revenue saw a decline of 12% from the third quarter of 2024. Additionally, the net interest margin decreased to 2.60% from 2.72% in the previous quarter. However, Bankwell anticipates an increase in net interest income due to the repricing of $1.3 billion in time deposits over the next year. In a separate development, Bankwell Financial amended an agreement with investor Lawrence B. Seidman, allowing him and his affiliates to acquire up to 14.99% of the company’s fully diluted outstanding common stock, a change from the previous limit of 9.9%. This amendment reflects a strategic shift in shareholder ownership limits. Bankwell Financial has also launched a new SBA (LON:SBA) lending division, projecting growth in noninterest income from future loan sales.
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