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NEW CANAAN, CT—Steven H. Brunner, Executive Vice President and Chief Risk Officer of Bankwell Financial Group, Inc. (NASDAQ:BWFG), a $237 million market cap financial institution, recently sold 2,198 shares of the company’s common stock. The shares were sold at an average price of $30.69 each, totaling approximately $67,456. According to InvestingPro, the company’s net income is expected to grow this year.
Following this transaction, Brunner holds 604 shares directly. The sale was disclosed in a filing with the Securities and Exchange Commission, providing insight into the executive’s current holdings and transactions. The stock currently offers a 2.57% dividend yield, with InvestingPro data showing an impressive 11-year streak of consistent dividend payments.
This sale is part of Brunner’s broader portfolio management, which includes various restricted and performance-restricted stock holdings under the 2022 Bankwell Financial Group, Inc. Stock Plan. Trading at 0.88 times book value, the stock has shown strong momentum with a 19% return over the past year. Discover more insights and 3 additional ProTips with InvestingPro.
In other recent news, Bankwell Financial Group reported an increase in its fourth-quarter earnings and declared a cash dividend for shareholders. The company noted a GAAP net income of $2.5 million, or $0.32 per share, for the fourth quarter of 2024, compared to $1.9 million, or $0.24 per share, for the previous quarter. The board of directors declared a $0.20 per share cash dividend, payable to shareholders of record as of February 11, 2025.
However, the company’s pre-tax, pre-provision net revenue declined 12% to $7.9 million, or $1.02 per share, from the previous quarter. CEO Christopher R. Gruseke mentioned the execution of agreements on two nonperforming assets, which will significantly reduce nonperforming assets as a percentage of total assets.
In other developments, Bankwell Financial amended an agreement with investor Lawrence B. Seidman, allowing him and his affiliates to acquire up to 14.99% of Bankwell’s fully diluted outstanding common stock, a significant increase from the previous limit of 9.9%.
Lastly, the company launched a new SBA (LON:SBA) lending division in the first quarter of 2025 and is expecting growth in noninterest income from future gains on the sale of guaranteed portions of new SBA loans. The company’s asset quality has seen improvements, with a decrease in nonperforming loans and a stable allowance for credit losses.
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