VERO BEACH, Fla.—Robert J. Dwyer, a director and significant shareholder of Bimini Capital Management, Inc. (OTC:BMNM), recently increased his stake in the company. According to a recent SEC filing, Dwyer purchased 352 shares of Class A Common Stock on November 13 at a price of $0.95 per share, amounting to a total transaction value of $334. Following this transaction, Dwyer now directly owns 1,349,309 shares of the company. Bimini Capital Management operates as a real estate investment trust.
In other recent news, Bimini Capital Management has reported its third-quarter earnings for 2024. The company's net income was $17.3 million, and shareholders' equity saw a significant increase. Advisory service revenues rose by 4% over the previous quarter, while its investment portfolio generated net interest income of $0.3 million. Despite the recent interest rate cuts by the Federal Reserve, Bimini is considering expanding its portfolio in response to post-election market conditions.
The company's capital base has grown nearly 40% year-to-date, with net interest income for the year-to-date standing at $1.04 million. However, year-to-date advisory service revenues are down 11% despite the quarterly increase. Bimini anticipates further reduction in short-term rates by the Federal Reserve, which could enhance net interest margins. The company is poised to grow its portfolio using excess funds once market conditions stabilize post-election. These developments indicate a company navigating a complex economic landscape, with changes in monetary policy and market expectations playing a significant role.
InvestingPro Insights
Robert J. Dwyer's recent purchase of Bimini Capital Management shares aligns with some interesting financial metrics and trends revealed by InvestingPro data. The company's stock has shown positive momentum, with a year-to-date price total return of 33.8% as of the most recent data. This upward trend is further supported by the stock's current price being 86.36% of its 52-week high, suggesting potential for continued growth.
However, investors should be aware of certain risks highlighted by InvestingPro Tips. The stock generally trades with high price volatility, which could explain the significant year-to-date return but also implies higher risk. Additionally, Bimini Capital Management is not currently profitable over the last twelve months, with a negative P/E ratio of -2.05.
Despite these challenges, the company has shown strong revenue growth, particularly on a quarterly basis, with a remarkable 269.0% increase in the most recent quarter. This growth could be a factor in Dwyer's decision to increase his stake in the company.
For those considering following Dwyer's lead, it's worth noting that InvestingPro offers 4 additional tips for Bimini Capital Management, providing a more comprehensive analysis for potential investors. These additional insights could be valuable in understanding the full picture of the company's financial health and future prospects.
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