Bankwell Financial Group (NASDAQ:BWFG) Hits New 1-Year High After Strong Earnings

Bankwell Financial Group, Inc. (NASDAQ:BWFG)’s stock price hit a new 52-week high during mid-day trading on Thursday following a better than expected earnings announcement. The company traded as high as $70.27 and last traded at $69.84, with a volume of 5,117 shares trading hands. The stock had previously closed at $66.89.

The bank reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.42. Bankwell Financial Group had a return on equity of 13.94% and a net margin of 19.80%. The business had revenue of $35.33 million during the quarter, compared to analyst estimates of $33.33 million.

Analyst Upgrades and Downgrades

BWFG has been the topic of several recent research reports. Zacks Research cut Bankwell Financial Group from a “strong-buy” rating to a “hold” rating in a research report on Friday, September 25th. Weiss Ratings lowered Bankwell Financial Group from a “buy (a)” rating to a “buy (a-)” rating in a research report on Monday. Hovde Group upped their price objective on Bankwell Financial Group from $51.00 to $63.00 and gave the stock a “market perform” rating in a research note on Monday, July 27th. Finally, Keefe, Bruyette & Woods raised their price objective on Bankwell Financial Group from $62.00 to $72.00 and gave the company an “outperform” rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Bankwell Financial Group presently has a consensus rating of “Moderate Buy” and an average target price of $67.50.

Insider Buying and Selling at Bankwell Financial Group

In related news, Director Lawrence B. Seidman bought 5,266 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The shares were purchased at an average cost of $66.94 per share, with a total value of $352,506.04. Following the completion of the acquisition, the director directly owned 225,640 shares in the company, valued at approximately $15,104,341.60. The trade was a 2.39% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Dale bought 530 shares of the business’s stock in a transaction dated Tuesday, September 8th. The shares were purchased at an average cost of $67.11 per share, with a total value of $35,568.30. Following the completion of the acquisition, the director owned 43,026 shares in the company, valued at approximately $2,887,474.86. This represents a 1.25% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders acquired 19,040 shares of company stock worth $1,269,057. Company insiders own 20.98% of the company’s stock.

Institutional Investors Weigh In On Bankwell Financial Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Bankwell Financial Group in the 3rd quarter valued at approximately $49,000. State of Alaska Department of Revenue lifted its holdings in shares of Bankwell Financial Group by 69.7% in the 3rd quarter. State of Alaska Department of Revenue now owns 728 shares of the bank’s stock worth $46,000 after acquiring an additional 299 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of Bankwell Financial Group during the 2nd quarter worth approximately $211,000. Corient Private Wealth LP boosted its position in shares of Bankwell Financial Group by 1.5% during the 2nd quarter. Corient Private Wealth LP now owns 22,223 shares of the bank’s stock worth $1,306,000 after purchasing an additional 320 shares during the period. Finally, Empowered Funds LLC acquired a new stake in Bankwell Financial Group in the 2nd quarter valued at approximately $1,891,000. Hedge funds and other institutional investors own 35.80% of the company’s stock.

Bankwell Financial Group Trading Up 3.7%

The company has a market cap of $552.58 million, a PE ratio of 13.10 and a beta of 0.58. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.31. The business has a 50-day simple moving average of $66.21 and a 200-day simple moving average of $56.62.

Bankwell Financial Group Company Profile

Bankwell Financial Group, Inc is a bank holding company headquartered in New Canaan, Connecticut, and serves as the parent company of Bankwell Bank. Bankwell Bank provides commercial, business and personal banking services, with branch locations primarily across Fairfield and New Haven counties in Connecticut, along with a New York presence.

The company’s deposit offerings include checking, savings and money market accounts, as well as certificates of deposit, all supported by an online and mobile banking platform for convenient account access.