Bankwell Financial Group (NASDAQ:BWFG) Hits New 1-Year High on Analyst Upgrade

Key Points

• Bankwell Financial Group shares reached a new 52-week high of $63.32 after Hovde Group raised its price target from $51 to $63 while maintaining a Market Perform rating. The analyst consensus remains “Moderate Buy,” with an average target of $59.
• The bank reported quarterly earnings of $1.52 per share, exceeding estimates of $1.29, while revenue of $32.78 million also topped expectations. It declared a quarterly dividend of $0.20 per share, equivalent to a 1.3% annual yield.
• Insider activity was mixed: directors bought $370,525 worth of shares over the past 90 days, while insiders sold $476,575. Hedge funds and other institutional investors own 35.8% of the company.

Shares of Bankwell Financial Group, Inc. (NASDAQ:BWFG - Get Free Report) hit a new 52-week high during mid-day trading on Monday after Hovde Group raised their price target on the stock from $51.00 to $63.00. Hovde Group currently has a market perform rating on the stock. Bankwell Financial Group traded as high as $63.32 and last traded at $63.23, with a volume of 6700 shares. The stock had previously closed at $62.21.

A number of other equities analysts have also weighed in on BWFG. Wall Street Zen lowered Bankwell Financial Group from a "buy" rating to a "hold" rating in a research note on Sunday, May 3rd. Weiss Ratings downgraded Bankwell Financial Group from a "buy (b+)" rating to a "buy (b)" rating in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Bankwell Financial Group has a consensus rating of "Moderate Buy" and an average target price of $59.00.

Insider Buying and Selling

In other news, EVP Christine Chivily sold 4,321 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $52.16, for a total transaction of $225,383.36. Following the completion of the transaction, the executive vice president owned 11,865 shares in the company, valued at $618,878.40. This trade represents a 26.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Lawrence B. Seidman bought 3,300 shares of Bankwell Financial Group stock in a transaction dated Monday, June 1st. The stock was purchased at an average cost of $51.87 per share, for a total transaction of $171,171.00. Following the completion of the acquisition, the director directly owned 218,756 shares of the company's stock, valued at approximately $11,346,873.72. The trade was a 1.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders purchased 7,156 shares of company stock worth $370,525 and sold 8,909 shares worth $476,575. 20.98% of the stock is currently owned by insiders.

Institutional Trading of Bankwell Financial Group

Several hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. boosted its position in shares of Bankwell Financial Group by 585.0% during the 3rd quarter. Russell Investments Group Ltd. now owns 685 shares of the bank's stock valued at $30,000 after acquiring an additional 585 shares during the last quarter. BNP Paribas Financial Markets raised its stake in Bankwell Financial Group by 38.8% during the second quarter. BNP Paribas Financial Markets now owns 1,124 shares of the bank's stock valued at $40,000 after purchasing an additional 314 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Bankwell Financial Group during the second quarter valued at $63,000. Tower Research Capital LLC TRC raised its stake in Bankwell Financial Group by 523.4% during the second quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $72,000 after purchasing an additional 1,675 shares in the last quarter. Finally, Assetmark Inc. bought a new stake in shares of Bankwell Financial Group in the 1st quarter worth about $146,000. 35.80% of the stock is owned by hedge funds and other institutional investors.

Bankwell Financial Group Price Performance

The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.42. The firm's 50-day moving average price is $56.21 and its 200-day moving average price is $51.56. The stock has a market capitalization of $499.96 million, a PE ratio of 11.73 and a beta of 0.61.

Bankwell Financial Group (NASDAQ:BWFG - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The bank reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.29 by $0.23. Bankwell Financial Group had a return on equity of 14.19% and a net margin of 19.80%.The company had revenue of $32.78 million for the quarter, compared to analysts' expectations of $30.63 million. On average, equities analysts forecast that Bankwell Financial Group, Inc. will post 5.35 EPS for the current fiscal year.

Bankwell Financial Group Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 21st. Shareholders of record on Monday, August 10th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, August 10th. This represents a $0.80 dividend on an annualized basis and a yield of 1.3%. Bankwell Financial Group's payout ratio is 14.95%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.