Raffles Associates LP Acquires Shares of 26,580 Finward Bancorp $FNWD

Key Points

• Raffles Associates LP acquired 26,580 shares of Finward Bancorp worth approximately $978,000, representing about 0.61% of the company and 0.9% of the fund’s portfolio. Institutional investors and hedge funds collectively own 26.59% of FNWD.
• Finward Bancorp’s stock opened at $43.06, near its 12-month high of $45.90, while analysts maintain a “Moderate Buy” consensus and an average price target of $41.00.
• The bank reported quarterly EPS of $0.48, below the $0.62 consensus estimate, and revenue of $17.58 million versus expectations of $18.90 million. It declared a quarterly dividend of $0.12, equivalent to a 1.1% annualized yield.

Raffles Associates LP bought a new stake in shares of Finward Bancorp (NASDAQ:FNWD - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 26,580 shares of the company's stock, valued at approximately $978,000. Finward Bancorp accounts for approximately 0.9% of Raffles Associates LP's portfolio, making the stock its 24th biggest holding. Raffles Associates LP owned about 0.61% of Finward Bancorp as of its most recent SEC filing.

Several other large investors also recently modified their holdings of FNWD. Geode Capital Management LLC raised its stake in Finward Bancorp by 99.7% in the second quarter. Geode Capital Management LLC now owns 81,669 shares of the company's stock valued at $2,256,000 after purchasing an additional 40,778 shares in the last quarter. JPMorgan Chase & Co. bought a new stake in shares of Finward Bancorp during the 2nd quarter worth approximately $45,000. New York State Common Retirement Fund acquired a new stake in shares of Finward Bancorp during the 2nd quarter worth approximately $102,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Finward Bancorp during the 2nd quarter worth approximately $52,000. Finally, Bank of America Corp DE increased its stake in Finward Bancorp by 5,428.1% in the second quarter. Bank of America Corp DE now owns 1,769 shares of the company's stock valued at $49,000 after acquiring an additional 1,737 shares during the last quarter. 26.59% of the stock is owned by institutional investors and hedge funds.

Finward Bancorp Stock Down 0.9%

FNWD stock opened at $43.06 on Wednesday. The stock has a market capitalization of $186.45 million, a P/E ratio of 18.97 and a beta of 0.16. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.36. Finward Bancorp has a 12 month low of $30.05 and a 12 month high of $45.90. The firm has a 50-day moving average price of $40.04 and a 200-day moving average price of $36.71.

Finward Bancorp (NASDAQ:FNWD - Get Free Report) last announced its quarterly earnings results on Tuesday, July 28th. The company reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.62 by ($0.14). The company had revenue of $17.58 million for the quarter, compared to the consensus estimate of $18.90 million. Finward Bancorp had a net margin of 9.65% and a return on equity of 5.68%. As a group, equities research analysts anticipate that Finward Bancorp will post 2.63 EPS for the current fiscal year.

Finward Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Wednesday, June 17th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Wednesday, June 17th. Finward Bancorp's dividend payout ratio is presently 21.15%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on FNWD. Zacks Research upgraded shares of Finward Bancorp to a "hold" rating in a research report on Monday, July 13th. Weiss Ratings raised Finward Bancorp from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, August 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, Finward Bancorp currently has a consensus rating of "Moderate Buy" and an average target price of $41.00.

About Finward Bancorp

Finward Bancorp NASDAQ: FNWD is the bank holding company for Finward Bank, a community-focused financial institution serving businesses and individuals across Pennsylvania and Delaware. Through a network of full-service branches and a robust digital banking platform, Finward Bank delivers a range of personal and commercial banking solutions designed to meet the needs of local customers.

The company's core offerings include deposit products such as checking accounts, savings accounts and time deposits, as well as a variety of lending solutions.

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