Hovde Group Boosts Bankwell Financial Group (NASDAQ:BWFG) Price Target to $63.00

Key Points

• Hovde Group raised Bankwell Financial Group’s price target to $63 from $51 while maintaining a “market perform” rating, implying roughly 1.27% upside from the prior close. The analyst consensus remains “Moderate Buy,” with an average target of $59.
• Bankwell exceeded quarterly expectations, reporting $1.52 in earnings per share versus the $1.29 consensus estimate and revenue of $32.78 million versus $30.63 million expected.
• The stock opened at $62.21, near its 12-month high of $62.41, while insiders made net purchases over the past 90 days and corporate insiders own 20.98% of outstanding shares.

Bankwell Financial Group (NASDAQ:BWFG - Get Free Report) had its price target upped by equities research analysts at Hovde Group from $51.00 to $63.00 in a report issued on Monday. The brokerage presently has a "market perform" rating on the bank's stock. Hovde Group's price target indicates a potential upside of 1.27% from the company's previous close.

A number of other equities analysts also recently commented on BWFG. Wall Street Zen downgraded Bankwell Financial Group from a "buy" rating to a "hold" rating in a research report on Sunday, May 3rd. Weiss Ratings cut shares of Bankwell Financial Group from a "buy (b+)" rating to a "buy (b)" rating in a report on Wednesday, June 24th. Two investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Bankwell Financial Group has a consensus rating of "Moderate Buy" and a consensus price target of $59.00.

Bankwell Financial Group Stock Performance

NASDAQ:BWFG opened at $62.21 on Monday. Bankwell Financial Group has a 12-month low of $36.22 and a 12-month high of $62.41. The firm has a market cap of $495.81 million, a PE ratio of 11.63 and a beta of 0.61. 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 stock has a fifty day moving average price of $56.21 and a 200 day moving average price of $51.56.

Bankwell Financial Group (NASDAQ:BWFG - Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $32.78 million for the quarter, compared to the consensus estimate of $30.63 million. Bankwell Financial Group had a return on equity of 14.19% and a net margin of 19.80%. Sell-side analysts anticipate that Bankwell Financial Group will post 5.35 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Lawrence B. Seidman purchased 3,300 shares of the business's stock in a transaction on Monday, June 1st. The shares were bought at an average price of $51.87 per share, with a total value of $171,171.00. Following the completion of the transaction, the director directly owned 218,756 shares in the company, valued at approximately $11,346,873.72. This represents a 1.53% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric J. Dale acquired 588 shares of Bankwell Financial Group stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $53.70 per share, with a total value of $31,575.60. Following the purchase, the director owned 42,496 shares of the company's stock, valued at $2,282,035.20. The trade was a 1.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have bought 7,156 shares of company stock worth $370,525 and have sold 8,909 shares worth $476,575. 20.98% of the stock is owned by corporate insiders.

Institutional Trading of Bankwell Financial Group

A number of large investors have recently bought and sold shares of the business. Russell Investments Group Ltd. increased its stake in Bankwell Financial Group by 585.0% in the third quarter. Russell Investments Group Ltd. now owns 685 shares of the bank's stock valued at $30,000 after purchasing an additional 585 shares during the period. BNP Paribas Financial Markets grew its holdings in shares of Bankwell Financial Group by 38.8% during the second quarter. BNP Paribas Financial Markets now owns 1,124 shares of the bank's stock worth $40,000 after buying an additional 314 shares during the last quarter. Raymond James Financial Inc. acquired a new position in Bankwell Financial Group in the 2nd quarter valued at about $63,000. Tower Research Capital LLC TRC increased its position in Bankwell Financial Group by 523.4% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,995 shares of the bank's stock valued at $72,000 after acquiring an additional 1,675 shares during the period. Finally, Assetmark Inc. purchased a new stake in Bankwell Financial Group during the 1st quarter valued at approximately $146,000. Institutional investors and hedge funds own 35.80% of the company's stock.

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.

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