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

Shares of Bankwell Financial Group, Inc. (NASDAQ:BWFG) hit a new 52-week high during mid-day trading on Thursday after the company announced better than expected quarterly earnings. 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, topping analysts’ consensus estimates of $1.44 by $0.42. The company had revenue of $35.33 million for the quarter, compared to analyst estimates of $33.33 million. Bankwell Financial Group had a net margin of 19.80% and a return on equity of 13.94%.

Wall Street Analyst Weigh In

BWFG has been the topic of a number of recent analyst reports. Hovde Group increased their target price on shares of Bankwell Financial Group from $51.00 to $63.00 and gave the company a “market perform” rating in a research report on Monday, July 27th. Zacks Research downgraded shares of Bankwell Financial Group from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 25th. Weiss Ratings lowered Bankwell Financial Group from a “buy (a)” rating to a “buy (a-)” rating in a report on Monday. Finally, Keefe, Bruyette & Woods lifted their target price on Bankwell Financial Group from $62.00 to $72.00 and gave the stock 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 issued a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $67.50.

Insider Buying and Selling at Bankwell Financial Group

In other news, Director Lawrence Seidman acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, August 7th. The stock was purchased at an average cost of $66.63 per share, with a total value of $666,300.00. Following the purchase, the director directly owned 222,690 shares of the company’s stock, valued at approximately $14,837,834.70. This trade represents a 4.70% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Ryan Hildebrand sold 2,246 shares of Bankwell Financial Group stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $66.74, for a total transaction of $149,898.04. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders purchased 19,040 shares of company stock valued at $1,269,057. Corporate insiders own 20.98% of the company’s stock.

Hedge Funds Weigh In On Bankwell Financial Group

Large investors have recently bought and sold shares of the company. Legal & General Group Plc acquired a new stake in Bankwell Financial Group during the 2nd quarter worth approximately $37,000. State of Alaska Department of Revenue grew its stake in 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 buying an additional 299 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Bankwell Financial Group in the 3rd quarter worth $49,000. Assetmark Inc. bought a new position in shares of Bankwell Financial Group in the 1st quarter worth $146,000. Finally, Engineers Gate Manager LP bought a new position in shares of Bankwell Financial Group in the 2nd quarter worth $211,000. 35.80% of the stock is currently owned by institutional investors.

Bankwell Financial Group Stock Performance

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.03 and a current ratio of 1.03. The stock has a market cap of $552.58 million, a PE ratio of 13.10 and a beta of 0.58. The company’s 50-day moving average price is $66.21 and its two-hundred day moving average price is $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.