Bridgewater Q2 adjusted EPS beats expectations

Overview

• Bridgewater Q2 adjusted EPS beats analyst expectations, per LSEG data

• Net income rises to $11.5 mln, driven by higher net interest income

• Co completes $80 mln private placement, repurchases 122,704 shares

Outlook

• Company anticipates continued tangible book value growth

Result Drivers

• NET INTEREST INCOME - Increase driven by increased loan interest and fee income

• NONINTEREST INCOME - Record level achieved due to gains on securities sales and fee income

• LOAN GROWTH - Strong loan originations exceeded payoffs and paydowns

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the banks peer group is "buy"

• Wall Street's median 12-month price target for Bridgewater Bancshares Inc is $18.00, about 10.7% above its July 22 closing price of $16.07

• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago

Press Release: ID:nBwbMzpWCa