Bankwell Financial initiated with a Market Perform at Raymond James

Raymond James initiated coverage of Bankwell Financial (BWFG) with a Market Perform rating and no price target Bankwell is a “scrappy and profitable” commercial bank in competitive Connecticut markets focused on shareholder return, the analyst tells investors in a research note. The firm likes management’s profitability strategy and build out of niche businesses, but says its rating reflects the bank’s loan concentration and challenging core deposit base.