BUZZ-Bridgewater Bancshares' planned equity raise is positive, Stephens says

Reuters03-02
BUZZ-<a href="https://laohu8.com/S/BWB">Bridgewater Bancshares</a>' planned equity raise is positive, Stephens says

** Stephens says it views community lender Bridgewater Bancshares BWB.O's planned equity raise positively

** Says prospective proceeds would improve BWB's capital and commercial real estate concentration ratios, as well as supply dry powder to capitalize on the bank's lending pipeline

** BWB said late Friday it had entered an "at-the-market" equity distribution agreement of up to $50 million to be handled by Piper Sandler

** Proceeds are to be used for general purposes, which may include boosting BWB's capital and supporting lending activities and growth

** "We should note that Bridgewater's latest investor presentation included a new bullet that stated the company's approach to capital is 'opportunistic and nimble' and may participate as a 'purchaser or issuer'" - Stephens

** 3 of 4 brokerages rate the stock "buy" and 1 "hold"; median PT is $22.25 - data compiled by LSEG

** As of last close, BWB stock up 4.3% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))

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