Bridgewater Bancshares

BWB · NASDAQ

$20.61+$0.28 (+1.38%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $20.33

BWB analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 5 analysts

Average $24.10 (+16.9% upside)

Low: $21.72
Now: $20.61
High: $26.25

Upgrades and downgrades

The latest rating actions, newest first

BWB analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Piper Sandler	Jul 23, 2026	Maintains	Overweight	$23.00 → $24.00	72%
DA Davidson	Apr 22, 2026	Maintains	Buy	$22.00	50%
DA Davidson	Jan 29, 2026	Maintains	Buy	$23.00 → $24.00	50%
Piper Sandler	Jan 29, 2026	Maintains	Overweight	$21.00 → $23.00	72%
DA Davidson	Jan 28, 2026	Maintains	Buy	$23.00	50%
Stephens & Co.	Dec 10, 2025	Initiates	Equal-Weight	$20.00	73%
DA Davidson	Oct 22, 2025	Maintains	Buy	$21.00	50%

The case for and against

Updated Oct 7, 2026

Bull case

Bridgewater Bancshares is attractive because its core NIM expanded to 2.99% and management expects further modest expansion as higher loan yields, stable deposit costs, and repricing of roughly $743M of loans support spread income. Loan and deposit trends remain constructive despite near-term variability, with 1Q26 core EPS of $0.41, ROA at 0.98%, and NII projected to rise 19% in 2026 and 13% in 2027 on mid-to-HSD organic balance sheet growth. Credit quality and capital also look solid, as the two largest NPLs appear manageable, TBV reached $16.60, TCE increased to 8.62%, and CET1 stood at 9.6% while operating leverage should improve as hiring costs moderate.

Bear case

Bridgewater Bancshares is facing a pressured fundamental setup because loan, core deposit, and fee income growth are all slowing while operating expenses remain elevated. In 2Q26, operating EPS of $0.45 was only in line with consensus, but core fee income slipped to $2.3M from lower letter of credit and swap fees, and core expenses rose to $21.2M as salaries and benefits increased. Its concentration in Minnesota and reliance on commercial real estate, with over one-third of loans secured by CRE, heighten vulnerability to a weaker local economy or a CRE downturn.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.