Zacks: Brokerages Anticipate Western New England Bancorp Inc (WNEB) Will Announce Quarterly Sales of $17.60 Million

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Equities research analysts expect that Western New England Bancorp Inc (NASDAQ:WNEB) will announce $17.60 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Western New England Bancorp’s earnings, with the highest sales estimate coming in at $18.00 million and the lowest estimate coming in at $17.20 million. Western New England Bancorp reported sales of $17.21 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 2.3%. The business is expected to report its next quarterly earnings results on Tuesday, October 23rd.

On average, analysts expect that Western New England Bancorp will report full year sales of $69.29 million for the current financial year, with estimates ranging from $68.10 million to $70.48 million. For the next financial year, analysts forecast that the company will post sales of $73.47 million per share, with estimates ranging from $70.90 million to $76.03 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that cover Western New England Bancorp.

Western New England Bancorp (NASDAQ:WNEB) last posted its earnings results on Tuesday, April 24th. The financial services provider reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.13 by ($0.01). Western New England Bancorp had a net margin of 14.08% and a return on equity of 6.45%. The firm had revenue of $16.49 million during the quarter, compared to analysts’ expectations of $16.98 million.

WNEB has been the topic of several recent research reports. BidaskClub cut Western New England Bancorp from a “buy” rating to a “hold” rating in a research report on Wednesday, July 11th. Zacks Investment Research upgraded Western New England Bancorp from a “sell” rating to a “hold” rating in a research report on Wednesday, June 6th. Sandler O’Neill cut Western New England Bancorp from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research report on Wednesday. Finally, Compass Point upgraded Western New England Bancorp from a “neutral” rating to a “buy” rating and boosted their price target for the company from $11.00 to $12.00 in a research report on Thursday, June 28th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $11.70.

A number of hedge funds have recently modified their holdings of the stock. BlackRock Inc. increased its position in Western New England Bancorp by 1.7% in the 4th quarter. BlackRock Inc. now owns 2,280,537 shares of the financial services provider’s stock valued at $24,857,000 after acquiring an additional 37,255 shares during the period. Dimensional Fund Advisors LP increased its position in Western New England Bancorp by 4.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,161,545 shares of the financial services provider’s stock valued at $23,020,000 after acquiring an additional 84,320 shares during the period. Renaissance Technologies LLC increased its position in Western New England Bancorp by 5.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,463,409 shares of the financial services provider’s stock valued at $15,951,000 after acquiring an additional 77,374 shares during the period. RMB Capital Management LLC increased its position in Western New England Bancorp by 11.1% in the 1st quarter. RMB Capital Management LLC now owns 1,407,814 shares of the financial services provider’s stock valued at $14,993,000 after acquiring an additional 140,873 shares during the period. Finally, Dalton Greiner Hartman Maher & Co. increased its position in Western New England Bancorp by 42.8% during the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 289,534 shares of the financial services provider’s stock worth $3,185,000 after purchasing an additional 86,812 shares during the period. Hedge funds and other institutional investors own 54.77% of the company’s stock.

Shares of Western New England Bancorp traded down $0.07, hitting $10.80, on Monday, MarketBeat reports. The stock had a trading volume of 34,648 shares, compared to its average volume of 39,987. Western New England Bancorp has a 52-week low of $9.30 and a 52-week high of $11.25. The company has a debt-to-equity ratio of 0.88, a quick ratio of 1.04 and a current ratio of 1.04. The company has a market capitalization of $326.37 million, a P/E ratio of 21.60 and a beta of 0.34.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 22nd. Investors of record on Wednesday, August 8th will be given a $0.04 dividend. This represents a $0.16 annualized dividend and a yield of 1.48%. The ex-dividend date is Tuesday, August 7th. Western New England Bancorp’s dividend payout ratio (DPR) is presently 32.00%.

Western New England Bancorp Company Profile

Western New England Bancorp, Inc operates as the holding company for Westfield Bank that provides community banking products and services to individuals and businesses. The company accepts various deposit accounts, including time deposits, money market accounts, savings accounts, demand accounts, and interest bearing checking accounts.

Read More: Understanding Price to Earnings Ratio (PE)

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