Western New England Bancorp (WNEB) Upgraded at Zacks Investment Research

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Western New England Bancorp (NASDAQ:WNEB) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

According to Zacks, “Western New England Bancorp, Inc. provides banking services. The Company offers personal checking accounts, loans, eBanking services, commercial loans, money market accounts, wealth management, retirement planning and other related financial services. Western New England Bancorp, Inc., formerly known as Westfield Financial, Inc., is based in Westfield, MA. “

Separately, BidaskClub upgraded Western New England Bancorp from a “hold” rating to a “buy” rating in a research note on Thursday, October 25th. Four analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $11.88.

Shares of NASDAQ:WNEB traded up $0.06 during mid-day trading on Friday, reaching $9.77. 57,733 shares of the company traded hands, compared to its average volume of 62,685. The company has a market cap of $284.66 million, a PE ratio of 19.54 and a beta of 0.34. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.93. Western New England Bancorp has a 52 week low of $9.55 and a 52 week high of $11.25.

Western New England Bancorp (NASDAQ:WNEB) last posted its quarterly earnings results on Tuesday, October 23rd. The financial services provider reported $0.14 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.14. Western New England Bancorp had a return on equity of 6.60% and a net margin of 14.03%. The business had revenue of $16.90 million during the quarter, compared to the consensus estimate of $17.49 million. Equities research analysts predict that Western New England Bancorp will post 0.56 earnings per share for the current fiscal year.

In other news, Director Philip R. Smith acquired 4,000 shares of the firm’s stock in a transaction dated Monday, October 29th. The shares were acquired at an average cost of $10.29 per share, with a total value of $41,160.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 5.35% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Western New England Bancorp by 0.6% during the 3rd quarter. Vanguard Group Inc. now owns 1,319,303 shares of the financial services provider’s stock worth $14,248,000 after acquiring an additional 8,195 shares in the last quarter. MetLife Investment Advisors LLC raised its holdings in Western New England Bancorp by 55.9% during the 3rd quarter. MetLife Investment Advisors LLC now owns 20,891 shares of the financial services provider’s stock valued at $226,000 after buying an additional 7,494 shares during the period. Renaissance Technologies LLC raised its holdings in Western New England Bancorp by 1.8% during the 3rd quarter. Renaissance Technologies LLC now owns 1,602,809 shares of the financial services provider’s stock valued at $17,310,000 after buying an additional 28,400 shares during the period. Citadel Advisors LLC purchased a new stake in Western New England Bancorp during the 3rd quarter valued at $114,000. Finally, Royce & Associates LP raised its holdings in Western New England Bancorp by 1.7% during the 3rd quarter. Royce & Associates LP now owns 500,154 shares of the financial services provider’s stock valued at $5,402,000 after buying an additional 8,400 shares during the period. 55.40% of the stock is currently owned by institutional investors and hedge funds.

About Western New England Bancorp

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.

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