Western New England Bancorp (NASDAQ:WNEB) Cut to “Neutral” at Janney Montgomery Scott

Janney Montgomery Scott lowered shares of Western New England Bancorp (NASDAQ:WNEB) from a buy rating to a neutral rating in a research note issued to investors on Thursday, MarketBeat Ratings reports.

Separately, Piper Sandler boosted their target price on shares of Western New England Bancorp from $7.00 to $8.50 and gave the company a neutral rating in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock has a consensus rating of Hold and an average target price of $8.00.

Western New England Bancorp Trading Down 0.4 %

Shares of WNEB stock opened at $8.46 on Thursday. The firm has a 50-day moving average price of $6.96 and a 200 day moving average price of $7.41. Western New England Bancorp has a twelve month low of $6.00 and a twelve month high of $9.25. The company has a market capitalization of $182.97 million, a price-to-earnings ratio of 14.10 and a beta of 0.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.60.

Western New England Bancorp (NASDAQ:WNEB) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.06. Western New England Bancorp had a net margin of 11.33% and a return on equity of 5.74%. The firm had revenue of $30.64 million during the quarter, compared to the consensus estimate of $18.22 million. Research analysts forecast that Western New England Bancorp will post 0.53 earnings per share for the current fiscal year.

Western New England Bancorp Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 7th will be paid a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Wednesday, August 7th. Western New England Bancorp’s dividend payout ratio is currently 46.67%.

Institutional Trading of Western New England Bancorp

A number of institutional investors and hedge funds have recently bought and sold shares of WNEB. Hennessy Advisors Inc. increased its position in Western New England Bancorp by 7.1% during the 2nd quarter. Hennessy Advisors Inc. now owns 425,000 shares of the financial services provider’s stock worth $2,924,000 after purchasing an additional 28,000 shares in the last quarter. Acadian Asset Management LLC increased its position in Western New England Bancorp by 8.5% during the 1st quarter. Acadian Asset Management LLC now owns 344,810 shares of the financial services provider’s stock worth $2,643,000 after purchasing an additional 26,960 shares in the last quarter. White Pine Capital LLC increased its position in Western New England Bancorp by 28.6% during the 4th quarter. White Pine Capital LLC now owns 101,352 shares of the financial services provider’s stock worth $912,000 after purchasing an additional 22,541 shares in the last quarter. Assenagon Asset Management S.A. increased its position in Western New England Bancorp by 32.3% during the 4th quarter. Assenagon Asset Management S.A. now owns 81,972 shares of the financial services provider’s stock worth $738,000 after purchasing an additional 20,025 shares in the last quarter. Finally, Janney Montgomery Scott LLC acquired a new stake in Western New England Bancorp during the 1st quarter worth approximately $85,000. Institutional investors and hedge funds own 67.95% of the company’s stock.

Western New England Bancorp Company Profile

Western New England Bancorp, Inc operates as the holding company for Westfield Bank that provides a range of commercial and retail banking products and services to individuals and businesses. The company accepts various deposit accounts, including interest-bearing and noninterest-bearing checking, commercial checking, business, nonprofit and municipal checking, savings, money market and sweep, individual retirement, and other savings accounts; time deposits; certificates of deposit; and interest on lawyer's trust accounts.