Empowered Funds LLC Takes $1.64 Million Position in Western New England Bancorp $WNEB

Empowered Funds LLC acquired a new stake in Western New England Bancorp (NASDAQ:WNEB) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 114,436 shares of the financial services provider’s stock, valued at approximately $1,636,000.

Other hedge funds have also recently modified their holdings of the company. MetLife Investment Management LLC grew its holdings in Western New England Bancorp by 9.8% during the fourth quarter. MetLife Investment Management LLC now owns 8,130 shares of the financial services provider’s stock worth $103,000 after acquiring an additional 726 shares during the period. Bank of America Corp DE lifted its holdings in Western New England Bancorp by 3.2% in the first quarter. Bank of America Corp DE now owns 61,268 shares of the financial services provider’s stock valued at $792,000 after acquiring an additional 1,884 shares during the period. Bridgeway Capital Management LLC boosted its position in Western New England Bancorp by 1.0% in the 4th quarter. Bridgeway Capital Management LLC now owns 223,641 shares of the financial services provider’s stock worth $2,822,000 after purchasing an additional 2,171 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Western New England Bancorp by 3.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 68,387 shares of the financial services provider’s stock worth $864,000 after purchasing an additional 2,405 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its stake in shares of Western New England Bancorp by 95.7% during the 3rd quarter. BNP Paribas Financial Markets now owns 5,003 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 2,446 shares during the period. Hedge funds and other institutional investors own 67.95% of the company’s stock.

Western New England Bancorp Stock Down 0.1%

Shares of WNEB opened at $13.71 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.18. Western New England Bancorp has a 12 month low of $10.78 and a 12 month high of $15.01. The stock’s 50 day moving average is $14.01 and its two-hundred day moving average is $13.60. The firm has a market cap of $274.89 million, a P/E ratio of 16.32 and a beta of 0.77.

Western New England Bancorp (NASDAQ:WNEB) last announced its earnings results on Tuesday, July 28th. The financial services provider reported $0.18 earnings per share for the quarter, missing the consensus estimate of $0.24 by ($0.06). The business had revenue of $27.11 million for the quarter, compared to analyst estimates of $22.74 million. Western New England Bancorp had a return on equity of 6.78% and a net margin of 12.43%. Analysts predict that Western New England Bancorp will post 0.94 earnings per share for the current fiscal year.

Western New England Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, August 26th. Investors of record on Wednesday, August 12th were issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Wednesday, August 12th. Western New England Bancorp’s payout ratio is presently 33.33%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on WNEB. Seaport Research Partners lowered shares of Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Wednesday, July 29th. Zacks Research downgraded shares of Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a report on Monday, May 11th. Piper Sandler raised their price target on shares of Western New England Bancorp from $15.00 to $15.50 and gave the company a “neutral” rating in a research report on Wednesday, July 29th. Weiss Ratings restated a “buy (b)” rating on shares of Western New England Bancorp in a research report on Friday, August 7th. Finally, Wall Street Zen cut shares of Western New England Bancorp from a “hold” rating to a “sell” rating in a report on Saturday, August 15th. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Western New England Bancorp presently has a consensus rating of “Hold” and an average price target of $15.50.

About Western New England Bancorp

Western New England Bancorp is a bank holding company headquartered in Westfield, Massachusetts. Through its wholly owned subsidiary, Westfield Bank, the company provides a full suite of commercial and consumer banking services. Its operations focus on serving small to mid-sized businesses, professional practices, and individual customers, with a strategy centered on relationship-driven banking and community involvement.

The company’s core offerings include deposit products such as checking, savings and money market accounts, along with business cash-management solutions.