Western New England Bancorp (NASDAQ:WNEB) Announces Quarterly Earnings Results

Western New England Bancorp (NASDAQ:WNEB) posted its quarterly earnings data on Tuesday. The financial services provider reported $0.18 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.24 by ($0.06), Zacks reports. Western New England Bancorp had a return on equity of 7.25% and a net margin of 13.27%.The firm had revenue of $22.13 million for the quarter, compared to analysts’ expectations of $22.74 million.

Western New England Bancorp Price Performance

Shares of NASDAQ:WNEB opened at $14.66 on Wednesday. The company’s 50-day moving average is $13.90 and its 200 day moving average is $13.54. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market capitalization of $294.96 million, a P/E ratio of 16.47 and a beta of 0.75. Western New England Bancorp has a fifty-two week low of $10.25 and a fifty-two week high of $15.01.

Western New England Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th 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 1.9%. The ex-dividend date is Wednesday, August 12th. Western New England Bancorp’s payout ratio is presently 31.46%.

Insiders Place Their Bets

In related news, SVP Darlene M. Libiszewski sold 3,680 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $13.42, for a total transaction of $49,385.60. Following the completion of the sale, the senior vice president owned 14,048 shares in the company, valued at approximately $188,524.16. This trade represents a 20.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 6.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WNEB. Russell Investments Group Ltd. purchased a new stake in shares of Western New England Bancorp during the 2nd quarter worth approximately $39,000. BNP Paribas Financial Markets lifted its stake in Western New England Bancorp by 95.7% in the third quarter. BNP Paribas Financial Markets now owns 5,003 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 2,446 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Western New England Bancorp by 51,300.0% during the second quarter. JPMorgan Chase & Co. now owns 8,738 shares of the financial services provider’s stock valued at $81,000 after purchasing an additional 8,721 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Western New England Bancorp during the second quarter valued at $93,000. Finally, Occudo Quantitative Strategies LP bought a new position in Western New England Bancorp during the second quarter valued at $100,000. 67.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Piper Sandler reiterated an “overweight” rating and issued a $15.00 target price on shares of Western New England Bancorp in a report on Wednesday, April 29th. Hovde Group raised shares of Western New England Bancorp to a “hold” rating in a research report on Thursday, April 2nd. Zacks Research lowered shares of Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 11th. Weiss Ratings raised shares of Western New England Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday, May 11th. Finally, Seaport Research Partners boosted their target price on Western New England Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Western New England Bancorp Company Profile

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.