Analysts Set Western New England Bancorp, Inc. (NASDAQ:WNEB) PT at $8.00

Western New England Bancorp, Inc. (NASDAQ:WNEB) has earned a consensus rating of “Hold” from the four ratings firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $8.00.

A number of equities analysts have issued reports on the stock. Seaport Res Ptn cut shares of Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Janney Montgomery Scott downgraded Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Finally, Piper Sandler increased their price objective on Western New England Bancorp from $7.00 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, July 24th.

Western New England Bancorp Price Performance

Shares of Western New England Bancorp stock opened at $8.62 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.95 and a quick ratio of 0.95. Western New England Bancorp has a one year low of $6.00 and a one year high of $9.25. The business’s 50 day simple moving average is $8.42 and its two-hundred day simple moving average is $7.42. The stock has a market capitalization of $186.43 million, a P/E ratio of 14.37 and a beta of 0.69.

Western New England Bancorp (NASDAQ:WNEB) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 EPS for the quarter, topping 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 5.73%. The company had revenue of $30.64 million for the quarter, compared to the consensus estimate of $18.22 million. Analysts forecast that Western New England Bancorp will post 0.53 EPS for the current year.

Western New England Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 7th were given a $0.07 dividend. The ex-dividend date of this dividend was Wednesday, August 7th. This represents a $0.28 annualized dividend and a dividend yield of 3.25%. Western New England Bancorp’s dividend payout ratio is 46.67%.

Hedge Funds Weigh In On Western New England Bancorp

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Panagora Asset Management Inc. purchased a new stake in Western New England Bancorp in the second quarter worth about $170,000. Hennessy Advisors Inc. lifted its stake in shares of Western New England Bancorp by 5.9% in the 1st quarter. Hennessy Advisors Inc. now owns 397,000 shares of the financial services provider’s stock valued at $3,045,000 after purchasing an additional 22,000 shares during the period. Quadrature Capital Ltd boosted its position in shares of Western New England Bancorp by 50.9% during the first quarter. Quadrature Capital Ltd now owns 22,173 shares of the financial services provider’s stock valued at $170,000 after purchasing an additional 7,482 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Western New England Bancorp in the first quarter worth $85,000. Finally, Renaissance Technologies LLC raised its holdings in Western New England Bancorp by 2.8% in the second quarter. Renaissance Technologies LLC now owns 1,200,362 shares of the financial services provider’s stock worth $8,258,000 after purchasing an additional 32,700 shares in the last quarter. Hedge funds and other institutional investors own 67.95% of the company’s stock.

About Western New England Bancorp

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.