Western New England Bancorp (NASDAQ:WNEB) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Western New England Bancorp (NASDAQ:WNEB) from a sell rating to a hold rating in a research report sent to investors on Saturday, Zacks.com reports.

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. “

WNEB has been the subject of a number of other research reports. Piper Sandler cut their price target on shares of Western New England Bancorp from $8.50 to $7.50 and set an overweight rating for the company in a research note on Wednesday, April 29th. Compass Point upgraded shares of Western New England Bancorp from a neutral rating to a buy rating and set a $7.50 price target for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Western New England Bancorp has an average rating of Buy and a consensus price target of $8.88.

Shares of NASDAQ WNEB traded up $0.02 during mid-day trading on Friday, hitting $5.04. The company had a trading volume of 69,282 shares, compared to its average volume of 32,785. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.04 and a quick ratio of 1.04. The business’s 50-day simple moving average is $5.46 and its 200-day simple moving average is $6.69. Western New England Bancorp has a 12 month low of $4.45 and a 12 month high of $10.10. The firm has a market cap of $129.25 million, a P/E ratio of 12.29 and a beta of 0.29.

Western New England Bancorp (NASDAQ:WNEB) last announced its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.03. The firm had revenue of $17.18 million during the quarter, compared to analysts’ expectations of $17.80 million. Western New England Bancorp had a net margin of 11.68% and a return on equity of 4.67%. As a group, sell-side analysts predict that Western New England Bancorp will post 0.33 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 3.97%. The ex-dividend date of this dividend is Tuesday, August 11th. Western New England Bancorp’s payout ratio is 39.22%.

In other news, Director Steven G. Richter acquired 9,483 shares of the company’s stock in a transaction dated Wednesday, May 6th. The stock was bought at an average price of $5.17 per share, with a total value of $49,027.11. In the last ninety days, insiders have bought 10,323 shares of company stock valued at $53,363. Company insiders own 5.57% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Dalton Greiner Hartman Maher & Co. increased its holdings in shares of Western New England Bancorp by 27.1% during the second quarter. Dalton Greiner Hartman Maher & Co. now owns 464,195 shares of the financial services provider’s stock worth $2,688,000 after buying an additional 98,888 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Western New England Bancorp by 9.1% in the first quarter. Geode Capital Management LLC now owns 342,314 shares of the financial services provider’s stock valued at $2,314,000 after purchasing an additional 28,574 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Western New England Bancorp by 25.1% in the fourth quarter. Bank of New York Mellon Corp now owns 210,357 shares of the financial services provider’s stock valued at $2,025,000 after purchasing an additional 42,239 shares in the last quarter. Deprince Race & Zollo Inc. increased its holdings in shares of Western New England Bancorp by 30.7% in the first quarter. Deprince Race & Zollo Inc. now owns 206,922 shares of the financial services provider’s stock valued at $1,399,000 after purchasing an additional 48,659 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings in shares of Western New England Bancorp by 5.9% in the first quarter. Federated Hermes Inc. now owns 151,482 shares of the financial services provider’s stock valued at $1,024,000 after purchasing an additional 8,382 shares in the last quarter. 53.05% of the stock is owned by institutional investors.

Western New England Bancorp Company Profile

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

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