Western New England Bancorp (NASDAQ:WNEB) Downgraded to “Hold” at Seaport Res Ptn

Seaport Res Ptn cut shares of Western New England Bancorp (NASDAQ:WNEB) from a strong-buy rating to a hold rating in a research note published on Wednesday, Zacks.com reports. Seaport Res Ptn also issued estimates for Western New England Bancorp’s Q3 2024 earnings at $0.09 EPS, Q4 2024 earnings at $0.10 EPS, Q1 2025 earnings at $0.11 EPS, Q2 2025 earnings at $0.14 EPS, Q3 2025 earnings at $0.16 EPS, Q4 2025 earnings at $0.17 EPS and FY2025 earnings at $0.58 EPS.

WNEB has been the topic of several other reports. Piper Sandler increased their price objective on shares of Western New England Bancorp from $7.00 to $8.50 and gave the company a neutral rating in a report on Wednesday. Janney Montgomery Scott downgraded shares of Western New England Bancorp from a buy rating to a neutral rating in a research report on Thursday. Five research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $8.00.

Western New England Bancorp Stock Performance

NASDAQ:WNEB opened at $8.49 on Wednesday. The firm’s 50-day moving average is $6.93 and its 200-day moving average is $7.42. Western New England Bancorp has a 52-week low of $6.00 and a 52-week high of $9.25. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.95 and a current ratio of 0.95. The company has a market cap of $183.64 million, a price-to-earnings ratio of 14.15 and a beta of 0.69.

Western New England Bancorp (NASDAQ:WNEB) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.11 by $0.06. The business had revenue of $30.64 million for the quarter, compared to analysts’ expectations of $18.22 million. Western New England Bancorp had a net margin of 11.33% and a return on equity of 5.74%. Equities research analysts anticipate that Western New England Bancorp will post 0.49 earnings per share for the current year.

Western New England Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 21st. Investors of record on Wednesday, August 7th will be issued a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Wednesday, August 7th. Western New England Bancorp’s dividend payout ratio (DPR) is presently 46.67%.

Hedge Funds Weigh In On Western New England Bancorp

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. International Assets Investment Management LLC increased its position in Western New England Bancorp by 808.9% in the 4th quarter. International Assets Investment Management LLC now owns 5,017 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 4,465 shares during the period. Janney Montgomery Scott LLC bought a new position in shares of Western New England Bancorp in the first quarter valued at $85,000. ST Germain D J Co. Inc. lifted its stake in shares of Western New England Bancorp by 19.3% in the first quarter. ST Germain D J Co. Inc. now owns 22,124 shares of the financial services provider’s stock valued at $170,000 after buying an additional 3,585 shares in the last quarter. Quadrature Capital Ltd lifted its stake in shares of Western New England Bancorp by 50.9% in the first quarter. Quadrature Capital Ltd now owns 22,173 shares of the financial services provider’s stock valued at $170,000 after buying an additional 7,482 shares in the last quarter. Finally, Ritholtz Wealth Management raised its holdings in shares of Western New England Bancorp by 8.7% in the fourth quarter. Ritholtz Wealth Management now owns 24,039 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,917 shares during the last quarter. 67.95% of the stock is currently owned by institutional investors and hedge funds.

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.