Western New England Bancorp (NASDAQ:WNEB) Cut to “Neutral” at Janney Montgomery Scott

Janney Montgomery Scott cut shares of Western New England Bancorp (NASDAQ:WNEB) from a buy rating to a neutral rating in a research report sent to investors on Thursday, MarketBeat.com reports.

Separately, Piper Sandler boosted their target price on Western New England Bancorp from $7.00 to $8.50 and gave the company a neutral rating in a research report on Wednesday, July 24th. Five equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of Hold and an average target price of $8.00.

Western New England Bancorp Stock Down 0.4 %

Shares of WNEB opened at $8.46 on Thursday. The business’s 50 day moving average is $6.96 and its 200 day moving average is $7.41. The company has a market capitalization of $182.97 million, a PE ratio of 14.10 and a beta of 0.69. Western New England Bancorp has a 12-month low of $6.00 and a 12-month high of $9.25. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.60.

Western New England Bancorp (NASDAQ:WNEB) last issued its earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.06. Western New England Bancorp had a return on equity of 5.74% and a net margin of 11.33%. The company had revenue of $30.64 million for the quarter, compared to the consensus estimate of $18.22 million. Research analysts expect that Western New England Bancorp will post 0.53 earnings per share for the current fiscal year.

Western New England Bancorp Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 3.31%. The ex-dividend date of this dividend is Wednesday, August 7th. Western New England Bancorp’s dividend payout ratio is 46.67%.

Institutional Investors Weigh In On Western New England Bancorp

Several hedge funds have recently made changes to their positions in WNEB. International Assets Investment Management LLC lifted its holdings in shares of 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 worth $45,000 after buying 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 1st quarter worth $85,000. Legato Capital Management LLC raised its position in shares of Western New England Bancorp by 39.0% in the 2nd quarter. Legato Capital Management LLC now owns 21,441 shares of the financial services provider’s stock worth $148,000 after acquiring an additional 6,021 shares in the last quarter. Quadrature Capital Ltd raised its position in shares of Western New England Bancorp by 50.9% in the 1st quarter. Quadrature Capital Ltd now owns 22,173 shares of the financial services provider’s stock worth $170,000 after acquiring an additional 7,482 shares in the last quarter. Finally, ST Germain D J Co. Inc. raised its position in shares of Western New England Bancorp by 19.3% in the 1st quarter. ST Germain D J Co. Inc. now owns 22,124 shares of the financial services provider’s stock worth $170,000 after acquiring an additional 3,585 shares in the last quarter. 67.95% of the stock is currently owned by hedge funds and other institutional investors.

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.