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

Western New England Bancorp (NASDAQ:WNEB) released its earnings results on Tuesday. The financial services provider reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06, Zacks reports. 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.

Western New England Bancorp Stock Performance

Shares of NASDAQ WNEB traded up $0.09 during mid-day trading on Thursday, hitting $8.58. The company had a trading volume of 24,022 shares, compared to its average volume of 40,389. The firm’s 50 day simple moving average is $6.90 and its two-hundred day simple moving average is $7.42. The stock has a market cap of $185.59 million, a price-to-earnings ratio of 14.15 and a beta of 0.69. The company has a debt-to-equity ratio of 0.60, a current ratio of 0.95 and a quick ratio of 0.95. Western New England Bancorp has a 12 month low of $6.00 and a 12 month high of $9.25.

Western New England Bancorp Dividend Announcement

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 $0.07 dividend. This represents a $0.28 annualized dividend and a dividend yield of 3.26%. The ex-dividend date is Wednesday, August 7th. Western New England Bancorp’s dividend payout ratio (DPR) is 46.67%.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Janney Montgomery Scott downgraded Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday. Piper Sandler increased their target price on Western New England Bancorp from $7.00 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Western New England Bancorp has an average rating of “Hold” and an average price target of $8.00.

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.