Western New England Bancorp (NASDAQ:WNEB) Price Target Raised to $8.50

Western New England Bancorp (NASDAQ:WNEB) had its price objective boosted by Piper Sandler from $7.00 to $8.50 in a report published on Wednesday morning, Benzinga reports. The firm currently has a neutral rating on the financial services provider’s stock.

Western New England Bancorp Stock Performance

WNEB opened at $8.46 on Wednesday. The firm has a market cap of $182.99 million, a P/E ratio of 14.10 and a beta of 0.69. Western New England Bancorp has a 1-year low of $6.00 and a 1-year high of $9.25. The company has a 50 day simple moving average of $6.93 and a two-hundred day simple moving average of $7.42. 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 (NASDAQ:WNEB) last released 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 5.74%. The firm had revenue of $30.64 million for the quarter, compared to the consensus estimate of $18.22 million. Equities analysts forecast that Western New England Bancorp will post 0.49 earnings per share for the current fiscal year.

Western New England Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 21st. Stockholders 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 (DPR) is presently 46.67%.

Hedge Funds Weigh In On Western New England Bancorp

Several hedge funds have recently modified their holdings of WNEB. Assenagon Asset Management S.A. lifted its holdings in shares of Western New England Bancorp by 32.3% in the fourth quarter. Assenagon Asset Management S.A. now owns 81,972 shares of the financial services provider’s stock worth $738,000 after buying an additional 20,025 shares in the last quarter. Ritholtz Wealth Management raised its stake in Western New England Bancorp by 8.7% during 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 in the last quarter. International Assets Investment Management LLC raised its stake in Western New England Bancorp by 808.9% during the fourth quarter. International Assets Investment Management LLC now owns 5,017 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 4,465 shares in the last quarter. Federated Hermes Inc. raised its stake in Western New England Bancorp by 1.6% during the fourth quarter. Federated Hermes Inc. now owns 168,218 shares of the financial services provider’s stock valued at $1,514,000 after purchasing an additional 2,656 shares in the last quarter. Finally, White Pine Capital LLC raised its stake in Western New England Bancorp by 28.6% during the fourth quarter. White Pine Capital LLC now owns 101,352 shares of the financial services provider’s stock valued at $912,000 after purchasing an additional 22,541 shares in the last quarter. Hedge funds and other institutional investors own 67.95% of the company’s stock.

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.