Short Interest in Western New England Bancorp, Inc. (NASDAQ:WNEB) Drops By 20.9%

Western New England Bancorp, Inc. (NASDAQ:WNEB) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 41,600 shares, a decrease of 20.9% from the July 15th total of 52,600 shares. Approximately 0.2% of the company’s shares are sold short. Based on an average daily volume of 34,700 shares, the days-to-cover ratio is currently 1.2 days.

Western New England Bancorp Trading Up 7.2 %

Shares of Western New England Bancorp stock traded up $0.57 on Friday, reaching $8.50. The company had a trading volume of 41,408 shares, compared to its average volume of 40,061. The firm’s 50 day moving average price is $7.30 and its two-hundred day moving average price is $7.31. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.95 and a current ratio of 0.95. Western New England Bancorp has a 52-week low of $6.00 and a 52-week high of $9.25. The firm has a market cap of $183.84 million, a PE ratio of 14.17 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 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 5.73%. The firm had revenue of $30.64 million during the quarter, compared to the consensus estimate of $18.22 million. Sell-side analysts predict 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. Investors of record on Wednesday, August 7th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Wednesday, August 7th. Western New England Bancorp’s payout ratio is 46.67%.

Analyst Ratings Changes

WNEB has been the topic of several recent analyst reports. Janney Montgomery Scott lowered shares of Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Piper Sandler increased their price objective on Western New England Bancorp from $7.00 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Finally, Seaport Res Ptn cut Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $8.00.

Hedge Funds Weigh In On Western New England Bancorp

Hedge funds and other institutional investors have recently bought and sold shares of the company. Federated Hermes Inc. increased its position in shares of 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 worth $1,514,000 after acquiring an additional 2,656 shares during the period. ST Germain D J Co. Inc. raised its position in 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 valued at $170,000 after purchasing an additional 3,585 shares in the last quarter. International Assets Investment Management LLC raised 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 purchasing an additional 4,465 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Western New England Bancorp by 8.1% in the 1st quarter. Empowered Funds LLC now owns 70,125 shares of the financial services provider’s stock valued at $538,000 after buying an additional 5,250 shares during the period. Finally, Legato Capital Management LLC grew its position in shares of Western New England Bancorp by 39.0% during the second quarter. Legato Capital Management LLC now owns 21,441 shares of the financial services provider’s stock worth $148,000 after buying an additional 6,021 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.