Piper Sandler Reaffirms Neutral Rating for Western New England Bancorp (NASDAQ:WNEB)

Piper Sandler reiterated their neutral rating on shares of Western New England Bancorp (NASDAQ:WNEB) in a research note released on Wednesday, Benzinga reports. Piper Sandler currently has a $7.50 target price on the financial services provider’s stock, down from their prior target price of $9.00.

Western New England Bancorp Trading Down 3.2 %

Shares of WNEB stock opened at $6.45 on Wednesday. Western New England Bancorp has a 12-month low of $5.58 and a 12-month high of $9.25. The company has a market capitalization of $140.03 million, a P/E ratio of 10.75 and a beta of 0.61. The firm has a 50-day moving average price of $7.50 and a 200 day moving average price of $7.87. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.59.

Western New England Bancorp (NASDAQ:WNEB) last announced its quarterly earnings results on Tuesday, January 23rd. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($0.02). The firm had revenue of $18.89 million for the quarter, compared to the consensus estimate of $18.67 million. Western New England Bancorp had a net margin of 11.10% and a return on equity of 5.44%. Research analysts forecast that Western New England Bancorp will post 0.54 earnings per share for the current fiscal year.

Western New England Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be given a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 4.34%. The ex-dividend date of this dividend is Tuesday, May 7th. Western New England Bancorp’s payout ratio is presently 46.67%.

Institutional Investors Weigh In On Western New England Bancorp

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WNEB. Assenagon Asset Management S.A. acquired a new stake in Western New England Bancorp in the 3rd quarter valued at about $402,000. Hennessy Advisors Inc. increased its position in Western New England Bancorp by 9.2% in the 3rd quarter. Hennessy Advisors Inc. now owns 387,538 shares of the financial services provider’s stock valued at $2,515,000 after acquiring an additional 32,538 shares in the last quarter. White Pine Capital LLC increased its position in Western New England Bancorp by 28.6% in the 4th quarter. White Pine Capital LLC now owns 101,352 shares of the financial services provider’s stock valued at $912,000 after acquiring an additional 22,541 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in Western New England Bancorp by 14.3% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 53,376 shares of the financial services provider’s stock valued at $346,000 after acquiring an additional 6,671 shares in the last quarter. Finally, Barclays PLC grew its position in shares of Western New England Bancorp by 13.8% during the 3rd quarter. Barclays PLC now owns 40,838 shares of the financial services provider’s stock worth $265,000 after buying an additional 4,948 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.

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.