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

Western New England Bancorp (NASDAQ:WNEB) had its target price upped by Piper Sandler from $7.00 to $8.50 in a report released 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

Shares of NASDAQ:WNEB opened at $8.46 on Wednesday. Western New England Bancorp has a twelve month low of $6.00 and a twelve month high of $9.25. The firm has a market cap of $182.99 million, a PE ratio of 14.10 and a beta of 0.69. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.95 and a current ratio of 0.95. The business has a fifty day moving average of $6.96 and a 200-day moving average of $7.42.

Western New England Bancorp (NASDAQ:WNEB) last announced its earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $18.22 million. On average, equities research analysts predict that Western New England Bancorp will post 0.53 EPS for the current fiscal year.

Western New England Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 21st. Stockholders of record on Wednesday, August 7th will be paid a $0.07 dividend. The ex-dividend date is Wednesday, August 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.31%. Western New England Bancorp’s dividend payout ratio (DPR) is presently 46.67%.

Institutional Trading of Western New England Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hennessy Advisors Inc. boosted its holdings in Western New England Bancorp by 7.1% in the second quarter. Hennessy Advisors Inc. now owns 425,000 shares of the financial services provider’s stock valued at $2,924,000 after acquiring an additional 28,000 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in Western New England Bancorp by 8.5% in the first quarter. Acadian Asset Management LLC now owns 344,810 shares of the financial services provider’s stock valued at $2,643,000 after acquiring an additional 26,960 shares during the last quarter. White Pine Capital LLC boosted its holdings in Western New England Bancorp by 28.6% in the fourth 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 during the last quarter. Assenagon Asset Management S.A. boosted its holdings in 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 valued at $738,000 after acquiring an additional 20,025 shares during the last quarter. Finally, Janney Montgomery Scott LLC bought a new position in Western New England Bancorp in the first quarter valued at about $85,000. 67.95% of the stock is currently owned by institutional investors and hedge funds.

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.