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

Western New England Bancorp (NASDAQ:WNEB) issued its quarterly earnings results on Wednesday. The financial services provider reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01), Yahoo Finance reports. Western New England Bancorp had a net margin of 11.33% and a return on equity of 5.73%. The company had revenue of $30.98 million during the quarter, compared to the consensus estimate of $17.39 million.

Western New England Bancorp Price Performance

Shares of Western New England Bancorp stock traded down $0.02 during mid-day trading on Friday, reaching $8.69. 12,813 shares of the stock were exchanged, compared to its average volume of 38,667. The company has a market cap of $187.95 million, a price-to-earnings ratio of 14.52 and a beta of 0.69. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.63. The firm has a 50-day simple moving average of $8.68 and a 200 day simple moving average of $7.55. Western New England Bancorp has a fifty-two week low of $6.00 and a fifty-two week high of $9.25.

Western New England Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Thursday, November 7th. Western New England Bancorp’s dividend payout ratio (DPR) is currently 46.67%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Piper Sandler increased their price target on shares of Western New England Bancorp from $7.00 to $8.50 and gave the company a “neutral” rating in a report on Wednesday, July 24th. Janney Montgomery Scott downgraded shares of Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Finally, Seaport Res Ptn downgraded shares of Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus 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.