Zacks Research Downgrades Western New England Bancorp (NASDAQ:WNEB) to Hold

Western New England Bancorp (NASDAQ:WNEB) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Other analysts have also issued reports about the company. Hovde Group raised Western New England Bancorp to a “hold” rating in a research note on Thursday, April 2nd. Piper Sandler reaffirmed an “overweight” rating and issued a $15.00 price target on shares of Western New England Bancorp in a research note on Wednesday, April 29th. Seaport Research Partners lifted their price target on Western New England Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research note on Wednesday, April 29th. Finally, Weiss Ratings raised Western New England Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Two equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $15.00.

Western New England Bancorp Stock Performance

Shares of NASDAQ:WNEB opened at $13.42 on Monday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.93 and a quick ratio of 0.93. The business’s 50 day moving average price is $13.29 and its 200-day moving average price is $12.93. The firm has a market capitalization of $270.01 million, a PE ratio of 15.08 and a beta of 0.79. Western New England Bancorp has a 1 year low of $8.52 and a 1 year high of $14.52.

Western New England Bancorp (NASDAQ:WNEB) last issued its quarterly earnings results on Tuesday, April 28th. The financial services provider reported $0.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.03. The firm had revenue of $21.82 million for the quarter, compared to analyst estimates of $21.96 million. Western New England Bancorp had a return on equity of 7.25% and a net margin of 13.27%. As a group, equities research analysts expect that Western New England Bancorp will post 1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Western New England Bancorp news, Director Philip R. Smith sold 3,000 shares of the business’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $13.17, for a total transaction of $39,510.00. Following the transaction, the director owned 7,497 shares of the company’s stock, valued at approximately $98,735.49. The trade was a 28.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 6.56% of the company’s stock.

Hedge Funds Weigh In On Western New England Bancorp

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WNEB. Cubist Systematic Strategies LLC boosted its stake in Western New England Bancorp by 141.6% during the first quarter. Cubist Systematic Strategies LLC now owns 17,672 shares of the financial services provider’s stock worth $164,000 after buying an additional 10,358 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Western New England Bancorp by 36.5% during the first quarter. Goldman Sachs Group Inc. now owns 92,006 shares of the financial services provider’s stock worth $856,000 after buying an additional 24,597 shares during the last quarter. Empowered Funds LLC boosted its stake in Western New England Bancorp by 7.0% during the first quarter. Empowered Funds LLC now owns 89,478 shares of the financial services provider’s stock worth $832,000 after buying an additional 5,883 shares during the last quarter. Jane Street Group LLC boosted its stake in Western New England Bancorp by 190.1% during the first quarter. Jane Street Group LLC now owns 80,657 shares of the financial services provider’s stock worth $750,000 after buying an additional 52,858 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Western New England Bancorp by 103.6% during the second quarter. Geode Capital Management LLC now owns 434,123 shares of the financial services provider’s stock worth $4,007,000 after buying an additional 220,852 shares during the last quarter. Institutional investors and hedge funds own 67.95% of the company’s stock.

Western New England Bancorp Company Profile

Western New England Bancorp is a bank holding company headquartered in Westfield, Massachusetts. Through its wholly owned subsidiary, Westfield Bank, the company provides a full suite of commercial and consumer banking services. Its operations focus on serving small to mid-sized businesses, professional practices, and individual customers, with a strategy centered on relationship-driven banking and community involvement.

The company’s core offerings include deposit products such as checking, savings and money market accounts, along with business cash-management solutions.