Western New England Bancorp (NASDAQ:WNEB) Shares Pass Below 50-Day Moving Average – Here’s Why

Shares of Western New England Bancorp (NASDAQ:WNEB) passed below its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $13.92 and traded as low as $13.55. Western New England Bancorp shares last traded at $13.75, with a volume of 35,187 shares traded.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on WNEB. Weiss Ratings reissued a “buy (b)” rating on shares of Western New England Bancorp in a research note on Friday. Seaport Research Partners downgraded Western New England Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 29th. Piper Sandler upped their price objective on Western New England Bancorp from $15.00 to $15.50 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Finally, Zacks Research downgraded Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.50.

Western New England Bancorp Price Performance

The firm’s 50-day moving average price is $13.93 and its 200-day moving average price is $13.58. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $281.90 million, a PE ratio of 16.74 and a beta of 0.76.

Western New England Bancorp (NASDAQ:WNEB) last released its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.18 EPS for the quarter, missing the consensus estimate of $0.24 by ($0.06). Western New England Bancorp had a return on equity of 6.80% and a net margin of 12.43%.The company had revenue of $27.11 million during the quarter, compared to analysts’ expectations of $22.74 million. On average, equities analysts forecast that Western New England Bancorp will post 0.94 EPS for the current fiscal year.

Western New England Bancorp Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th will be given a dividend of $0.07 per share. The ex-dividend date of this dividend is Wednesday, August 12th. This represents a $0.28 annualized dividend and a dividend yield of 2.0%. Western New England Bancorp’s payout ratio is currently 33.33%.

Insider Buying and Selling at Western New England Bancorp

In related news, SVP Darlene M. Libiszewski sold 3,680 shares of the stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $13.42, for a total transaction of $49,385.60. Following the sale, the senior vice president owned 14,048 shares in the company, valued at approximately $188,524.16. This represents a 20.76% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.56% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of WNEB. Cubist Systematic Strategies LLC raised its stake in shares of Western New England Bancorp by 141.6% in the first quarter. Cubist Systematic Strategies LLC now owns 17,672 shares of the financial services provider’s stock valued at $164,000 after acquiring an additional 10,358 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Western New England Bancorp by 36.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 92,006 shares of the financial services provider’s stock worth $856,000 after purchasing an additional 24,597 shares during the period. Empowered Funds LLC boosted its stake in shares of Western New England Bancorp by 7.0% during the 1st quarter. Empowered Funds LLC now owns 89,478 shares of the financial services provider’s stock worth $832,000 after purchasing an additional 5,883 shares during the period. Jane Street Group LLC grew its holdings in Western New England Bancorp by 190.1% during the 1st quarter. Jane Street Group LLC now owns 80,657 shares of the financial services provider’s stock valued at $750,000 after purchasing an additional 52,858 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Western New England Bancorp by 103.6% during the 2nd quarter. Geode Capital Management LLC now owns 434,123 shares of the financial services provider’s stock valued at $4,007,000 after purchasing an additional 220,852 shares during the last quarter. Institutional investors 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.