Piper Sandler Raises Western New England Bancorp (NASDAQ:WNEB) Price Target to $8.50

Western New England Bancorp (NASDAQ:WNEB) had its price target raised by Piper Sandler from $7.00 to $8.50 in a research note released on Wednesday, Benzinga reports. They currently have a neutral rating on the financial services provider’s stock.

Western New England Bancorp Price Performance

Shares of NASDAQ:WNEB opened at $8.46 on Wednesday. The company’s 50-day moving average is $6.96 and its 200 day moving average is $7.42. 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 company has a market capitalization of $182.99 million, a P/E ratio of 14.10 and a beta of 0.69. 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 (NASDAQ:WNEB) last issued its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06. The company had revenue of $30.64 million for the quarter, compared to the consensus estimate of $18.22 million. Western New England Bancorp had a net margin of 11.33% and a return on equity of 5.74%. On average, equities research analysts forecast that Western New England Bancorp will post 0.53 earnings per share for the current year.

Western New England Bancorp Dividend Announcement

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

Institutional Investors Weigh In On Western New England Bancorp

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in shares of Western New England Bancorp by 808.9% during the fourth quarter. International Assets Investment Management LLC now owns 5,017 shares of the financial services provider’s stock valued at $45,000 after buying an additional 4,465 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of Western New England Bancorp during the first quarter valued at about $85,000. Legato Capital Management LLC increased its position in shares of Western New England Bancorp by 39.0% during the second quarter. Legato Capital Management LLC now owns 21,441 shares of the financial services provider’s stock valued at $148,000 after buying an additional 6,021 shares during the period. Quadrature Capital Ltd increased its position in shares of Western New England Bancorp by 50.9% during the first quarter. Quadrature Capital Ltd now owns 22,173 shares of the financial services provider’s stock valued at $170,000 after buying an additional 7,482 shares during the period. Finally, ST Germain D J Co. Inc. increased its position in shares of Western New England Bancorp by 19.3% during the first quarter. ST Germain D J Co. Inc. now owns 22,124 shares of the financial services provider’s stock valued at $170,000 after buying an additional 3,585 shares during the period. 67.95% of the stock is currently owned by institutional investors.

Western New England Bancorp Company Profile

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.