Western New England Bancorp, Inc. (NASDAQ:WNEB) Declares $0.07 Quarterly Dividend

Western New England Bancorp, Inc. (NASDAQ:WNEB) declared a quarterly dividend on Wednesday, October 23rd, Zacks reports. Investors of record on Thursday, November 7th will be paid a dividend of 0.07 per share by the financial services provider on Thursday, November 21st. This represents a $0.28 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Thursday, November 7th.

Western New England Bancorp has raised its dividend payment by an average of 11.9% per year over the last three years. Western New England Bancorp has a dividend payout ratio of 49.1% meaning its dividend is sufficiently covered by earnings. Analysts expect Western New England Bancorp to earn $0.57 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 49.1%.

Western New England Bancorp Price Performance

NASDAQ:WNEB opened at $8.69 on Tuesday. The firm’s fifty day moving average is $8.69 and its two-hundred day moving average is $7.66. The firm has a market cap of $185.27 million, a price-to-earnings ratio of 16.71 and a beta of 0.68. Western New England Bancorp has a one year low of $6.00 and a one year high of $9.25. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.95 and a current ratio of 0.95.

Western New England Bancorp (NASDAQ:WNEB) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.01). The company had revenue of $30.98 million for the quarter, compared to analyst estimates of $17.39 million. Western New England Bancorp had a return on equity of 4.60% and a net margin of 9.05%. Research analysts expect that Western New England Bancorp will post 0.52 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on WNEB. Piper Sandler upped their price target on Western New England Bancorp from $7.00 to $8.50 and gave the stock a “neutral” rating in a report on Wednesday, July 24th. Janney Montgomery Scott cut 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 research note on Wednesday, July 24th.

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.