Western New England Bancorp (NASDAQ:WNEB) Issues Quarterly Earnings Results

Western New England Bancorp (NASDAQ:WNEB) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.09 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.01), Yahoo Finance reports. 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 5.73% and a net margin of 11.33%.

Western New England Bancorp Price Performance

Shares of NASDAQ:WNEB traded down $0.02 during trading on Friday, reaching $8.69. 12,353 shares of the company’s stock traded hands, compared to its average volume of 38,665. The firm has a market cap of $187.95 million, a PE ratio of 14.52 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. The company has a 50-day simple moving average of $8.68 and a 200-day simple moving average of $7.55. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.63.

Western New England Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders 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 of this dividend is Thursday, November 7th. Western New England Bancorp’s dividend payout ratio (DPR) is presently 46.67%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Janney Montgomery Scott downgraded Western New England Bancorp from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th. Seaport Res Ptn downgraded Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 24th. Finally, Piper Sandler raised their target price on Western New England Bancorp from $7.00 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $8.00.

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.