Western New England Bancorp (NASDAQ:WNEB) Downgraded to “Hold” Rating by Zacks Research

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

Other equities research analysts have also issued research reports about the stock. Piper Sandler reiterated an “overweight” rating and set a $15.00 price objective on shares of Western New England Bancorp in a research note on Wednesday, April 29th. Weiss Ratings upgraded shares of Western New England Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday. Seaport Research Partners increased their price objective on shares of 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, Hovde Group upgraded shares of Western New England Bancorp to a “hold” rating in a research note on Thursday, April 2nd. 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.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Western New England Bancorp Price Performance

WNEB opened at $13.42 on Monday. The firm has a market cap of $270.01 million, a price-to-earnings ratio of 15.08 and a beta of 0.79. Western New England Bancorp has a fifty-two week low of $8.52 and a fifty-two week high of $14.52. The company’s 50-day moving average price is $13.29 and its 200 day moving average price is $12.93. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.37.

Western New England Bancorp (NASDAQ:WNEB) last released its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.24 earnings per share for the quarter, topping the consensus estimate 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 net margin of 13.27% and a return on equity of 7.25%. As a group, sell-side analysts expect that Western New England Bancorp will post 1 earnings per share for the current year.

Insider Activity at Western New England Bancorp

In other Western New England Bancorp news, Director Philip R. Smith sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $13.17, for a total value of $39,510.00. Following the sale, the director owned 7,497 shares in the company, valued at approximately $98,735.49. This trade represents a 28.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 6.56% of the company’s stock.

Institutional Investors Weigh In On Western New England Bancorp

Large investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC increased its stake in shares of 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 valued at $164,000 after acquiring an additional 10,358 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of 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 valued at $856,000 after acquiring an additional 24,597 shares during the period. Empowered Funds LLC increased its stake in shares of 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 valued at $832,000 after acquiring an additional 5,883 shares during the period. Jane Street Group LLC increased its stake in shares of 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 valued at $750,000 after acquiring an additional 52,858 shares during the period. Finally, Geode Capital Management LLC increased its stake in shares of 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 valued at $4,007,000 after acquiring an additional 220,852 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.

About Western New England Bancorp

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.