Western New England Bancorp (NASDAQ:WNEB) Cut to “Sell” at Zacks Investment Research

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Zacks Investment Research downgraded shares of Western New England Bancorp (NASDAQ:WNEB) from a hold rating to a sell rating in a research note released on Sunday, Zacks.com reports.

According to Zacks, “Western New England Bancorp, Inc. provides banking services. The Company offers personal checking accounts, loans, eBanking services, commercial loans, money market accounts, wealth management, retirement planning and other related financial services. Western New England Bancorp, Inc., formerly known as Westfield Financial, Inc., is based in Westfield, MA. “

Several other analysts have also commented on WNEB. DA Davidson reissued a neutral rating on shares of Western New England Bancorp in a report on Monday, July 22nd. ValuEngine upgraded Western New England Bancorp from a sell rating to a hold rating in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $10.50.

WNEB opened at $9.33 on Friday. The company has a fifty day moving average of $8.90 and a two-hundred day moving average of $9.33. The stock has a market capitalization of $243.05 million, a price-to-earnings ratio of 16.66 and a beta of 0.21. Western New England Bancorp has a fifty-two week low of $8.50 and a fifty-two week high of $10.90. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.03 and a current ratio of 1.03.

Western New England Bancorp (NASDAQ:WNEB) last posted its earnings results on Tuesday, July 23rd. The financial services provider reported $0.12 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.12. The firm had revenue of $16.72 million for the quarter, compared to analysts’ expectations of $16.93 million. Western New England Bancorp had a return on equity of 6.16% and a net margin of 16.17%. On average, equities research analysts forecast that Western New England Bancorp will post 0.51 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 21st. Shareholders of record on Wednesday, August 7th were issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 2.14%. The ex-dividend date was Tuesday, August 6th. Western New England Bancorp’s payout ratio is 35.71%.

Several hedge funds and other institutional investors have recently made changes to their positions in WNEB. Northern Trust Corp boosted its holdings in Western New England Bancorp by 1.8% in the 2nd quarter. Northern Trust Corp now owns 337,825 shares of the financial services provider’s stock worth $3,155,000 after buying an additional 6,033 shares during the last quarter. Renaissance Technologies LLC lifted its position in shares of Western New England Bancorp by 1.7% in the second quarter. Renaissance Technologies LLC now owns 1,713,327 shares of the financial services provider’s stock valued at $16,002,000 after acquiring an additional 28,118 shares in the last quarter. Context BH Capital Management LP acquired a new stake in shares of Western New England Bancorp in the second quarter worth approximately $250,000. Panagora Asset Management Inc. boosted its stake in shares of Western New England Bancorp by 11.7% in the second quarter. Panagora Asset Management Inc. now owns 54,639 shares of the financial services provider’s stock worth $510,000 after acquiring an additional 5,740 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Western New England Bancorp by 31.1% during the second quarter. Acadian Asset Management LLC now owns 38,822 shares of the financial services provider’s stock worth $363,000 after purchasing an additional 9,205 shares in the last quarter. Institutional investors and hedge funds own 52.43% of the company’s stock.

About Western New England Bancorp

Western New England Bancorp, Inc operates as the holding company for Westfield Bank that provides commercial and retail banking products and services to individuals and businesses. The company accepts various deposit accounts, including checking, savings, business and municipal savings, money market and business sweep, and individual retirement accounts; time deposits; term certificates of deposit; and interest on lawyers trust accounts.

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