Western New England Bancorp (NASDAQ:WNEB) Rating Reiterated by Piper Sandler

Piper Sandler reiterated their neutral rating on shares of Western New England Bancorp (NASDAQ:WNEB) in a research report report published on Wednesday, Benzinga reports. Piper Sandler currently has a $7.50 price target on the financial services provider’s stock, down from their prior price target of $9.00.

Western New England Bancorp Stock Performance

WNEB stock opened at $6.52 on Wednesday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.95 and a current ratio of 0.95. The stock has a market capitalization of $141.55 million, a price-to-earnings ratio of 10.87 and a beta of 0.61. Western New England Bancorp has a 1 year low of $5.58 and a 1 year high of $9.25. The stock’s fifty day moving average is $7.57 and its two-hundred day moving average is $7.88.

Western New England Bancorp (NASDAQ:WNEB) last posted its earnings results on Tuesday, January 23rd. The financial services provider reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.14 by ($0.02). The company had revenue of $18.89 million during the quarter, compared to the consensus estimate of $18.67 million. Western New England Bancorp had a net margin of 11.10% and a return on equity of 5.44%. On average, research analysts predict that Western New England Bancorp will post 0.56 EPS for the current year.

Institutional Investors Weigh In On Western New England Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Hsbc Holdings PLC lifted its stake in Western New England Bancorp by 6.8% in the third quarter. Hsbc Holdings PLC now owns 28,836 shares of the financial services provider’s stock valued at $187,000 after buying an additional 1,838 shares during the last quarter. Ritholtz Wealth Management raised its stake in shares of Western New England Bancorp by 8.7% during the fourth quarter. Ritholtz Wealth Management now owns 24,039 shares of the financial services provider’s stock valued at $216,000 after purchasing an additional 1,917 shares in the last quarter. Essex Financial Services Inc. raised its stake in shares of Western New England Bancorp by 14.2% during the third quarter. Essex Financial Services Inc. now owns 15,513 shares of the financial services provider’s stock valued at $101,000 after purchasing an additional 1,929 shares in the last quarter. Raymond James & Associates raised its stake in shares of Western New England Bancorp by 10.3% during the third quarter. Raymond James & Associates now owns 22,280 shares of the financial services provider’s stock valued at $145,000 after purchasing an additional 2,081 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Western New England Bancorp by 1.6% during the fourth quarter. Federated Hermes Inc. now owns 168,218 shares of the financial services provider’s stock valued at $1,514,000 after purchasing an additional 2,656 shares in the last quarter. 67.95% of the stock is currently owned by institutional investors.

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.