Western New England Bancorp (NASDAQ:WNEB – Get Free Report) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.
A number of other brokerages have also recently weighed in on WNEB. Hovde Group upgraded shares of Western New England Bancorp to a “hold” rating in a report on Thursday, April 2nd. Weiss Ratings upgraded shares of Western New England Bancorp from a “buy (b-)” rating to a “buy (b)” rating in a research report on Monday. Seaport Research Partners lifted their price target on shares of Western New England Bancorp from $15.00 to $16.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Piper Sandler restated an “overweight” rating and issued a $15.00 price target on shares of Western New England Bancorp in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.
Check Out Our Latest Research Report on Western New England Bancorp
Western New England Bancorp Price Performance
Western New England Bancorp (NASDAQ:WNEB – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The financial services provider reported $0.24 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.03. Western New England Bancorp had a net margin of 13.27% and a return on equity of 7.25%. The business had revenue of $21.82 million for the quarter, compared to analyst estimates of $21.96 million. As a group, equities research analysts forecast that Western New England Bancorp will post 1 EPS for the current fiscal year.
Insider Buying and Selling
In related 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 completion of the transaction, the director owned 7,497 shares of the company’s stock, valued at approximately $98,735.49. This trade represents a 28.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.56% of the company’s stock.
Hedge Funds Weigh In On Western New England Bancorp
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WNEB. Cubist Systematic Strategies LLC boosted its stake in Western New England Bancorp by 141.6% in the 1st quarter. Cubist Systematic Strategies LLC now owns 17,672 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 10,358 shares during the period. Goldman Sachs Group Inc. boosted its stake in Western New England Bancorp by 36.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 92,006 shares of the financial services provider’s stock worth $856,000 after purchasing an additional 24,597 shares during the period. Empowered Funds LLC boosted its stake in shares of Western New England Bancorp by 7.0% during the 1st quarter. Empowered Funds LLC now owns 89,478 shares of the financial services provider’s stock valued at $832,000 after buying an additional 5,883 shares during the period. Jane Street Group LLC boosted its stake in shares of Western New England Bancorp by 190.1% during the 1st quarter. Jane Street Group LLC now owns 80,657 shares of the financial services provider’s stock valued at $750,000 after buying an additional 52,858 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Western New England Bancorp by 103.6% during the 2nd quarter. Geode Capital Management LLC now owns 434,123 shares of the financial services provider’s stock valued at $4,007,000 after buying an additional 220,852 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.
Western New England Bancorp Company Profile
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.
Featured Stories
- Five stocks we like better than Western New England Bancorp
- Navy Catalyst Ignites Odysight’s Growth Engine
- AST SpaceMobile Plummets on Galactic Q1 Miss: Can Vertical Integration Save the SpaceX Rival?
- Axon Surged After Earnings and Is Still Down Over 50% From Highs
- The Event That Could Redefine Apple’s Summer Rally
Receive News & Ratings for Western New England Bancorp Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Western New England Bancorp and related companies with MarketBeat.com's FREE daily email newsletter.
