Connor Clark & Lunn Investment Management Ltd. Purchases New Stake in Western New England Bancorp $WNEB

Key Points

• Connor Clark & Lunn Investment Management bought 105,988 shares of Western New England Bancorp, worth about $1.52 million, giving it an approximately 0.53% stake. Institutional investors collectively own 67.95% of WNEB.
• Analyst sentiment is mixed but leans neutral: WNEB has an average “Hold” rating and a consensus price target of $15.50, compared with its $13.72 opening price.
• The bank reported quarterly EPS of $0.18, below the $0.24 consensus estimate, despite revenue of $27.11 million exceeding expectations. It maintains a quarterly dividend of $0.07 per share, yielding about 2.0% annually.

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Western New England Bancorp (NASDAQ:WNEB - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 105,988 shares of the financial services provider's stock, valued at approximately $1,516,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.53% of Western New England Bancorp as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of WNEB. New York State Common Retirement Fund purchased a new position in shares of Western New England Bancorp in the 2nd quarter valued at $102,000. Occudo Quantitative Strategies LP purchased a new stake in Western New England Bancorp during the 2nd quarter worth $100,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in Western New England Bancorp during the 2nd quarter worth $93,000. JPMorgan Chase & Co. increased its holdings in Western New England Bancorp by 51,300.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,738 shares of the financial services provider's stock valued at $81,000 after purchasing an additional 8,721 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Western New England Bancorp in the 2nd quarter valued at $968,000. 67.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Seaport Research Partners cut Western New England Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 29th. Weiss Ratings reiterated a "buy (b)" rating on shares of Western New England Bancorp in a research note on Friday, August 7th. Piper Sandler raised their target price on Western New England Bancorp from $15.00 to $15.50 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Wall Street Zen lowered Western New England Bancorp from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Finally, Zacks Research cut Western New England Bancorp from a "strong-buy" rating to a "hold" rating in a report on Monday, May 11th. One research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $15.50.

Western New England Bancorp Stock Up 0.1%

Shares of NASDAQ WNEB opened at $13.72 on Friday. The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.92 and a current ratio of 0.92. Western New England Bancorp has a 1 year low of $10.78 and a 1 year high of $15.01. The stock's 50-day simple moving average is $14.03 and its 200-day simple moving average is $13.62. The firm has a market cap of $275.03 million, a price-to-earnings ratio of 16.33 and a beta of 0.76.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) last issued its quarterly earnings results on Tuesday, July 28th. The financial services provider reported $0.18 EPS for the quarter, missing analysts' consensus estimates of $0.24 by ($0.06). Western New England Bancorp had a net margin of 12.43% and a return on equity of 6.78%. The business had revenue of $27.11 million during the quarter, compared to analysts' expectations of $22.74 million. As a group, equities analysts anticipate that Western New England Bancorp will post 0.94 earnings per share for the current fiscal year.

Western New England Bancorp Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 26th. Stockholders of record on Wednesday, August 12th were paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Wednesday, August 12th. Western New England Bancorp's dividend payout ratio is 33.33%.

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.

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