Western New England Bancorp (NASDAQ:WNEB) Stock Breaks Below 200-Day Moving Average - Here's Why

Shares of Western New England Bancorp (NASDAQ:WNEB - Get Free Report) crossed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $13.65 and traded as low as $13.50. Western New England Bancorp shares last traded at $13.52, with a volume of 20,401 shares traded.

Analyst Upgrades and Downgrades

WNEB has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of Western New England Bancorp from a "sell" rating to a "hold" rating in a research note on Saturday, September 12th. Piper Sandler increased their price objective on shares of Western New England Bancorp from $15.00 to $15.50 and gave the company a "neutral" rating in a research note on Wednesday, July 29th. Seaport Research Partners lowered shares of Western New England Bancorp from a "buy" rating to a "neutral" rating in a report on Wednesday, July 29th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of Western New England Bancorp in a report on Wednesday, November 4th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $15.50.

Western New England Bancorp Trading Down 1.0%

The company has a market cap of $268.10 million, a P/E ratio of 13.52 and a beta of 0.73. The business has a fifty day simple moving average of $13.75 and a 200 day simple moving average of $13.65. 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 (NASDAQ:WNEB - Get Free Report) last issued its quarterly earnings results on Tuesday, October 27th. The financial services provider reported $0.32 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.06. The business had revenue of $23.16 million during the quarter, compared to the consensus estimate of $23.40 million. Western New England Bancorp had a return on equity of 8.04% and a net margin of 14.53%. Analysts anticipate that Western New England Bancorp will post 0.96 earnings per share for the current fiscal year.

Western New England Bancorp Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 25th. Shareholders of record on Wednesday, November 11th will be issued a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, November 10th. Western New England Bancorp's payout ratio is currently 28.00%.

Insiders Place Their Bets

In other Western New England Bancorp news, Director Philip Smith sold 3,300 shares of the business's stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $13.88, for a total transaction of $45,804.00. Following the completion of the sale, the director owned 5,800 shares in the company, valued at $80,504. The trade was a 36.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 6.56% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of Western New England Bancorp during the 2nd quarter valued at about $26,266,000. White Pine Capital LLC bought a new position in Western New England Bancorp in the third quarter worth about $2,847,000. Empowered Funds LLC acquired a new position in Western New England Bancorp in the second quarter valued at approximately $1,636,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Western New England Bancorp in the second quarter valued at approximately $1,516,000. Finally, Oppenheimer & Close LLC boosted its stake in Western New England Bancorp by 89.5% in the third quarter. Oppenheimer & Close LLC now owns 77,268 shares of the financial services provider's stock valued at $1,058,000 after acquiring an additional 36,500 shares during the period. 67.95% of the stock is owned by institutional investors and hedge funds.

Western New England Bancorp Company Profile

Western New England Bancorp, Inc. is the bank holding company for Westfield Bank, a community bank headquartered in Westfield, Massachusetts. Westfield Bank traces its history to 1853 and serves individuals, businesses, and organizations in western Massachusetts and northern Connecticut. The bank offers deposit accounts, including checking and savings accounts and certificates of deposit, along with lending services such as commercial, residential mortgage, and consumer loans. It also provides business banking and cash-management services, as well as digital banking options.

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