Short Interest in Western New England Bancorp (NASDAQ:WNEB) Increases By 607,500.0%

Key Points

• Short interest in Western New England Bancorp surged by 607,500.0%, reaching a total of 607,600 shares, as of July 15th.
• The company recently reported $0.23 earnings per share (EPS), exceeding analysts' expectations of $0.14, with quarterly revenue of $21.05 million.
• Western New England Bancorp declared a quarterly dividend of $0.07 per share, representing a yield of 2.7% and a payout ratio of 47.46%.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) was the target of a significant growth in short interest during the month of July. As of July 15th, there was short interest totaling 607,600 shares, agrowthof607,500.0% from the June 30th total of 100 shares. Based on an average daily volume of 115,700 shares, the days-to-cover ratio is currently 5.3 days. Approximately3.4% of the company's stock are short sold. Approximately3.4% of the company's stock are short sold. Based on an average daily volume of 115,700 shares, the days-to-cover ratio is currently 5.3 days.

Insider Transactions at Western New England Bancorp

In other news, Director Philip R. Smith sold 4,000 shares of the business's stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $10.79, for a total transaction of $43,160.00. Following the sale, the director directly owned 10,497 shares of the company's stock, valued at $113,262.63. The trade was a 27.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 6.12% of the company's stock.

Institutional Investors Weigh In On Western New England Bancorp

Several hedge funds have recently added to or reduced their stakes in WNEB. Cubist Systematic Strategies LLC boosted its holdings in Western New England Bancorp by 483.3% in the fourth quarter. Cubist Systematic Strategies LLC now owns 7,314 shares of the financial services provider's stock valued at $67,000 after purchasing an additional 6,060 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Western New England Bancorp in the fourth quarter valued at $108,000. Janney Montgomery Scott LLC boosted its holdings in Western New England Bancorp by 28.0% in the first quarter. Janney Montgomery Scott LLC now owns 14,180 shares of the financial services provider's stock valued at $132,000 after purchasing an additional 3,100 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in Western New England Bancorp in the first quarter valued at $142,000. Finally, Assenagon Asset Management S.A. purchased a new stake in Western New England Bancorp in the second quarter valued at $161,000. 67.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

WNEB has been the topic of a number of research analyst reports. Piper Sandler boosted their price objective on shares of Western New England Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Wednesday, July 23rd. Wall Street Zen raised shares of Western New England Bancorp from a "sell" rating to a "hold" rating in a report on Saturday, July 26th.

Western New England Bancorp Stock Performance

Shares of WNEB traded down $0.31 during trading hours on Friday, reaching $10.34. 104,087 shares of the company traded hands, compared to its average volume of 84,477. The stock has a market capitalization of $214.14 million, a P/E ratio of 17.53 and a beta of 0.82. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.50. Western New England Bancorp has a 12-month low of $7.38 and a 12-month high of $11.68. The business has a fifty day moving average price of $9.69 and a 200-day moving average price of $9.34.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) last posted its quarterly earnings results on Tuesday, July 22nd. The financial services provider reported $0.23 EPS for the quarter, beating the consensus estimate of $0.14 by $0.09. Western New England Bancorp had a net margin of 9.51% and a return on equity of 5.08%. The company had revenue of $21.05 million for the quarter, compared to analyst estimates of $16.35 million. Equities analysts anticipate that Western New England Bancorp will post 0.6 EPS for the current fiscal year.

Western New England Bancorp Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 20th. Shareholders of record on Wednesday, August 6th will be issued a $0.07 dividend. This represents a $0.28 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend is Wednesday, August 6th. Western New England Bancorp's dividend payout ratio is presently 47.46%.

Western New England Bancorp Company Profile

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.