Western New England Bancorp (NASDAQ:WNEB) Declares $0.07 Quarterly Dividend

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) declared a quarterly dividend on Tuesday, July 22nd, Wall Street Journal reports. Shareholders of record on Wednesday, August 6th will be paid a dividend of 0.07 per share by the financial services provider on Wednesday, August 20th. This represents a $0.28 annualized dividend and a yield of 2.48%. The ex-dividend date is Wednesday, August 6th.

Western New England Bancorp has a dividend payout ratio of 35.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Western New England Bancorp to earn $0.76 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 36.8%.

Western New England Bancorp Stock Down 0.6%

Shares of Western New England Bancorp stock traded down $0.07 during trading on Friday, hitting $11.31. 52,549 shares of the stock were exchanged, compared to its average volume of 85,443. The stock has a market cap of $234.14 million, a price-to-earnings ratio of 19.16 and a beta of 0.75. The firm's 50-day moving average price is $9.50 and its 200 day moving average price is $9.24. Western New England Bancorp has a 12-month low of $7.38 and a 12-month high of $11.68. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.93.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) last released its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.09. The business had revenue of $21.05 million during the quarter, compared to analysts' expectations of $16.35 million. Western New England Bancorp had a net margin of 9.51% and a return on equity of 5.08%. As a group, analysts forecast that Western New England Bancorp will post 0.6 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Piper Sandler lifted their price objective on shares of Western New England Bancorp from $10.00 to $11.00 and gave the stock a "neutral" rating in a research report on Wednesday.

Institutional Investors Weigh In On Western New England Bancorp

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC raised its stake in 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 worth $832,000 after acquiring an additional 5,883 shares in the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Western New England Bancorp by 141.6% in the first quarter. Cubist Systematic Strategies LLC now owns 17,672 shares of the financial services provider's stock valued at $164,000 after buying an additional 10,358 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Western New England Bancorp by 36.5% in the first quarter. Goldman Sachs Group Inc. now owns 92,006 shares of the financial services provider's stock valued at $856,000 after buying an additional 24,597 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Western New England Bancorp by 190.1% in the first 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 last quarter. 67.95% of the stock is currently owned by institutional investors and hedge funds.

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.