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

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) announced a quarterly dividend on Tuesday, July 22nd, Wall Street Journal reports. Shareholders of record on Wednesday, August 6th will be given 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 2.47%. The ex-dividend date is Wednesday, August 6th.

Western New England Bancorp has a payout ratio of 35.4% indicating that 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 Price Performance

Western New England Bancorp stock traded down $0.05 during trading hours on Friday, hitting $11.32. The stock had a trading volume of 148,946 shares, compared to its average volume of 91,494. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market capitalization of $234.44 million, a price-to-earnings ratio of 19.19 and a beta of 0.75. Western New England Bancorp has a 1-year low of $7.38 and a 1-year high of $11.68. The stock's fifty day moving average is $9.54 and its two-hundred day moving average is $9.26.

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

Wall Street Analysts Forecast Growth

WNEB has been the topic of several research reports. Piper Sandler upped their target price on Western New England Bancorp from $10.00 to $11.00 and gave the company a "neutral" rating in a report on Wednesday. Wall Street Zen upgraded Western New England Bancorp from a "sell" rating to a "hold" rating in a research report on Saturday.

Institutional Trading of Western New England Bancorp

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Jane Street Group LLC lifted its position 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 acquiring an additional 52,858 shares in the last quarter. Empowered Funds LLC lifted its position in shares of Western New England Bancorp by 7.0% in the first quarter. Empowered Funds LLC now owns 89,478 shares of the financial services provider's stock valued at $832,000 after acquiring an additional 5,883 shares in the last quarter. Goldman Sachs Group Inc. lifted its position 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 acquiring an additional 24,597 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position 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 acquiring an additional 10,358 shares in the last quarter. 67.95% of the stock is currently owned by hedge funds and other institutional investors.

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.