Western New England Bancorp (NASDAQ:WNEB) Posts Earnings Results, Beats Estimates By $0.03 EPS

Key Points

• Western New England Bancorp reported quarterly EPS of $0.24, beating the consensus of $0.21 by $0.03, while revenue came in slightly under estimates at $21.82 million.
• Shares traded up about 1.5% to $14.18 after the report; the company has a market capitalization of $287.3 million, a P/E of 18.66, and a 52-week range of $8.52–$14.52.
• The stock carries an average analyst rating of "Moderate Buy" with a $14 consensus target after recent upgrades from Zacks and Weiss (Piper Sandler is neutral), and an insider recently sold 3,000 shares while insiders own 6.56% of the company.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) posted its quarterly earnings results on Tuesday. The financial services provider reported $0.24 EPS for the quarter, topping the consensus estimate of $0.21 by $0.03, FiscalAI reports. Western New England Bancorp had a net margin of 11.64% and a return on equity of 6.31%. The company had revenue of $21.82 million for the quarter, compared to the consensus estimate of $21.91 million.

Western New England Bancorp Stock Up 1.5%

NASDAQ:WNEB traded up $0.21 during mid-day trading on Tuesday, reaching $14.18. The company's stock had a trading volume of 63,932 shares, compared to its average volume of 64,417. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.37. Western New England Bancorp has a 1 year low of $8.52 and a 1 year high of $14.52. The stock has a fifty day moving average of $13.22 and a 200-day moving average of $12.75. The firm has a market capitalization of $287.29 million, a PE ratio of 18.66 and a beta of 0.76.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Zacks Research raised shares of Western New England Bancorp from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 29th. Hovde Group raised shares of Western New England Bancorp to a "hold" rating in a research note on Thursday, April 2nd. Weiss Ratings raised shares of Western New England Bancorp from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, March 12th. Finally, Piper Sandler initiated coverage on Western New England Bancorp in a research note on Monday, March 16th. They issued a "neutral" rating and a $14.00 price objective on the stock. One analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Western New England Bancorp currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Insider Buying and Selling

In other news, Director Philip R. Smith sold 3,000 shares of the business's stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $13.17, for a total value of $39,510.00. Following the completion of the sale, the director owned 7,497 shares in the company, valued at approximately $98,735.49. The trade was a 28.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.56% of the company's stock.

Hedge Funds Weigh In On Western New England Bancorp

Several institutional investors have recently bought and sold shares of the business. Russell Investments Group Ltd. purchased a new stake in Western New England Bancorp during the second quarter worth $39,000. BNP Paribas Financial Markets increased its holdings in shares of Western New England Bancorp by 95.7% in the 3rd quarter. BNP Paribas Financial Markets now owns 5,003 shares of the financial services provider's stock valued at $60,000 after acquiring an additional 2,446 shares during the period. MetLife Investment Management LLC increased its holdings in shares of Western New England Bancorp by 9.8% in the 4th quarter. MetLife Investment Management LLC now owns 8,130 shares of the financial services provider's stock valued at $103,000 after acquiring an additional 726 shares during the period. JPMorgan Chase & Co. raised its position in shares of 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 worth $81,000 after acquiring an additional 8,721 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in shares of Western New England Bancorp in the 2nd quarter worth $93,000. 67.95% of the stock is owned by hedge funds and other institutional investors.

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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