Western New England Bancorp (NASDAQ:WNEB) Announces Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) released its earnings results on Tuesday. The financial services provider reported $0.23 EPS for the quarter, topping the consensus estimate of $0.14 by $0.09, Zacks reports. The firm had revenue of $21.05 million during the quarter, compared to analysts' expectations of $16.35 million. Western New England Bancorp had a return on equity of 5.08% and a net margin of 9.51%.

Western New England Bancorp Stock Performance

Shares of NASDAQ WNEB traded down $0.05 during trading hours on Friday, reaching $11.32. The stock had a trading volume of 148,946 shares, compared to its average volume of 205,024. The firm has a market cap of $234.44 million, a price-to-earnings ratio of 19.19 and a beta of 0.75. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.50. Western New England Bancorp has a fifty-two week low of $7.38 and a fifty-two week high of $11.68. The firm has a 50-day moving average of $9.50 and a 200-day moving average of $9.24.

Western New England Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, August 20th. Investors of record on Wednesday, August 6th will be given a $0.07 dividend. The ex-dividend date is Wednesday, August 6th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.47%. Western New England Bancorp's dividend payout ratio (DPR) is presently 47.46%.

Institutional Trading of Western New England Bancorp

A number of large investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC raised its stake in Western New England Bancorp by 141.6% during the 1st 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 during the last quarter. Jane Street Group LLC raised its stake in Western New England Bancorp by 190.1% during the 1st 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 during the last quarter. 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 valued at $832,000 after acquiring an additional 5,883 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Western New England Bancorp by 36.5% during the 1st 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 during the last quarter. 67.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

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.