Western New England Bancorp (NASDAQ:WNEB) Sees Large Decline in Short Interest

Key Points

• Short interest fell 22.6% to 220,814 shares as of March 31, leaving a short-interest ratio of 3.2 days and about 1.2% of the float shorted.
• Director Philip R. Smith sold 3,000 shares at an average $13.17 on Feb. 27, reducing his holding by 28.58%; company insiders own 6.12% of shares outstanding.
• Institutional ownership is high (67.95%), with several funds notably increasing stakes—Geode raised its position by 103.6% to 434,123 shares—indicating meaningful institutional buying activity.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) was the target of a significant decrease in short interest in March. As of March 31st, there was short interest totaling 220,814 shares, a decrease of 22.6% from the March 15th total of 285,384 shares. Based on an average trading volume of 68,513 shares, the short-interest ratio is presently 3.2 days. Currently, 1.2% of the shares of the company are short sold.

Insider Activity at Western New England Bancorp

In related news, Director Philip R. Smith sold 3,000 shares of the company'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 transaction, the director directly owned 7,497 shares in the company, valued at approximately $98,735.49. This represents a 28.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.12% of the company's stock.

Institutional Investors Weigh In On Western New England Bancorp

Several institutional investors and hedge funds have recently bought and sold shares of WNEB. Geode Capital Management LLC lifted its position in Western New England Bancorp by 103.6% during the second quarter. Geode Capital Management LLC now owns 434,123 shares of the financial services provider's stock worth $4,007,000 after purchasing an additional 220,852 shares during the period. Elizabeth Park Capital Advisors Ltd. bought a new stake in Western New England Bancorp during the third quarter worth about $1,592,000. Ritholtz Wealth Management lifted its position in Western New England Bancorp by 230.5% during the third quarter. Ritholtz Wealth Management now owns 147,356 shares of the financial services provider's stock worth $1,770,000 after purchasing an additional 102,770 shares during the period. Teton Advisors LLC bought a new position in shares of Western New England Bancorp in the third quarter worth about $805,000. Finally, Jane Street Group LLC lifted 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 worth $750,000 after acquiring an additional 52,858 shares during the last quarter. Institutional investors own 67.95% of the company's stock.

Western New England Bancorp Trading Down 0.1%

WNEB opened at $13.89 on Wednesday. Western New England Bancorp has a twelve month low of $8.00 and a twelve month high of $14.52. The company has a 50-day simple moving average of $13.26 and a 200 day simple moving average of $12.62. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $281.41 million, a price-to-earnings ratio of 18.28 and a beta of 0.76.

Western New England Bancorp (NASDAQ:WNEB - Get Free Report) last posted its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05. Western New England Bancorp had a net margin of 11.64% and a return on equity of 6.31%. The business had revenue of $22.01 million during the quarter, compared to analysts' expectations of $18.62 million. Analysts predict that Western New England Bancorp will post 0.6 EPS for the current fiscal year.

Western New England Bancorp Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Wednesday, February 11th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Wednesday, February 11th. This represents a $0.28 annualized dividend and a yield of 2.0%. Western New England Bancorp's dividend payout ratio is currently 36.84%.

Analysts Set New Price Targets

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

Western New England Bancorp Company Profile

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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