Short Interest in Western New England Bancorp, Inc. (NASDAQ:WNEB) Decreases By 19.6%

Western New England Bancorp, Inc. (NASDAQ:WNEB) was the recipient of a significant decrease in short interest in the month of October. As of October 31st, there was short interest totalling 52,500 shares, a decrease of 19.6% from the October 15th total of 65,300 shares. Based on an average trading volume of 34,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.3% of the shares of the company are sold short.

Analysts Set New Price Targets

A number of equities analysts have commented on WNEB shares. Seaport Res Ptn downgraded Western New England Bancorp from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 24th. Piper Sandler boosted their price objective on Western New England Bancorp from $7.00 to $8.50 and gave the company a “neutral” rating in a research report on Wednesday, July 24th. Finally, Janney Montgomery Scott lowered Western New England Bancorp from a “buy” rating to a “neutral” rating in a research report on Thursday, July 25th.

Western New England Bancorp Stock Performance

Shares of NASDAQ:WNEB opened at $8.90 on Friday. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.62. The company’s 50-day moving average price is $8.69 and its 200 day moving average price is $7.81. The company has a market cap of $187.08 million, a PE ratio of 17.12 and a beta of 0.68. Western New England Bancorp has a fifty-two week low of $6.00 and a fifty-two week high of $9.25.

Western New England Bancorp (NASDAQ:WNEB) last announced its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.09 EPS for the quarter, missing the consensus estimate of $0.10 by ($0.01). The firm had revenue of $30.98 million during the quarter, compared to analyst estimates of $17.39 million. Western New England Bancorp had a net margin of 9.05% and a return on equity of 4.58%. Sell-side analysts anticipate that Western New England Bancorp will post 0.52 earnings per share for the current year.

Western New England Bancorp Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Thursday, November 7th will be paid a dividend of $0.07 per share. This represents a $0.28 annualized dividend and a yield of 3.15%. The ex-dividend date of this dividend is Thursday, November 7th. Western New England Bancorp’s payout ratio is currently 53.85%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Janney Montgomery Scott LLC bought a new stake in shares of Western New England Bancorp during the first quarter valued at about $85,000. Empowered Funds LLC increased its stake in Western New England Bancorp by 8.1% during the 1st quarter. Empowered Funds LLC now owns 70,125 shares of the financial services provider’s stock valued at $538,000 after buying an additional 5,250 shares during the period. Acadian Asset Management LLC raised its position in shares of Western New England Bancorp by 8.5% during the 1st quarter. Acadian Asset Management LLC now owns 344,810 shares of the financial services provider’s stock worth $2,643,000 after buying an additional 26,960 shares in the last quarter. Quadrature Capital Ltd lifted its stake in shares of Western New England Bancorp by 50.9% in the 1st quarter. Quadrature Capital Ltd now owns 22,173 shares of the financial services provider’s stock worth $170,000 after acquiring an additional 7,482 shares during the period. Finally, ST Germain D J Co. Inc. boosted its holdings in shares of Western New England Bancorp by 45.2% in the second quarter. ST Germain D J Co. Inc. now owns 32,130 shares of the financial services provider’s stock valued at $221,000 after acquiring an additional 10,006 shares in the last quarter. Institutional investors own 67.95% of the company’s stock.

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.