Western New England Bancorp (NASDAQ:WNEB) Upgraded by Zacks Research to Strong-Buy Rating

Western New England Bancorp (NASDAQ:WNEB) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

Separately, Weiss Ratings reissued a “hold (c+)” rating on shares of Western New England Bancorp in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Western New England Bancorp currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Western New England Bancorp Stock Performance

NASDAQ WNEB opened at $13.43 on Thursday. The company has a market capitalization of $275.18 million, a PE ratio of 17.67 and a beta of 0.83. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.94 and a current ratio of 0.94. Western New England Bancorp has a 52-week low of $7.63 and a 52-week high of $13.95. The company has a 50-day simple moving average of $12.81 and a 200 day simple moving average of $12.01.

Western New England Bancorp (NASDAQ:WNEB) last released its earnings results on Tuesday, January 27th. The financial services provider reported $0.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.21 by $0.05. Western New England Bancorp had a net margin of 11.64% and a return on equity of 6.36%. The firm had revenue of $22.01 million for the quarter, compared to analysts’ expectations of $18.62 million. On average, research analysts predict that Western New England Bancorp will post 0.6 EPS for the current year.

Hedge Funds Weigh In On Western New England Bancorp

Several hedge funds have recently bought and sold shares of WNEB. Russell Investments Group Ltd. purchased a new stake in Western New England Bancorp in the 2nd quarter worth approximately $39,000. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Western New England Bancorp during the 2nd quarter valued at $45,000. BNP Paribas Financial Markets increased its holdings in shares of Western New England Bancorp by 95.7% in the third quarter. BNP Paribas Financial Markets now owns 5,003 shares of the financial services provider’s stock worth $60,000 after purchasing an additional 2,446 shares during the period. JPMorgan Chase & Co. raised its position in shares of Western New England Bancorp by 51,300.0% in the second quarter. JPMorgan Chase & Co. now owns 8,738 shares of the financial services provider’s stock worth $81,000 after buying an additional 8,721 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Western New England Bancorp during the second quarter valued at $93,000. Hedge funds and other institutional investors own 67.95% of the company’s stock.

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.