Western New England Bancorp (NASDAQ:WNEB) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Western New England Bancorp (NASDAQ:WNEB) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.06, Zacks reports. Western New England Bancorp had a return on equity of 6.78% and a net margin of 12.43%.

Western New England Bancorp Stock Up 0.2%

Shares of NASDAQ:WNEB traded up $0.03 on Tuesday, reaching $13.84. The company had a trading volume of 36,307 shares, compared to its average volume of 55,128. The stock has a market capitalization of $277.44 million, a P/E ratio of 16.48 and a beta of 0.78. The stock has a 50-day moving average price of $13.75 and a 200 day moving average price of $13.59. Western New England Bancorp has a twelve month low of $11.08 and a twelve month high of $15.01. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.18.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Piper Sandler increased their price objective on Western New England Bancorp from $15.00 to $15.50 and gave the stock a “neutral” rating in a report on Wednesday, July 29th. Weiss Ratings reiterated a “buy (b)” rating on shares of Western New England Bancorp in a research note on Friday, August 7th. Wall Street Zen raised shares of Western New England Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, September 12th. Finally, Seaport Research Partners lowered shares of Western New England Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Western New England Bancorp has a consensus rating of “Hold” and an average target price of $15.50.

Insider Activity at Western New England Bancorp

In other news, Director Philip Smith sold 3,300 shares of the stock in a transaction dated Wednesday, September 2nd. The stock was sold at an average price of $13.88, for a total transaction of $45,804.00. Following the transaction, the director owned 5,800 shares of the company’s stock, valued at approximately $80,504. This represents a 36.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 6.56% of the company’s stock.

About Western New England Bancorp

Western New England Bancorp, Inc is the bank holding company for Westfield Bank, a community bank headquartered in Westfield, Massachusetts. The company provides banking and financial services to individuals, families, businesses, nonprofit organizations and municipalities.

Westfield Bank offers deposit products, residential and commercial real estate lending, commercial and industrial loans, consumer loans, home equity financing and other credit services. Its services also include online and mobile banking, cash management, electronic payments and wealth management solutions.

Founded in 1853, Westfield Bank has a long history of serving communities in western Massachusetts and northern Connecticut.