Western New England Bancorp $WNEB Stake Reduced by Hennessy Advisors Inc.

Hennessy Advisors Inc. trimmed its holdings in Western New England Bancorp (NASDAQ:WNEB) by 15.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 290,000 shares of the financial services provider’s stock after selling 55,000 shares during the quarter. Hennessy Advisors Inc. owned 1.40% of Western New England Bancorp worth $2,677,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Janney Montgomery Scott LLC raised its holdings in shares of Western New England Bancorp by 28.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 14,180 shares of the financial services provider’s stock worth $132,000 after purchasing an additional 3,100 shares in the last quarter. Empowered Funds LLC lifted its position in shares of 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. ST Germain D J Co. Inc. boosted its stake in shares of Western New England Bancorp by 40.6% during the 2nd quarter. ST Germain D J Co. Inc. now owns 27,648 shares of the financial services provider’s stock worth $255,000 after acquiring an additional 7,977 shares in the last quarter. Bank of America Corp DE grew its holdings in shares of Western New England Bancorp by 17.7% in the 4th quarter. Bank of America Corp DE now owns 56,202 shares of the financial services provider’s stock worth $517,000 after acquiring an additional 8,434 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of Western New England Bancorp by 141.6% during the first quarter. Cubist Systematic Strategies LLC now owns 17,672 shares of the financial services provider’s stock worth $164,000 after purchasing an additional 10,358 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.

Analyst Upgrades and Downgrades

WNEB has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Western New England Bancorp from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Western New England Bancorp in a report on Saturday, September 27th. Finally, Piper Sandler lifted their target price on shares of Western New England Bancorp from $10.00 to $11.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 23rd. One analyst has rated the stock with a Strong Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Western New England Bancorp presently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Western New England Bancorp Stock Performance

Shares of WNEB opened at $11.74 on Friday. The firm has a market cap of $240.55 million, a price-to-earnings ratio of 19.90 and a beta of 0.88. The company’s fifty day moving average is $11.88 and its 200-day moving average is $10.18. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.49. Western New England Bancorp has a 12 month low of $7.63 and a 12 month high of $12.80.

Western New England Bancorp (NASDAQ:WNEB) last issued its quarterly earnings data on Tuesday, July 22nd. The financial services provider reported $0.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.14 by $0.09. 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 net margin of 9.51% and a return on equity of 5.07%. Equities analysts expect that Western New England Bancorp will post 0.6 EPS for the current fiscal year.

Western New England Bancorp Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 20th. Investors of record on Wednesday, August 6th were paid a $0.07 dividend. This represents a $0.28 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend was Wednesday, August 6th. Western New England Bancorp’s dividend payout ratio (DPR) is presently 47.46%.

Insider Activity at Western New England Bancorp

In other news, Director Philip R. Smith sold 4,000 shares of Western New England Bancorp stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $10.79, for a total value of $43,160.00. Following the transaction, the director owned 10,497 shares of the company’s stock, valued at $113,262.63. This trade represents a 27.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Darlene M. Libiszewski sold 3,600 shares of the business’s stock in a transaction on Wednesday, September 3rd. The stock was sold at an average price of $12.39, for a total transaction of $44,604.00. Following the completion of the sale, the senior vice president owned 16,044 shares of the company’s stock, valued at $198,785.16. The trade was a 18.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. 6.12% of the stock is currently owned by insiders.

Western New England Bancorp Company Profile

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.