Western New England Bancorp, Inc. (NASDAQ:WNEB) Sees Significant Drop in Short Interest

Western New England Bancorp, Inc. (NASDAQ:WNEB) was the target of a large 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 daily trading volume, of 34,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 0.3% of the company’s stock are short sold.

Western New England Bancorp Price Performance

WNEB stock opened at $8.90 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.95 and a current ratio of 0.95. The business has a 50-day simple moving average of $8.69 and a two-hundred day simple moving average of $7.77. The company has a market capitalization of $187.08 million, a P/E ratio of 17.12 and a beta of 0.68. Western New England Bancorp has a 52-week low of $6.00 and a 52-week high of $9.25.

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

Western New England Bancorp Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be given a dividend of $0.07 per share. This represents a $0.28 dividend on an annualized basis and a dividend 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fourthstone LLC lifted its position in shares of Western New England Bancorp by 372.5% during the 3rd quarter. Fourthstone LLC now owns 769,807 shares of the financial services provider’s stock worth $6,543,000 after buying an additional 606,897 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its position in Western New England Bancorp by 16.9% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 82,605 shares of the financial services provider’s stock worth $702,000 after purchasing an additional 11,936 shares during the last quarter. Empowered Funds LLC boosted its position in Western New England Bancorp by 5.3% in the third quarter. Empowered Funds LLC now owns 79,545 shares of the financial services provider’s stock worth $676,000 after purchasing an additional 4,020 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in Western New England Bancorp by 48.8% in the 3rd quarter. Assenagon Asset Management S.A. now owns 49,236 shares of the financial services provider’s stock valued at $419,000 after purchasing an additional 16,158 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Western New England Bancorp by 2.8% during the 2nd quarter. Renaissance Technologies LLC now owns 1,200,362 shares of the financial services provider’s stock worth $8,258,000 after purchasing an additional 32,700 shares during the period. 67.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

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.