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

Western New England Bancorp (NASDAQ:WNEB) announced its earnings results on Tuesday. The financial services provider reported $0.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.06, Zacks reports. The company had revenue of $23.90 million for the quarter, compared to the consensus estimate of $23.40 million.

Western New England Bancorp Stock Performance

Shares of WNEB stock opened at $13.84 on Wednesday. The firm has a fifty day simple moving average of $13.74 and a two-hundred day simple moving average of $13.60. Western New England Bancorp has a 12 month low of $11.08 and a 12 month high of $15.01.

Insider Buying and Selling at Western New England Bancorp

In other Western New England Bancorp news, Director Philip Smith sold 3,300 shares of the firm’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $13.88, for a total value of $45,804.00. Following the transaction, the director directly owned 5,800 shares of the company’s stock, valued at approximately $80,504. This trade represents a 36.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 6.56% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on WNEB shares. Piper Sandler lifted their price target on shares of Western New England Bancorp from $15.00 to $15.50 and gave the company a “neutral” rating in a research note on Wednesday, July 29th. Seaport Research Partners downgraded Western New England Bancorp from a “buy” rating to a “neutral” rating in a research note on Wednesday, July 29th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Western New England Bancorp in a research report on Friday, August 7th. Finally, Wall Street Zen raised Western New England Bancorp from a “sell” rating to a “hold” rating in a research note on Saturday, September 12th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Western New England Bancorp presently has a consensus rating of “Hold” and a consensus target price of $15.50.

Western New England Bancorp Company Profile

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.