Western New England Bancorp, Inc. (NASDAQ:WNEB) Short Interest Up 84.6% in March


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Western New England Bancorp, Inc. (NASDAQ:WNEB) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 520,500 shares, an increase of 84.6% from the March 15th total of 281,900 shares. Based on an average daily volume of 111,600 shares, the short-interest ratio is presently 4.7 days. Currently, 2.3% of the shares of the company are sold short.

In other news, SVP Allen J. Miles III acquired 6,558 shares of Western New England Bancorp stock in a transaction that occurred on Tuesday, February 9th. The stock was purchased at an average price of $7.73 per share, for a total transaction of $50,693.34. Following the completion of the transaction, the senior vice president now directly owns 8,229 shares in the company, valued at $63,610.17. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 5.57% of the stock is owned by company insiders.

Institutional investors have recently modified their holdings of the business. Citigroup Inc. boosted its holdings in Western New England Bancorp by 312.2% in the 4th quarter. Citigroup Inc. now owns 4,522 shares of the financial services provider’s stock valued at $31,000 after purchasing an additional 3,425 shares during the period. Squarepoint Ops LLC bought a new stake in Western New England Bancorp in the 4th quarter valued at $78,000. The Manufacturers Life Insurance Company bought a new stake in Western New England Bancorp in the 4th quarter valued at $145,000. Rhumbline Advisers boosted its holdings in Western New England Bancorp by 10.9% in the 4th quarter. Rhumbline Advisers now owns 42,157 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 4,153 shares during the period. Finally, Strs Ohio lifted its holdings in shares of Western New England Bancorp by 139.0% during the 4th quarter. Strs Ohio now owns 70,500 shares of the financial services provider’s stock worth $485,000 after acquiring an additional 41,000 shares during the period. 52.80% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on WNEB. TheStreet raised shares of Western New England Bancorp from a “c+” rating to a “b-” rating in a research note on Monday, March 22nd. Hovde Group assumed coverage on shares of Western New England Bancorp in a research report on Monday, April 12th. They set a “market perform” rating and a $8.50 price objective for the company. Janney Montgomery Scott upgraded shares of Western New England Bancorp from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 27th. Finally, Zacks Investment Research upgraded shares of Western New England Bancorp from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Thursday, January 28th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Western New England Bancorp currently has a consensus rating of “Buy” and an average price target of $7.50.

Shares of NASDAQ:WNEB opened at $8.11 on Friday. The company has a market cap of $203.59 million, a PE ratio of 19.78 and a beta of 0.22. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.03 and a current ratio of 1.03. The firm has a 50 day simple moving average of $8.41 and a 200 day simple moving average of $7.11. Western New England Bancorp has a 52 week low of $4.61 and a 52 week high of $9.24.

Western New England Bancorp (NASDAQ:WNEB) last announced its quarterly earnings results on Monday, January 25th. The financial services provider reported $0.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.09 by $0.14. Western New England Bancorp had a net margin of 11.68% and a return on equity of 4.67%. The company had revenue of $21.26 million for the quarter, compared to analyst estimates of $18.70 million. On average, equities analysts predict that Western New England Bancorp will post 0.37 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, February 24th. Investors of record on Wednesday, February 10th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, February 9th. This represents a $0.20 dividend on an annualized basis and a yield of 2.47%. Western New England Bancorp’s payout ratio is presently 39.22%.

About Western New England Bancorp

Western New England Bancorp, Inc operates as the holding company for Westfield Bank that provides commercial and retail banking products and services to individuals and businesses. The company accepts various deposit accounts, including checking, savings, business and municipal savings, money market and business sweep, and individual retirement accounts; time deposits; term certificates of deposit; and interest on lawyers trust accounts.

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