Piper Sandler Reaffirms Neutral Rating for Western New England Bancorp (NASDAQ:WNEB)

Piper Sandler reiterated their neutral rating on shares of Western New England Bancorp (NASDAQ:WNEB) in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has a $7.50 price target on the financial services provider’s stock, down from their previous price target of $9.00.

Western New England Bancorp Trading Down 3.2 %

NASDAQ:WNEB opened at $6.45 on Wednesday. Western New England Bancorp has a 52 week low of $5.58 and a 52 week high of $9.25. The firm has a 50 day moving average of $7.50 and a 200 day moving average of $7.88. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.59. The stock has a market capitalization of $140.03 million, a price-to-earnings ratio of 10.75 and a beta of 0.61.

Western New England Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 22nd. Shareholders of record on Wednesday, May 8th will be paid a dividend of $0.07 per share. The ex-dividend date of this dividend is Tuesday, May 7th. This represents a $0.28 dividend on an annualized basis and a yield of 4.34%. Western New England Bancorp’s payout ratio is 46.67%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its stake in shares of Western New England Bancorp by 808.9% in the fourth quarter. International Assets Investment Management LLC now owns 5,017 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 4,465 shares during the period. Essex Financial Services Inc. increased its stake in shares of Western New England Bancorp by 14.2% in the third quarter. Essex Financial Services Inc. now owns 15,513 shares of the financial services provider’s stock worth $101,000 after acquiring an additional 1,929 shares during the period. Ritholtz Wealth Management increased its stake in shares of Western New England Bancorp by 27.4% in the third quarter. Ritholtz Wealth Management now owns 22,122 shares of the financial services provider’s stock worth $144,000 after acquiring an additional 4,757 shares during the period. Raymond James & Associates increased its stake in shares of Western New England Bancorp by 10.3% in the third quarter. Raymond James & Associates now owns 22,280 shares of the financial services provider’s stock worth $145,000 after acquiring an additional 2,081 shares during the period. Finally, ST Germain D J Co. Inc. increased its stake in shares of Western New England Bancorp by 19.3% in the first quarter. ST Germain D J Co. Inc. now owns 22,124 shares of the financial services provider’s stock worth $170,000 after acquiring an additional 3,585 shares during the period. Institutional investors and hedge funds own 67.95% of the company’s stock.

About Western New England Bancorp

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.