What is Seaport Res Ptn’s Forecast for WNEB FY2024 Earnings?

Western New England Bancorp, Inc. (NASDAQ:WNEB) – Research analysts at Seaport Res Ptn lifted their FY2024 earnings estimates for Western New England Bancorp in a report issued on Thursday, October 24th. Seaport Res Ptn analyst L. Hunsicker now expects that the financial services provider will post earnings per share of $0.51 for the year, up from their prior forecast of $0.50. Seaport Res Ptn has a “Hold” rating on the stock. The consensus estimate for Western New England Bancorp’s current full-year earnings is $0.52 per share. Seaport Res Ptn also issued estimates for Western New England Bancorp’s FY2025 earnings at $0.57 EPS.

Other equities research analysts have also recently issued research reports about the stock. Piper Sandler increased their target price on shares of Western New England Bancorp from $7.00 to $8.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 24th. Janney Montgomery Scott lowered shares of Western New England Bancorp from a “buy” rating to a “neutral” rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Western New England Bancorp presently has an average rating of “Hold” and an average price target of $8.00.

Western New England Bancorp Stock Performance

Western New England Bancorp stock opened at $8.71 on Friday. The firm has a market capitalization of $188.38 million, a P/E ratio of 14.52 and a beta of 0.69. The stock has a fifty day moving average price of $8.68 and a two-hundred day moving average price of $7.55. Western New England Bancorp has a 52-week low of $6.00 and a 52-week high of $9.25. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.95 and a quick ratio of 0.95.

Western New England Bancorp (NASDAQ:WNEB) last announced its quarterly earnings results on Tuesday, July 23rd. The financial services provider reported $0.17 EPS for the quarter, beating the consensus estimate of $0.11 by $0.06. Western New England Bancorp had a return on equity of 5.73% and a net margin of 11.33%. The business had revenue of $30.64 million for the quarter, compared to analyst estimates of $18.22 million.

Institutional Investors Weigh In On Western New England Bancorp

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC grew its stake in shares of Western New England Bancorp by 16.6% during the second quarter. Acadian Asset Management LLC now owns 401,909 shares of the financial services provider’s stock valued at $2,762,000 after purchasing an additional 57,099 shares during the last quarter. Renaissance Technologies LLC boosted its position in Western New England Bancorp by 2.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,200,362 shares of the financial services provider’s stock valued at $8,258,000 after buying an additional 32,700 shares during the last quarter. Hennessy Advisors Inc. boosted its position in Western New England Bancorp by 7.1% in the 2nd quarter. Hennessy Advisors Inc. now owns 425,000 shares of the financial services provider’s stock valued at $2,924,000 after buying an additional 28,000 shares during the last quarter. Panagora Asset Management Inc. acquired a new stake in shares of Western New England Bancorp in the 2nd quarter valued at $170,000. Finally, Assenagon Asset Management S.A. raised its position in shares of Western New England Bancorp by 48.8% during the third quarter. Assenagon Asset Management S.A. now owns 49,236 shares of the financial services provider’s stock worth $419,000 after acquiring an additional 16,158 shares during the last quarter. Institutional investors own 67.95% of the company’s stock.

Western New England Bancorp Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Thursday, November 7th will be issued a $0.07 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 3.21%. Western New England Bancorp’s dividend payout ratio is 46.67%.

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.