Western New England Bancorp, Inc. Plans Quarterly Dividend of $0.07 (NASDAQ:WNEB)

Western New England Bancorp, Inc. (NASDAQ:WNEB) announced a quarterly dividend on Tuesday, April 23rd, Zacks reports. Stockholders of record on Wednesday, May 8th will be paid a dividend of 0.07 per share by the financial services provider on Wednesday, May 22nd. This represents a $0.28 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend is Tuesday, May 7th.

Western New England Bancorp has raised its dividend by an average of 11.9% per year over the last three years and has increased its dividend annually for the last 2 consecutive years. Western New England Bancorp has a dividend payout ratio of 43.8% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Western New England Bancorp to earn $0.63 per share next year, which means the company should continue to be able to cover its $0.28 annual dividend with an expected future payout ratio of 44.4%.

Western New England Bancorp Stock Up 1.6 %

Shares of WNEB stock opened at $6.52 on Monday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.59. Western New England Bancorp has a twelve month low of $5.58 and a twelve month high of $9.25. The stock has a 50 day moving average of $7.32 and a 200 day moving average of $7.86. The stock has a market cap of $141.55 million, a P/E ratio of 10.87 and a beta of 0.66.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler restated a “neutral” rating and set a $7.50 target price (down from $9.00) on shares of Western New England Bancorp in a research report on Wednesday, April 24th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.50.

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.