Western New England Bancorp Inc Up 0.88% To $6.91 After Earnings Beat

Western New England Bancorp Inc (WNEB) beat out earnings estimates for Q3 2023 this afternoon.

Analyst expectations for Western New England Bancorp Inc earnings per share (EPS) were at $0.15, with the company surpassing those estimates with a reported EPS of $0.21, leading to a positive surprise of $0.06 per share (40%). Western New England Bancorp Inc's earnings were down 25% year-over-year as the firm reported an EPS of $0.28 in its year-ago quarter. The negative annual growth shows the Financial Services company isn't performing well amid current economic conditions.

Revenues were upbeat at $20 million. That represents a 12.60% decrease in revenues from the year-ago report and is 20.96% higher than consensus estimates set at $16.5 million.

The stock is up 0.88% to $6.91 after the report.

Western New England Bancorp Inc's profit margins took a hit as earnings fell at a faster pace than revenues.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Western New England Bancorp Inc a Bearish Sentiment Rank from InvestorsObserver.

Western New England Bancorp Inc has been a strong performer over the past few months, garnering a high Long-Term Technical Rank by InvestorsObserver of 80, putting Western New England Bancorp Inc in the top 25% of stocks. The firm set a 52-week low on May 31, 2023 at $5.58 and set a 52-week high on November 28, 2022 at $10.25.

Western New England Bancorp Inc is a chartered stock holding company and the parent company of Westfield Bank. The company through its subsidiaries provides banking products and services offering a variety of deposit products and makes mortgage loans for the construction, purchase, and refinancing of residential and commercial real estate as well as other commercial and consumer loans of various types.