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Western New England Bancorp executive acquires $3k in stock

Published 05/02/2024, 04:02 AM

Western New England Bancorp, Inc. (NASDAQ:WNEB) disclosed in a recent filing that SVP & CCO Filipe B. Goncalves purchased shares of the company's common stock. The transaction, which took place on April 30, involved the acquisition of 500 shares at a price of $6.025 per share, amounting to a total investment of $3,012.

This purchase by Goncalves is a direct addition to his holdings in the company, further aligning his interests with those of the shareholders. Following this transaction, Goncalves now directly owns 24,225 shares of Western New England Bancorp, Inc.

The filing also noted holdings in non-derivative securities such as shares owned jointly with his daughter, as well as shares held indirectly through an Employee Stock Ownership Plan (ESOP) and a 401(K) Plan. The shares held jointly with his daughter amount to 83, as indicated in the footnotes of the filing.

Western New England Bancorp, Inc., headquartered in Westfield, Massachusetts, operates as a federally chartered savings institution. The company's stock is traded on the NASDAQ under the ticker symbol WNEB.

The latest filing was signed by attorney-in-fact John E. Bonini on behalf of Mr. Goncalves on May 1, the day after the reported transaction. Investors often view insider purchases as a sign of confidence in the company's future prospects, and such transactions are closely monitored for insights into the sentiments of company executives and directors.

InvestingPro Insights

In light of the recent insider stock purchase by SVP & CCO Filipe B. Goncalves at Western New England Bancorp, Inc. (NASDAQ:WNEB), investors may find additional context in the company's financial health and performance metrics. According to InvestingPro data, Western New England Bancorp has a market capitalization of $134.8 million and maintains a price-to-earnings (P/E) ratio of 10.36 based on the last twelve months as of Q1 2024. Despite a challenging environment indicated by a revenue decline of 16.16% over the same period, the company has demonstrated a commitment to shareholder returns, maintaining dividend payments for 23 consecutive years with a current dividend yield of 4.64%.

However, the InvestingPro Tips suggest caution. The stock's Relative Strength Index (RSI) points to it being in oversold territory, and analysts have revised their earnings estimates downwards for the upcoming period. Additionally, analysts expect a sales decline in the current year, and the stock has experienced a significant price drop over the last three months, with a 26.87% decrease in price total return. On a more positive note, analysts predict the company will be profitable this year, and it has been profitable over the last twelve months.

For investors seeking a deeper dive into Western New England Bancorp's performance and future outlook, additional InvestingPro Tips are available. These tips can offer further insights into the company's financials and market position. To access these tips and more, visit Investing.com/pro/WNEB and don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. Currently, there are 9 more InvestingPro Tips listed for Western New England Bancorp, Inc. that can provide investors with a comprehensive understanding of the company's potential and risks.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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