Western New England Bank executive acquires $3,000 worth of stock

Western New England Bancorp, Inc. (NASDAQ: ) disclosed in a recent filing that Filipe B. Goncalves, Senior Vice President and Chief Commercial Officer, purchased shares of the company's common stock. The transaction, which took place on April 30, involved the acquisition of 500 shares at $6.025 per share, for a total investment of $3,012.

This acquisition by Gonsalves directly increases his holdings in the company, further aligning his interests with those of shareholders. Following the transaction, Goncalves now directly owns 24,225 shares of Western New England Bancorp, Inc. stock.

The filing also noted his holdings of non-derivative securities, such as stocks he jointly owns with his daughter, as well as stocks held indirectly through employee stock ownership plans (ESOPs) and 401(k) plans. As noted in a footnote in the document, he and his daughter jointly hold 83 shares.

Western New England Bancorp, Inc., headquartered in Westfield, Massachusetts, is a federally chartered thrift institution. The company's shares are listed on Nasdaq under the symbol WNEB.

The latest filing was signed on behalf of Goncalves on May 1, the day after the deal was reported, by de facto attorney John E. Bonini. Investors often view insider purchases as a sign of confidence in a company's future prospects, and such transactions are closely monitored to gauge the sentiment of a company's executives and directors.

Investment Professional Insights

Given that Filipe B. Goncalves, Senior Vice President and Chief Financial Officer of Western New England Bancorp, Inc. (NASDAQ: WNEB ), has recently purchased insider shares, investors may be aware of new information regarding the company's financial condition and performance metrics. More background information. Western New England Bancorp has a market capitalization of $134.8 million and its price-to-earnings (P/E) ratio for the trailing 12 months to the first quarter of 2024 stood at 10.36 times, according to InvestingPro. Commitment to shareholder returns, dividends have been maintained for 23 consecutive years, with the current dividend yield being 4.64%.

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However, InvestingPro Tips advises caution. The stock's relative strength index (RSI) suggests it's in oversold territory, and analysts have lowered their profit forecasts for the period ahead. Additionally, analysts expect sales to decline this year, and the stock has experienced a significant decline over the past three months, with a total price return of 26.87%. On a more positive note, analysts predict the company will be profitable this year, having done so in the last twelve months.

For investors seeking a deeper understanding of Western New England Bank's performance and future prospects, additional InvestingPro Tips are available. These tips can give you further insight into your company's financial health and market position.To get these tips and more, visit Investing.com/pro/WNEB and don’t forget to use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount. Currently, Western New England Bancorp, Inc. also lists 9 InvestingPro Tips, which can help investors fully understand the company's potential and risks.

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