Western New England Bancorp slides after Q2 profit miss
WNEB•Stock performance
As of the last close, WNEB stock was up 16.2% year to date.
Analyst view and ratings
"In spite of the credit noise in 2Q, we do still continue to view WNEB as a very conservatively run institution though with expected profitability below peer levels and no clear catalyst for meaningful improvement here," Piper Sandler analysts said.
All three brokerages covering the stock rate it "hold"; the median price target is $15, according to data compiled by LSEG.
Bankruptcy-linked credit costs
Borrower filed for Chapter 11 bankruptcy in June, according to WNEB.
Shares fall after quarterly miss
Community lender Western New England Bancorp's WNEB.O shares slid 11% to $13.03 after the company reported second-quarter profit below Wall Street estimates.
The company said elevated credit costs tied to a commercial real estate participation loan weighed on results.
