WesBanco (NASDAQ:WSBC) Cut to Market Perform at Raymond James Financial

Key Points

• Raymond James downgraded WesBanco from “strong buy” to “market perform.” Overall analyst sentiment is “Hold,” with an average price target of $43.20 versus the stock’s $37.75 opening price.
• WesBanco exceeded quarterly expectations, reporting $0.92 in EPS against an $0.85 consensus estimate and revenue of $275.79 million versus $267.71 million expected.
• Company insiders sold 35,195 shares worth approximately $1.47 million over the past 90 days, while institutional investors and hedge funds own 61.41% of WesBanco’s outstanding stock.

WesBanco (NASDAQ:WSBC - Get Free Report) was downgraded by equities researchers at Raymond James Financial from a "strong-buy" rating to a "market perform" rating in a report released on Tuesday, Marketbeat Ratings reports.

WSBC has been the subject of several other reports. Zacks Research raised shares of WesBanco from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $44.00 price target on shares of WesBanco in a research report on Monday, September 14th. Weiss Ratings reiterated a "buy (b)" rating on shares of WesBanco in a research note on Monday, August 3rd. Piper Sandler reissued a "neutral" rating on shares of WesBanco in a research report on Tuesday. Finally, DA Davidson set a $46.00 price objective on shares of WesBanco in a research note on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $43.20.

WesBanco Price Performance

NASDAQ:WSBC opened at $37.75 on Tuesday. WesBanco has a 52-week low of $29.57 and a 52-week high of $43.02. The company has a market cap of $3.62 billion, a P/E ratio of 10.97 and a beta of 0.69. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94. The stock's 50-day simple moving average is $40.44 and its 200 day simple moving average is $37.57.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.85 by $0.07. The firm had revenue of $275.79 million during the quarter, compared to analysts' expectations of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, sell-side analysts forecast that WesBanco will post 3.58 EPS for the current fiscal year.

Insider Buying and Selling at WesBanco

In related news, EVP Robert Friend sold 2,000 shares of the company's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $42.06, for a total value of $84,120.00. Following the transaction, the executive vice president owned 17,361 shares in the company, valued at approximately $730,203.66. This represents a 10.33% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 2,250 shares of the firm's stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $41.45, for a total transaction of $93,262.50. Following the sale, the executive vice president owned 33,674 shares of the company's stock, valued at $1,395,787.30. This trade represents a 6.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 35,195 shares of company stock worth $1,465,800 in the last ninety days. Insiders own 2.07% of the company's stock.

Institutional Investors Weigh In On WesBanco

A number of hedge funds and other institutional investors have recently modified their holdings of WSBC. Hilton Head Capital Partners LLC bought a new position in WesBanco during the fourth quarter worth about $29,000. Nykredit A S bought a new stake in WesBanco in the 2nd quarter valued at about $40,000. Public Employees Retirement System of Ohio acquired a new position in shares of WesBanco during the 2nd quarter worth approximately $57,000. Rockefeller Capital Management L.P. grew its position in shares of WesBanco by 36.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,572 shares of the financial services provider's stock worth $86,000 after purchasing an additional 692 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC bought a new position in shares of WesBanco during the first quarter worth approximately $126,000. Institutional investors and hedge funds own 61.41% of the company's stock.

WesBanco Company Profile

WesBanco, Inc is a financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides banking and financial services to consumers, businesses, and organizations.

WesBanco's offerings include checking and savings accounts, consumer and residential real estate loans, commercial lending, credit cards, online and mobile banking, and other deposit and treasury management services. The company also provides trust, investment management, brokerage, and insurance services through affiliated businesses and financial professionals.

Founded in 1870, WesBanco has developed a regional banking presence serving communities in West Virginia, Ohio, Pennsylvania, Kentucky, and Indiana.

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