WesBanco (NASDAQ:WSBC) Receives "Sector Perform" Rating from Royal Bank Of Canada

Key Points

• Royal Bank of Canada reiterated a “Sector Perform” rating on WesBanco and set a $44 price target, implying 8.52% upside from the previous close. Analysts overall maintain a “Moderate Buy” consensus with a $43.20 average target.
• WesBanco reported quarterly EPS of $0.92, exceeding the $0.85 consensus estimate, while revenue of $275.79 million also topped expectations.
• The company authorized a 4 million-share repurchase program, although insiders sold 39,695 shares worth approximately $1.63 million over the past 90 days.

WesBanco (NASDAQ:WSBC - Get Free Report)'s stock had its "sector perform" rating reiterated by equities researchers at Royal Bank Of Canada in a research note issued to investors on Monday, Benzinga reports. They currently have a $44.00 price objective on the financial services provider's stock. Royal Bank Of Canada's target price suggests a potential upside of 8.52% from the stock's previous close.

WSBC has been the subject of several other research reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of WesBanco in a report on Monday, August 3rd. Piper Sandler raised their price objective on shares of WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Keefe, Bruyette & Woods restated a "market perform" rating and set a $42.00 price objective on shares of WesBanco in a report on Thursday, July 23rd. Finally, Wall Street Zen raised WesBanco from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.20.

WesBanco Stock Performance

WesBanco stock traded up $0.37 during mid-day trading on Monday, hitting $40.55. 62,876 shares of the company's stock traded hands, compared to its average volume of 858,315. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a 50 day simple moving average of $40.86 and a two-hundred day simple moving average of $37.09. WesBanco has a fifty-two week low of $29.57 and a fifty-two week high of $43.02. The stock has a market cap of $3.89 billion, a price-to-earnings ratio of 11.78 and a beta of 0.66.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. On average, research analysts expect that WesBanco will post 3.57 EPS for the current fiscal year.

WesBanco announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at WesBanco

In related news, EVP Robert H. 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 transaction of $84,120.00. Following the completion of the sale, the executive vice president owned 17,361 shares of the company's stock, valued at $730,203.66. This represents a 10.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $40.89, for a total transaction of $125,532.30. Following the sale, the director owned 15,035 shares in the company, valued at $614,781.15. The trade was a 16.96% 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 39,695 shares of company stock valued at $1,630,995 over the last ninety days. 2.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in WesBanco during the second quarter worth $363,992,000. California State Teachers Retirement System boosted its holdings in shares of WesBanco by 3,993.7% in the 2nd quarter. California State Teachers Retirement System now owns 4,278,352 shares of the financial services provider's stock valued at $166,984,000 after purchasing an additional 4,173,842 shares in the last quarter. Bank of America Corp DE bought a new position in shares of WesBanco in the 2nd quarter valued at $84,562,000. Goldman Sachs Group Inc. raised its holdings in shares of WesBanco by 179.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider's stock worth $47,779,000 after buying an additional 991,584 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of WesBanco during the 2nd quarter worth $36,433,000. 61.41% of the stock is owned by institutional investors.

WesBanco Company Profile

WesBanco, Inc NASDAQ: WSBC is a financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides community banking services to individuals, businesses and institutions.

WesBanco's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other deposit and lending products. The company also provides trust, investment management and brokerage services through its wealth management operations, along with insurance and employee benefit solutions in select markets.

Founded in 1870, WesBanco serves customers through a network of banking offices and financial service locations across West Virginia, Ohio, Pennsylvania, Kentucky and Indiana.

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