WesBanco, Inc. (NASDAQ:WSBC) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analyst sentiment is moderately positive: Seven brokerages give WesBanco an average “Moderate Buy” rating, with an average 12-month price target of $43.20 versus the reported $40.42 share price.
• WesBanco exceeded quarterly expectations, reporting earnings of $0.92 per share and revenue of $275.79 million, above consensus estimates of $0.85 and $267.71 million, respectively.
• Shareholder returns remain a focus: The company authorized a 4-million-share buyback and declared a quarterly dividend of $0.38 per share, representing a 3.8% annualized yield. Insiders, however, sold 39,695 shares worth about $1.63 million over the past three months.

Shares of WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) have been given an average recommendation of "Moderate Buy" by the seven research firms that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, three have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $43.20.

A number of research analysts have commented on the company. Wall Street Zen upgraded WesBanco from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Zacks Research raised WesBanco from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Royal Bank Of Canada increased their price objective on WesBanco from $41.00 to $44.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Piper Sandler lifted their target price on shares of WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, DA Davidson set a $46.00 price target on shares of WesBanco in a research note on Thursday, July 23rd.

Insiders Place Their Bets

In other news, EVP Kimberly L. Griffith sold 6,875 shares of the business's stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares in the company, valued at approximately $653,349.60. The trade was a 30.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Robert H. Friend sold 6,000 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 $252,360.00. Following the sale, the executive vice president owned 17,361 shares of the company's stock, valued at $730,203.66. This trade represents a 25.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 39,695 shares of company stock worth $1,630,995 in the last three months. 2.07% of the stock is owned by insiders.

Institutional Trading of WesBanco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Covestor Ltd increased its position in WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock worth $25,000 after buying an additional 750 shares during the period. Hilton Head Capital Partners LLC bought a new stake in shares of WesBanco in the fourth quarter valued at approximately $29,000. Nykredit A S acquired a new stake in shares of WesBanco in the second quarter worth $40,000. Federated Hermes Inc. grew its stake in shares of WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock worth $45,000 after acquiring an additional 600 shares during the last quarter. Finally, Strs Ohio increased its position in WesBanco by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the financial services provider's stock worth $57,000 after acquiring an additional 600 shares during the period. Institutional investors and hedge funds own 61.41% of the company's stock.

WesBanco Stock Down 0.1%

Shares of NASDAQ:WSBC opened at $40.42 on Friday. The firm has a 50 day simple moving average of $40.48 and a 200 day simple moving average of $36.82. The company has a market cap of $3.88 billion, a PE ratio of 11.75 and a beta of 0.67. WesBanco has a 52 week low of $29.57 and a 52 week high of $43.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.07. The business had revenue of $275.79 million for the quarter, compared to the consensus estimate of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, research analysts expect that WesBanco will post 3.57 earnings per share for the current year.

WesBanco declared that its Board of Directors has approved a share buyback plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback plans are often an indication that the company's board believes its stock is undervalued.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, September 4th. WesBanco's dividend payout ratio is 44.19%.

About WesBanco

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small‐ to mid‐sized businesses, nonprofit organizations and governmental entities with a relationship‐driven approach and an emphasis on local decision‐making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source