Insider Buying: WesBanco (NASDAQ:WSBC) Director Purchases 2,000 Shares of Stock

Key Points

• Gregory Proctor Jr., a director at WesBanco, purchased 2,000 shares at an average price of $25.00 per share, totaling $50,000, significantly increasing his ownership in the company.
• WesBanco's stock saw a 3.8% increase on Thursday, reaching $32.32, with a consensus target price of $38.83 from analysts.
• The company announced a quarterly dividend of $0.37 per share, representing a 4.6% yield, with a payout ratio of 89.16%.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) Director Gregory S. Proctor, Jr. acquired 2,000 shares of the firm's stock in a transaction that occurred on Wednesday, September 17th. The stock was acquired at an average cost of $25.00 per share, with a total value of $50,000.00. Following the completion of the acquisition, the director directly owned 2,000 shares in the company, valued at approximately $50,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

WesBanco Price Performance

Shares of NASDAQ:WSBC traded down $0.22 on Monday, reaching $32.05. 845,359 shares of the company traded hands, compared to its average volume of 517,486. The stock has a market capitalization of $3.08 billion, a PE ratio of 11.36 and a beta of 0.85. The company's 50 day moving average is $31.65 and its 200-day moving average is $31.05. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.94 and a quick ratio of 0.93. WesBanco, Inc. has a fifty-two week low of $26.42 and a fifty-two week high of $37.36.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.87 by $0.04. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.The business had revenue of $260.73 million during the quarter, compared to analysts' expectations of $261.14 million. During the same quarter last year, the firm posted $0.49 earnings per share. As a group, analysts anticipate that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date is Friday, September 5th. WesBanco's dividend payout ratio (DPR) is presently 89.16%.

Institutional Trading of WesBanco

Hedge funds and other institutional investors have recently modified their holdings of the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of WesBanco in the second quarter valued at approximately $26,000. Federated Hermes Inc. acquired a new stake in WesBanco during the 1st quarter worth $26,000. Smartleaf Asset Management LLC grew its holdings in WesBanco by 132.5% during the 1st quarter. Smartleaf Asset Management LLC now owns 895 shares of the financial services provider's stock worth $28,000 after acquiring an additional 510 shares during the period. Opal Wealth Advisors LLC acquired a new stake in WesBanco during the 1st quarter worth $34,000. Finally, Creative Financial Designs Inc. ADV acquired a new stake in WesBanco during the 1st quarter worth $48,000. Institutional investors and hedge funds own 61.41% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen upgraded shares of WesBanco from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $38.83.

About WesBanco

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.