Kimberly Griffith Sells 6,875 Shares of WesBanco (NASDAQ:WSBC) Stock

Key Points

• Insider sale: WesBanco EVP Kimberly Griffith sold 6,875 shares for approximately $283,250, reducing her holdings by 30.24% to 15,858 shares.
• Strong quarterly results: WesBanco reported earnings of $0.92 per share, exceeding estimates of $0.85, while revenue of $275.79 million also surpassed expectations.
• Positive investor outlook: Shares rose 2.5% to $42.01, supported by a $0.38 quarterly dividend, an authorized 4 million-share repurchase plan, and a consensus analyst rating of “Moderate Buy” with a $43.20 price target.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) EVP Kimberly Griffith sold 6,875 shares of WesBanco stock in a transaction on Monday, July 27th. The shares were sold at an average price of $41.20, for a total transaction of $283,250.00. Following the completion of the transaction, the executive vice president owned 15,858 shares in the company, valued at approximately $653,349.60. This trade represents a 30.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

WesBanco Trading Up 2.5%

Shares of WSBC stock traded up $1.03 on Tuesday, reaching $42.01. 768,639 shares of the stock were exchanged, compared to its average volume of 871,304. The stock has a market cap of $4.04 billion, a P/E ratio of 12.21 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $37.34 and a two-hundred day moving average of $35.75. WesBanco, Inc. has a 1-year low of $29.18 and a 1-year high of $42.05.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its 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. WesBanco had a return on equity of 9.72% and a net margin of 23.35%.The firm had revenue of $275.79 million for the quarter, compared to analysts' expectations of $267.71 million. On average, research analysts anticipate that WesBanco, Inc. will post 3.57 EPS for the current year.

WesBanco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Friday, June 5th. WesBanco's dividend payout ratio (DPR) is 44.19%.

WesBanco declared that its board has authorized a stock repurchase plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

WSBC has been the subject of a number of research analyst reports. Piper Sandler increased their target price 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. Royal Bank Of Canada lifted their price target on shares of WesBanco from $41.00 to $44.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. DA Davidson set a $46.00 price objective on shares of WesBanco in a research note on Thursday, July 23rd. Zacks Research raised shares of WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Finally, Weiss Ratings raised shares of WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.20.

Institutional Investors Weigh In On WesBanco

Several hedge funds have recently modified their holdings of WSBC. Vanguard Group Inc. boosted its holdings in WesBanco by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock worth $326,399,000 after acquiring an additional 224,107 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of WesBanco by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider's stock worth $188,013,000 after purchasing an additional 59,077 shares in the last quarter. State Street Corp boosted its stake in shares of WesBanco by 0.4% in the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider's stock valued at $117,109,000 after purchasing an additional 14,147 shares during the period. Wellington Management Group LLP boosted its stake in shares of WesBanco by 13.7% in the fourth quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider's stock valued at $91,883,000 after purchasing an additional 332,585 shares during the period. Finally, Geode Capital Management LLC grew its holdings in WesBanco by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,356,011 shares of the financial services provider's stock valued at $78,325,000 after purchasing an additional 15,673 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

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.

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