WesBanco (NASDAQ:WSBC) Downgraded by DA Davidson to "Hold"

Key Points

• WesBanco has been downgraded from a "strong-buy" to a "hold" rating by DA Davidson, with multiple other firms also issuing "hold" ratings.
• The stock price opened at $31.43, reflecting a 2.3% increase in value, while the company has an average price target of $39.17.
• Insider trading activity includes notable acquisitions by CFO K Weiss Daniel and Director James W. Cornelsen, who purchased shares valued at $100,000 and $250,000 respectively.

WesBanco (NASDAQ:WSBC - Get Free Report) was downgraded by equities researchers at DA Davidson from a "strong-buy" rating to a "hold" rating in a note issued to investors on Monday,Zacks.com reports.

A number of other research firms have also weighed in on WSBC. Weiss Ratings reaffirmed a "hold (c)" rating on shares of WesBanco in a report on Wednesday, October 8th. Wall Street Zen lowered WesBanco from a "buy" rating to a "hold" rating in a report on Friday, September 26th. Finally, Royal Bank Of Canada lifted their target price on WesBanco from $34.00 to $36.00 and gave the company a "sector perform" rating in a report on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, WesBanco presently has a consensus rating of "Moderate Buy" and an average price target of $39.17.

WesBanco Stock Up 2.3%

WSBC stock opened at $31.43 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.02 billion, a PE ratio of 18.93 and a beta of 0.85. WesBanco has a twelve month low of $26.42 and a twelve month high of $37.36. The stock has a 50-day simple moving average of $32.08 and a two-hundred day simple moving average of $31.21.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. The business had revenue of $260.73 million during the quarter, compared to analyst estimates of $261.14 million. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.During the same quarter in the previous year, the firm earned $0.49 EPS. On average, equities analysts predict that WesBanco will post 3.24 EPS for the current fiscal year.

Insider Activity at WesBanco

In other WesBanco news, CFO K Weiss Daniel acquired 4,000 shares of the business's stock in a transaction dated Wednesday, September 17th. The stock was bought at an average price of $25.00 per share, with a total value of $100,000.00. Following the completion of the acquisition, the chief financial officer owned 4,000 shares of the company's stock, valued at $100,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director James W. Cornelsen acquired 10,000 shares of the business's stock in a transaction dated Wednesday, September 17th. The shares were acquired at an average cost of $25.00 per share, with a total value of $250,000.00. Following the acquisition, the director directly owned 10,000 shares of the company's stock, valued at $250,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have bought 49,600 shares of company stock valued at $1,240,000 in the last ninety days. Insiders own 2.80% of the company's stock.

Institutional Trading of WesBanco

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in WesBanco by 40.3% in the 1st quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider's stock worth $291,427,000 after buying an additional 2,702,469 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in WesBanco by 42.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,793,319 shares of the financial services provider's stock worth $179,358,000 after buying an additional 1,730,801 shares during the last quarter. State Street Corp lifted its position in WesBanco by 0.4% in the 2nd quarter. State Street Corp now owns 3,663,315 shares of the financial services provider's stock worth $117,109,000 after buying an additional 14,147 shares during the last quarter. Wellington Management Group LLP lifted its position in WesBanco by 35.2% in the 1st quarter. Wellington Management Group LLP now owns 2,456,454 shares of the financial services provider's stock worth $76,052,000 after buying an additional 640,003 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in WesBanco by 7.8% in the 2nd quarter. Geode Capital Management LLC now owns 2,389,477 shares of the financial services provider's stock worth $75,588,000 after buying an additional 172,276 shares during the last quarter. Institutional investors own 61.41% of the company's stock.

WesBanco Company Profile

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.

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