WesBanco (NASDAQ:WSBC) EVP Sells $522,500.00 in Stock

Key Points

• WesBanco EVP Jayson Zatta sold 12,500 shares for approximately $522,500, reducing his position by 13.36% to 81,082 shares.
• The bank reported quarterly EPS of $0.92, beating estimates of $0.85, while revenue of $275.79 million also exceeded expectations.
• WesBanco supports its shareholder-return outlook with a newly authorized repurchase of up to 4 million shares and a quarterly dividend of $0.38, yielding about 3.7% annually.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) EVP Jayson Zatta sold 12,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total transaction of $522,500.00. Following the sale, the executive vice president owned 81,082 shares in the company, valued at approximately $3,389,227.60. This trade represents a 13.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

WesBanco Trading Down 0.8%

WSBC traded down $0.33 during trading on Thursday, hitting $41.57. The company's stock had a trading volume of 759,835 shares, compared to its average volume of 871,794. The firm's 50 day moving average price is $37.66 and its 200-day moving average price is $35.85. 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 stock has a market cap of $4.00 billion, a PE ratio of 12.08 and a beta of 0.67. WesBanco, Inc. has a twelve month low of $29.18 and a twelve month high of $42.21.

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

WesBanco announced that its board has approved a stock repurchase plan on Wednesday, May 20th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were issued a $0.38 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.52 annualized dividend and a yield of 3.7%. WesBanco's payout ratio is 44.19%.

Institutional Investors Weigh In On WesBanco

Several institutional investors and hedge funds have recently modified their holdings of WSBC. Covestor Ltd raised its holdings in shares of WesBanco by 12,500.0% during the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock valued at $25,000 after buying an additional 750 shares during the period. Hilton Head Capital Partners LLC purchased a new position in WesBanco in the 4th quarter worth approximately $29,000. GAMMA Investing LLC grew its position in WesBanco by 41.1% in the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 324 shares in the last quarter. First Horizon Corp raised its stake in shares of WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider's stock valued at $43,000 after purchasing an additional 464 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of WesBanco by 71.9% during the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock worth $45,000 after purchasing an additional 600 shares in the last quarter. Hedge funds and other institutional investors own 61.41% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. DA Davidson set a $46.00 target price on shares of WesBanco in a research report on Thursday, July 23rd. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $42.00 price target on shares of WesBanco in a research report on Thursday, July 23rd. Zacks Research raised WesBanco from a "strong sell" rating to a "hold" rating in a research note on Monday, June 22nd. Weiss Ratings raised shares of WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. Finally, Piper Sandler raised their price target on shares of WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, June 26th. One research 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 company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.20.

WesBanco Company Profile

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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