WesBanco (NASDAQ:WSBC) Issues Earnings Results

Key Points

• WesBanco reported a quarterly EPS of $0.91, exceeding analysts' expectations of $0.88 by $0.03.
• The company declared a quarterly dividend of $0.37 per share, yielding 4.65% annually, with a high dividend payout ratio of 96.73%.
• Several analysts have adjusted their price targets for WesBanco, with an average target now at $38.71, reflecting a consensus rating of "Moderate Buy".

WesBanco (NASDAQ:WSBC - Get Free Report) issued its quarterly earnings results on Tuesday. The financial services provider reported $0.91 earnings per share for the quarter, beating the consensus estimate of $0.87 by $0.04, Zacks reports. The business had revenue of $260.73 million for the quarter, compared to the consensus estimate of $261.14 million. WesBanco had a net margin of 10.52% and a return on equity of 6.07%. During the same quarter in the previous year, the firm earned $0.49 earnings per share.

WesBanco Price Performance

Shares of WesBanco stock opened at $31.82 on Wednesday. The firm has a market cap of $3.04 billion, a PE ratio of 20.80 and a beta of 0.85. The stock has a 50 day moving average of $31.67 and a 200 day moving average of $31.89. The company has a current ratio of 0.93, a quick ratio of 0.91 and a debt-to-equity ratio of 0.50. WesBanco has a 12 month low of $26.42 and a 12 month high of $37.36.

WesBanco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Stockholders of record on Friday, June 6th were issued a $0.37 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 4.65%. WesBanco's dividend payout ratio (DPR) is 96.73%.

Analyst Upgrades and Downgrades

WSBC has been the topic of a number of analyst reports. Raymond James Financial lowered their target price on shares of WesBanco from $44.00 to $38.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Keefe, Bruyette & Woods decreased their price target on WesBanco from $43.00 to $40.00 and set an "outperform" rating on the stock in a report on Monday, May 5th. Piper Sandler started coverage on WesBanco in a research note on Thursday, April 3rd. They issued an "overweight" rating and a $37.00 price objective for the company. Finally, Royal Bank Of Canada cut their target price on WesBanco from $36.00 to $34.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.83.

Institutional Trading of WesBanco

Several hedge funds have recently modified their holdings of WSBC. Jones Financial Companies Lllp raised its stake in WesBanco by 1,553.3% during the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider's stock valued at $62,000 after purchasing an additional 1,895 shares in the last quarter. Strs Ohio bought a new stake in shares of WesBanco in the 1st quarter worth about $152,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of WesBanco by 56.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider's stock worth $1,582,000 after buying an additional 18,347 shares during the last quarter. Intech Investment Management LLC raised its position in shares of WesBanco by 65.6% during the 1st quarter. Intech Investment Management LLC now owns 50,965 shares of the financial services provider's stock valued at $1,578,000 after buying an additional 20,190 shares in the last quarter. Finally, Royal Bank of Canada lifted its holdings in shares of WesBanco by 52.2% in the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider's stock valued at $1,858,000 after acquiring an additional 20,585 shares during the last quarter. 61.41% of the stock is owned by hedge funds and other institutional investors.

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.