WesBanco (NASDAQ:WSBC) Posts Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• WesBanco beat earnings expectations, reporting quarterly EPS of $0.92 versus the consensus estimate of $0.86. The bank also posted a return on equity of 9.76% and a net margin of 21.12%.
• Shares traded lower on the day despite the earnings beat, falling $0.15 to $40.38. The stock has been near its 52-week high of $41.27 and trades above both its 50-day and 200-day moving averages.
• Shareholder returns and capital actions remain active, with WesBanco recently paying a $0.38 quarterly dividend and authorizing a repurchase plan for up to 4 million shares. Insider buying and strong institutional ownership were also highlighted in the report.

WesBanco (NASDAQ:WSBC - Get Free Report) announced its quarterly earnings data on Tuesday. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.86 by $0.06, FiscalAI reports. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.

WesBanco Stock Performance

NASDAQ WSBC traded down $0.15 on Tuesday, hitting $40.38. 1,096,976 shares of the company's stock traded hands, compared to its average volume of 856,615. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $3.88 billion, a PE ratio of 13.03 and a beta of 0.67. The firm's 50-day moving average price is $36.59 and its two-hundred day moving average price is $35.50. WesBanco has a 1-year low of $29.18 and a 1-year high of $41.27.

WesBanco Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, June 5th. WesBanco's dividend payout ratio (DPR) is 49.03%.

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

Insider Transactions at WesBanco

In other WesBanco news, Director Joseph R. Robinson bought 1,000 shares of WesBanco stock in a transaction on Monday, April 27th. The shares were bought at an average price of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the transaction, the director directly owned 19,068 shares of the company's stock, valued at $658,608.72. This trade represents a 5.53% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Louis Michael Altman purchased 3,000 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The shares were acquired at an average price of $33.72 per share, with a total value of $101,160.00. Following the purchase, the director owned 33,164 shares in the company, valued at $1,118,290.08. This trade represents a 9.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 7,000 shares of company stock worth $236,500. Company insiders own 2.07% of the company's stock.

Hedge Funds Weigh In On WesBanco

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. grew its holdings in shares of WesBanco by 179.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider's stock valued at $47,779,000 after acquiring an additional 991,584 shares in the last quarter. FJ Capital Management LLC boosted its position in shares of WesBanco by 771.4% during the third quarter. FJ Capital Management LLC now owns 654,296 shares of the financial services provider's stock valued at $20,892,000 after purchasing an additional 579,211 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of WesBanco by 13.7% during 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 acquiring an additional 332,585 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of WesBanco in the third quarter worth approximately $10,220,000. Finally, Raymond James Financial Inc. raised its position in WesBanco by 91.4% in the third quarter. Raymond James Financial Inc. now owns 392,978 shares of the financial services provider's stock worth $12,548,000 after acquiring an additional 187,659 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on WSBC shares. DA Davidson restated a "buy" rating and set a $41.00 target price on shares of WesBanco in a research report on Wednesday, April 22nd. Zacks Research raised shares of WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Piper Sandler lifted their target price on shares of WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a research note on Friday, June 26th. Finally, Weiss Ratings upgraded WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $40.25.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.