WesBanco (NASDAQ:WSBC) Reaches New 1-Year High - What's Next?

Key Points

• WesBanco shares reached a new 52-week high, trading around $42.84, while analysts maintain a “Moderate Buy” consensus with an average price target of $43.20.
• The company exceeded quarterly expectations, reporting $0.92 earnings per share versus the $0.85 estimate and revenue of $275.79 million compared with forecasts of $267.71 million.
• WesBanco continues to return capital through a quarterly dividend of $0.38 per share, representing a 3.6% yield, and authorized repurchases of up to 4 million shares; however, insiders sold more than 36,000 shares over the past three months.

Shares of WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) reached a new 52-week high on Thursday . The stock traded as high as $42.50 and last traded at $42.8350, with a volume of 1689 shares traded. The stock had previously closed at $42.39.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on WSBC. DA Davidson set a $46.00 price objective on WesBanco in a research note on Thursday, July 23rd. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Royal Bank Of Canada lifted their target price on WesBanco from $41.00 to $44.00 and gave the stock a "sector perform" rating in a report on Thursday, July 23rd. Piper Sandler boosted their price target on WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Wall Street Zen cut WesBanco from a "hold" rating to a "sell" rating in a report on Saturday, August 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.20.

WesBanco Trading Up 0.5%

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 stock has a market capitalization of $4.09 billion, a P/E ratio of 12.40 and a beta of 0.67. The firm's 50 day simple moving average is $39.15 and its two-hundred day simple moving average is $36.37.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. The firm had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. As a group, analysts forecast that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco Announces Dividend

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

WesBanco declared that its Board of Directors has initiated a stock repurchase program on Wednesday, May 20th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its shares are undervalued.

Insider Transactions at WesBanco

In other WesBanco news, EVP Robert H. Friend sold 6,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $42.06, for a total value of $252,360.00. Following the completion of the sale, the executive vice president owned 17,361 shares of the company's stock, valued at approximately $730,203.66. This trade represents a 25.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the business's stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $36.71, for a total value of $165,195.00. Following the sale, the executive vice president owned 35,924 shares of the company's stock, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 36,625 shares of company stock worth $1,505,462 in the last three months. Insiders own 2.07% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of WSBC. Covestor Ltd increased its position in shares of WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock worth $25,000 after acquiring an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC bought a new position in WesBanco in the 4th quarter valued at about $29,000. First Horizon Corp lifted its position in WesBanco by 55.4% in the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider's stock valued at $43,000 after acquiring an additional 464 shares in the last quarter. Federated Hermes Inc. boosted its stake in WesBanco by 71.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 600 shares during the last quarter. Finally, Strs Ohio boosted its stake in WesBanco by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 600 shares during the last quarter. Institutional investors and hedge funds own 61.41% of the company's stock.

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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