WesBanco (NASDAQ:WSBC) Reaches New 12-Month High - Should You Buy?

Key Points

• WesBanco stock hit a new 52-week high, trading as high as $40.51 on Thursday and ending near $40.60. The move came on moderate volume and followed a prior close of $39.52.
• Analyst sentiment is generally positive, with recent rating actions including buy and overweight calls and a higher price target from Piper Sandler at $43.00. The stock currently carries an average “Moderate Buy” rating and a consensus target around $40.25.
• The company reported solid fundamentals and shareholder returns, beating quarterly EPS estimates at $0.91 and paying a quarterly dividend of $0.38 per share, for an annualized yield of 3.7%. WesBanco also authorized a share repurchase program for up to 4 million shares, which can signal management believes the stock is undervalued.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $40.51 and last traded at $40.6030, with a volume of 60583 shares. The stock had previously closed at $39.52.

Analyst Upgrades and Downgrades

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

WesBanco Stock Performance

The business's 50 day simple moving average is $36.18 and its two-hundred day simple moving average is $35.35. The firm has a market capitalization of $3.94 billion, a PE ratio of 13.22 and a beta of 0.67. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. The company had revenue of $257.23 million during the quarter, compared to analyst estimates of $264.52 million. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.WesBanco's revenue was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.66 earnings per share. Research analysts expect that WesBanco, Inc. will post 3.59 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco's dividend payout ratio (DPR) is 49.03%.

WesBanco announced that its board has approved a share 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 repurchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at WesBanco

In other WesBanco news, Director Lee J. Burdman bought 3,000 shares of the firm's stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average cost of $33.60 per share, for a total transaction of $100,800.00. Following the transaction, the director owned 46,772 shares of the company's stock, valued at $1,571,539.20. This represents a 6.85% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Louis Michael Altman bought 3,000 shares of the business's stock in a transaction dated Thursday, April 23rd. The shares were bought at an average cost of $33.72 per share, for a total transaction of $101,160.00. Following the transaction, the director owned 33,164 shares in the company, valued at approximately $1,118,290.08. The trade was a 9.95% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have bought 7,000 shares of company stock valued at $236,500. Corporate insiders own 2.07% of the company's stock.

Institutional Trading of WesBanco

Institutional investors and hedge funds have recently made changes to their positions in the business. Royal Bank of Canada increased its stake in WesBanco by 52.2% in the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider's stock worth $1,858,000 after buying an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in 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 valued at $1,582,000 after buying an additional 18,347 shares during the period. Jones Financial Companies Lllp grew its stake in WesBanco by 1,553.3% in the 1st quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider's stock worth $62,000 after acquiring an additional 1,895 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in WesBanco by 179.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider's stock worth $47,779,000 after acquiring an additional 991,584 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in shares of WesBanco by 60.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider's stock worth $6,704,000 after acquiring an additional 81,319 shares during the period. 61.41% of the stock is currently owned by institutional investors.

About WesBanco

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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