WesBanco (NASDAQ:WSBC) Reaches New 52-Week High - Here's What Happened

Key Points

• WesBanco shares hit a new 52-week high, trading as high as $38.22 after closing at $37.86 the previous day.
• Recent analyst action has been mostly positive, with the stock carrying a Moderate Buy consensus and a consensus price target of $39.50.
• The company reported better-than-expected earnings of $0.91 per share last quarter and also announced a quarterly dividend of $0.38 per share, along with a new 4 million share repurchase plan.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday . The company traded as high as $38.22 and last traded at $38.2770, with a volume of 46860 shares. The stock had previously closed at $37.86.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on WSBC. Weiss Ratings upgraded WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Piper Sandler cut their target price on WesBanco from $42.00 to $40.00 and set an "overweight" rating on the stock in a report on Thursday, April 23rd. DA Davidson reiterated a "buy" rating and issued a $41.00 price target on shares of WesBanco in a research report on Wednesday, April 22nd. Zacks Research raised WesBanco from a "strong sell" rating to a "hold" rating in a research note on Monday. Finally, Raymond James Financial restated a "strong-buy" rating and set a $41.00 price objective on shares of WesBanco in a research report on Thursday, March 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $39.50.

WesBanco Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The company's 50-day moving average price is $34.89 and its two-hundred day moving average price is $34.84. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 12.43 and a beta of 0.68.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. The business had revenue of $257.23 million during the quarter, compared to the consensus estimate of $264.52 million. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. WesBanco's quarterly revenue was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.66 earnings per share. On average, equities research analysts anticipate that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, June 5th. WesBanco's payout ratio is currently 49.03%.

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

Insiders Place Their Bets

In other WesBanco news, Director Louis Michael Altman purchased 3,000 shares of the company's stock in a transaction on Thursday, April 23rd. The shares were purchased at an average cost of $33.72 per share, with a total value of $101,160.00. Following the completion of the purchase, the director owned 33,164 shares in the company, valued at $1,118,290.08. This represents a 9.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total transaction of $165,195.00. Following the transaction, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have purchased 7,000 shares of company stock worth $236,500 in the last quarter. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd grew its stake in WesBanco by 12,500.0% in the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 750 shares during the period. Hilton Head Capital Partners LLC acquired a new stake in WesBanco in the 4th quarter valued at $29,000. GAMMA Investing LLC increased its stake in WesBanco by 41.1% during the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 324 shares in the last quarter. First Horizon Corp increased its stake in WesBanco by 55.4% during the 4th 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 in the last quarter. Finally, Federated Hermes Inc. raised its holdings in 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 buying an additional 600 shares during the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

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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