WesBanco (NASDAQ:WSBC) Receives Market Perform Rating from Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods reiterated a “market perform” rating on WesBanco and set a $42 price target, implying modest upside from the current share price.
• WesBanco’s latest earnings beat expectations, with quarterly EPS of $0.92 versus the $0.85 consensus and revenue of $275.79 million above estimates.
• The company’s board also authorized a buyback of up to 4 million shares, while analyst sentiment remains mixed but leans positive with a Moderate Buy consensus.

WesBanco (NASDAQ:WSBC - Get Free Report)'s stock had its "market perform" rating reissued by stock analysts at Keefe, Bruyette & Woods in a research note issued to investors on Thursday,Benzinga reports. They currently have a $42.00 target price on the financial services provider's stock. Keefe, Bruyette & Woods' target price would suggest a potential upside of 2.66% from the company's current price.

WSBC has been the subject of several other research reports. Piper Sandler increased 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. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. DA Davidson reaffirmed a "buy" rating and set a $41.00 price objective on shares of WesBanco in a research note on Wednesday. Finally, Weiss Ratings raised WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $40.60.

WesBanco Stock Performance

Shares of WesBanco stock opened at $40.91 on Thursday. The firm's fifty day simple moving average is $36.89 and its 200-day simple moving average is $35.60. WesBanco has a 12 month low of $29.18 and a 12 month high of $41.27. The stock has a market capitalization of $3.93 billion, a price-to-earnings ratio of 11.89 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.07. WesBanco had a net margin of 23.35% and a return on equity of 9.77%. The firm had revenue of $275.79 million during the quarter, compared to analysts' expectations of $267.71 million. As a group, equities analysts forecast that WesBanco will post 3.59 earnings per share for the current year.

WesBanco declared that its board has initiated a stock buyback program on Wednesday, May 20th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Insider Buying and Selling

In other news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Joseph R. Robinson acquired 1,000 shares of the business's stock in a transaction on Monday, April 27th. The stock was acquired at an average price of $34.54 per share, with a total value of $34,540.00. Following the transaction, the director directly owned 19,068 shares of the company's stock, valued at $658,608.72. This represents a 5.53% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.07% of the company's stock.

Institutional Trading of WesBanco

Several hedge funds and other institutional investors have recently made changes to their positions in WSBC. Royal Bank of Canada grew its position in WesBanco by 52.2% during the first 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. lifted its position in shares of WesBanco by 56.0% during 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 acquiring an additional 18,347 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of WesBanco by 1,553.3% during 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. boosted its stake in shares of WesBanco by 179.7% during 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 boosted its stake in shares of WesBanco by 60.1% during the 1st 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 in 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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