WesBanco (NASDAQ:WSBC) Releases Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• WesBanco reported quarterly earnings of $0.94 EPS, exceeding analysts' estimates of $0.89 by $0.05.
• The company announced a quarterly dividend of $0.37 per share, yielding 4.7%, with a payout ratio of 89.16%.
• Recent insider activity included purchases totaling approximately $450,000 by two directors, reflecting increased confidence in the company's stock.

WesBanco (NASDAQ:WSBC - Get Free Report) issued its earnings results on Wednesday. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.05, Zacks reports. WesBanco had a net margin of 11.65% and a return on equity of 7.29%.

WesBanco Price Performance

Shares of WesBanco stock traded up $0.03 during trading on Wednesday, hitting $31.35. 440,127 shares of the company's stock traded hands, compared to its average volume of 599,684. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.94 and a quick ratio of 0.93. The firm's fifty day moving average price is $32.10 and its 200 day moving average price is $31.21. WesBanco has a twelve month low of $26.42 and a twelve month high of $37.36. The company has a market cap of $3.01 billion, a PE ratio of 18.89 and a beta of 0.85.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th were issued a dividend of $0.37 per share. The ex-dividend date was Friday, September 5th. This represents a $1.48 annualized dividend and a dividend yield of 4.7%. WesBanco's payout ratio is presently 89.16%.

Insider Activity at WesBanco

In other news, Director F Eric Nelson, Jr. bought 8,000 shares of the stock in a transaction on Wednesday, September 17th. The stock was purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the director owned 8,000 shares of the company's stock, valued at approximately $200,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James W. Cornelsen bought 10,000 shares of the stock in a transaction on Wednesday, September 17th. The stock was purchased at an average cost of $25.00 per share, with a total value of $250,000.00. Following the purchase, the director directly owned 10,000 shares of the company's stock, valued at approximately $250,000. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired 49,600 shares of company stock valued at $1,240,000 in the last three months. 2.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On WesBanco

Large investors have recently made changes to their positions in the stock. Thrivent Financial for Lutherans grew its position in WesBanco by 29.1% in the second quarter. Thrivent Financial for Lutherans now owns 42,849 shares of the financial services provider's stock valued at $1,355,000 after purchasing an additional 9,660 shares in the last quarter. Brevan Howard Capital Management LP bought a new stake in shares of WesBanco in the 2nd quarter valued at about $794,000. BNP Paribas Financial Markets raised its holdings in shares of WesBanco by 4.2% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,326 shares of the financial services provider's stock valued at $675,000 after purchasing an additional 863 shares during the period. CANADA LIFE ASSURANCE Co raised its holdings in shares of WesBanco by 29.7% in the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 17,352 shares of the financial services provider's stock valued at $549,000 after purchasing an additional 3,970 shares during the period. Finally, Quantinno Capital Management LP raised its holdings in shares of WesBanco by 48.2% in the 2nd quarter. Quantinno Capital Management LP now owns 14,396 shares of the financial services provider's stock valued at $455,000 after purchasing an additional 4,680 shares during the period. Institutional investors own 61.41% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on WSBC shares. DA Davidson lowered shares of WesBanco from a "strong-buy" rating to a "hold" rating in a research note on Monday. Royal Bank Of Canada raised their price objective on shares of WesBanco from $34.00 to $36.00 and gave the stock a "sector perform" rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of WesBanco in a research note on Wednesday, October 8th. Finally, Wall Street Zen lowered shares of WesBanco from a "buy" rating to a "hold" rating in a research note on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $39.17.

About WesBanco

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.

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