WesBanco (NASDAQ:WSBC) Sets New 12-Month High - Time to Buy?

Key Points

• WesBanco shares hit a new 52-week high, trading as high as $40.33 before easing slightly. The stock has been supported by a relatively low beta and trading above both its 50-day and 200-day moving averages.
• Analyst sentiment remains constructive, with recent ratings including buy and strong-buy calls and a new price target of $43 from Piper Sandler. The consensus analyst rating is Moderate Buy with an average target of $40.25.
• The company reported better-than-expected earnings of $0.91 per share last quarter, and it recently paid a quarterly dividend of $0.38 per share, implying a 3.8% annualized yield. WesBanco also authorized a share buyback of up to 4 million shares, while insiders have been buying stock as well.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $40.33 and last traded at $39.7720, with a volume of 12711 shares trading hands. The stock had previously closed at $40.15.

Analyst Upgrades and Downgrades

WSBC has been the subject of a number of recent research reports. DA Davidson reiterated a "buy" rating and issued a $41.00 target price on shares of WesBanco in a report on Wednesday, April 22nd. Raymond James Financial restated a "strong-buy" rating and set a $41.00 price target on shares of WesBanco in a report on Thursday, March 12th. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. Finally, Piper Sandler boosted their price objective on shares of WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $40.25.

WesBanco Stock Down 0.8%

The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The business has a 50-day moving average price of $35.52 and a 200-day moving average price of $35.13. The firm has a market cap of $3.83 billion, a P/E ratio of 12.84 and a beta of 0.67.

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

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a dividend of $0.38 per share. The ex-dividend date was Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.8%. WesBanco's dividend payout ratio (DPR) is currently 49.03%.

WesBanco declared that its board has initiated a share buyback plan on Wednesday, May 20th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at WesBanco

In related news, Director Louis Michael Altman acquired 3,000 shares of the firm's stock in a transaction that occurred on Thursday, April 23rd. The stock was purchased at an average cost of $33.72 per share, for a total transaction of $101,160.00. Following the purchase, the director directly owned 33,164 shares of the company's stock, valued at $1,118,290.08. This trade represents a 9.95% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Joseph R. Robinson purchased 1,000 shares of the firm's stock in a transaction on Monday, April 27th. The shares were purchased at an average cost of $34.54 per share, with a total value of $34,540.00. Following the completion of the transaction, the director owned 19,068 shares of the company's stock, valued at approximately $658,608.72. The trade was a 5.53% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders purchased 7,000 shares of company stock valued at $236,500. 2.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On WesBanco

A number of large investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in shares of WesBanco by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock worth $326,399,000 after purchasing an additional 224,107 shares in the last quarter. Wesbanco Bank Inc. raised its stake in WesBanco by 5.5% in the fourth quarter. Wesbanco Bank Inc. now owns 1,570,275 shares of the financial services provider's stock valued at $52,196,000 after buying an additional 81,974 shares during the last quarter. Gator Capital Management LLC purchased a new stake in WesBanco in the fourth quarter valued at about $1,462,000. Aristotle Capital Boston LLC acquired a new stake in WesBanco in the fourth quarter worth about $11,279,000. Finally, SG Americas Securities LLC boosted its holdings in WesBanco by 84.4% in the fourth quarter. SG Americas Securities LLC now owns 39,608 shares of the financial services provider's stock worth $1,317,000 after acquiring an additional 18,131 shares in the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

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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