WesBanco (NASDAQ:WSBC) Trading Down 6% - Here's What Happened

Key Points

• Shares fell 6% to about $33.58 on Wednesday, trading as low as $33.72 with mid-day volume of 466,496 shares (down ~14% versus the average session volume).
• Analysts maintain a Buy consensus on WesBanco with a consensus target price of $40.60 and individual price targets up to $44, including Strong Buy/Buy ratings from multiple firms.
• WesBanco beat quarterly EPS estimates ($0.91 vs. $0.86) but missed revenue expectations; the stock carries a 4.6% dividend yield (annualized $1.52) and a payout ratio of about 73%.

Shares of WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) fell 6% on Wednesday . The stock traded as low as $33.72 and last traded at $33.5840. 466,496 shares traded hands during mid-day trading, a decline of 14% from the average session volume of 541,366 shares. The stock had previously closed at $35.73.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a "strong-buy" rating and set a $41.00 price objective on shares of WesBanco in a research note on Thursday, March 12th. Weiss Ratings upgraded WesBanco from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Thursday, March 12th. Finally, DA Davidson assumed coverage on WesBanco in a research note on Wednesday, February 25th. They set a "buy" rating and a $44.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $40.60.

WesBanco Stock Down 7.3%

The company has a 50-day moving average of $35.00 and a 200-day moving average of $33.85. The company has a current ratio of 0.92, a quick ratio of 0.92 and a debt-to-equity ratio of 0.40. The company has a market capitalization of $3.18 billion, a price-to-earnings ratio of 15.98 and a beta of 0.74.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. WesBanco had a return on equity of 8.81% and a net margin of 15.51%.The business had revenue of $257.23 million during the quarter, compared to the consensus estimate of $264.52 million. During the same quarter last year, the company earned $0.66 earnings per share. The company's quarterly revenue was down 3.1% on a year-over-year basis. On average, equities analysts predict that WesBanco, Inc. will post 3.73 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.6%. The ex-dividend date was Friday, March 6th. WesBanco's payout ratio is presently 73.43%.

Hedge Funds Weigh In On WesBanco

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WSBC. Covestor Ltd grew its stake in WesBanco by 12,500.0% during the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock valued at $25,000 after purchasing an additional 750 shares during the last quarter. Smartleaf Asset Management LLC lifted its holdings in shares of WesBanco by 255.1% during the third quarter. Smartleaf Asset Management LLC now owns 799 shares of the financial services provider's stock worth $26,000 after purchasing an additional 574 shares during the period. First Horizon Corp acquired a new stake in shares of WesBanco during the third quarter worth about $27,000. True Wealth Design LLC boosted its position in WesBanco by 77.9% in the third quarter. True Wealth Design LLC now owns 877 shares of the financial services provider's stock valued at $28,000 after buying an additional 384 shares during the last quarter. Finally, Hilton Head Capital Partners LLC purchased a new stake in WesBanco in the fourth quarter valued at approximately $29,000. Hedge funds and other institutional investors own 61.41% of the company's stock.

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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