WesBanco (NASDAQ:WSBC) Upgraded at Zacks Research

Key Points

• WesBanco was upgraded by Zacks Research from a “strong sell” to a “hold,” while the broader analyst view remains “Moderate Buy” with an average target price of $39.50.
• The company reported better-than-expected quarterly earnings, posting $0.91 EPS versus $0.86 expected, though revenue came in below estimates and fell 3.1% year over year.
• WesBanco’s board approved a share buyback program for up to 4 million shares, and insiders have also been buying stock in recent months.

WesBanco (NASDAQ:WSBC - Get Free Report) was upgraded by investment analysts at Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Several other research analysts have also issued reports on the company. DA Davidson reaffirmed a "buy" rating and set a $41.00 target price on shares of WesBanco in a research report on Wednesday, April 22nd. Weiss Ratings raised WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Raymond James Financial restated a "strong-buy" rating and set a $41.00 price target on shares of WesBanco in a research note on Thursday, March 12th. Finally, Piper Sandler dropped their price target on WesBanco from $42.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $39.50.

WesBanco Price Performance

NASDAQ WSBC opened at $37.28 on Monday. The firm's fifty day simple moving average is $34.86 and its two-hundred day simple moving average is $34.81. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. WesBanco has a 12-month low of $29.18 and a 12-month high of $38.10. The firm has a market capitalization of $3.59 billion, a P/E ratio of 12.03 and a beta of 0.68.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. The business had revenue of $257.23 million for the quarter, compared to the consensus estimate of $264.52 million. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.The business's quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.66 earnings per share. Analysts forecast that WesBanco will post 3.59 EPS for the current fiscal year.

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

Insider Transactions at WesBanco

In other news, Director Lee J. Burdman purchased 3,000 shares of the stock in a transaction on Thursday, April 23rd. The stock was bought at an average price of $33.60 per share, with a total value of $100,800.00. Following the transaction, the director owned 46,772 shares in the company, valued at $1,571,539.20. The trade was a 6.85% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph R. Robinson acquired 1,000 shares of the business's stock in a transaction dated Monday, April 27th. The stock was purchased at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the acquisition, the director directly owned 19,068 shares of the company's stock, valued at approximately $658,608.72. This trade represents a 5.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 7,000 shares of company stock worth $236,500. Insiders own 2.07% of the company's stock.

Hedge Funds Weigh In On WesBanco

Several hedge funds and other institutional investors have recently bought and sold shares of WSBC. Covestor Ltd lifted 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 acquiring an additional 750 shares during the period. Hilton Head Capital Partners LLC acquired a new stake in shares of WesBanco in the fourth quarter worth $29,000. GAMMA Investing LLC raised its holdings in shares of WesBanco by 41.1% during the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider's stock worth $37,000 after purchasing an additional 324 shares during the last quarter. First Horizon Corp raised its holdings in shares of WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider's stock worth $43,000 after purchasing an additional 464 shares during the last quarter. Finally, Federated Hermes Inc. lifted its position in WesBanco by 71.9% during the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 600 shares during the period. Institutional investors and hedge funds 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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