WesBanco (NASDAQ:WSBC) Upgraded by Wall Street Zen to "Hold" Rating

Key Points

• Wall Street Zen upgraded WesBanco from “sell” to “hold,” while broader analyst sentiment remains “Moderate Buy” with an average price target of $43.20.
• WesBanco reported quarterly EPS of $0.92, exceeding the $0.85 consensus estimate, while revenue of $275.79 million also topped expectations.
• The company authorized a buyback of up to 4 million shares, although insiders have sold 36,625 shares worth about $1.5 million over the past 90 days.

WesBanco (NASDAQ:WSBC - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Saturday.

WSBC has been the subject of several other reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of WesBanco in a research note on Monday, August 3rd. DA Davidson set a $46.00 price objective on WesBanco in a report on Thursday, July 23rd. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Royal Bank Of Canada upped their price objective on shares of WesBanco from $41.00 to $44.00 and gave the company a "sector perform" rating in a research note on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $42.00 target price on shares of WesBanco in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $43.20.

WesBanco Price Performance

Shares of WesBanco stock opened at $40.86 on Friday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. WesBanco has a twelve month low of $29.57 and a twelve month high of $43.02. The business has a 50-day moving average price of $40.04 and a 200 day moving average price of $36.70. The firm has a market cap of $3.92 billion, a PE ratio of 11.88 and a beta of 0.67.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.07. WesBanco had a return on equity of 9.72% and a net margin of 23.35%.The company had revenue of $275.79 million for the quarter, compared to the consensus estimate of $267.71 million. Sell-side analysts predict that WesBanco will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its Board of Directors has initiated a share buyback plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In other WesBanco news, EVP Robert H. Friend sold 2,000 shares of WesBanco stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $42.06, for a total transaction of $84,120.00. Following the transaction, the executive vice president directly owned 17,361 shares of the company's stock, valued at $730,203.66. The trade was a 10.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 2,250 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $41.45, for a total transaction of $93,262.50. Following the completion of the transaction, the executive vice president owned 33,674 shares in the company, valued at $1,395,787.30. The trade was a 6.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 36,625 shares of company stock valued at $1,505,462 in the last ninety days. 2.07% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in WSBC. Nykredit A S acquired a new stake in WesBanco during the second quarter worth $40,000. Wedbush Securities Inc. purchased a new stake in WesBanco in the second quarter valued at $221,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of WesBanco by 7.2% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 212,072 shares of the financial services provider's stock valued at $8,277,000 after purchasing an additional 14,268 shares during the last quarter. Hsbc Holdings PLC acquired a new position in shares of WesBanco in the 2nd quarter valued at $230,000. Finally, Empowered Funds LLC purchased a new position in shares of WesBanco during the 2nd quarter worth $16,391,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source