Zacks Research Upgrades WesBanco (NASDAQ:WSBC) to Hold

WesBanco (NASDAQ:WSBC) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report released on Monday,Zacks.com reports.

WSBC has been the topic of several other reports. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Piper Sandler reduced their price objective on shares of WesBanco from $42.00 to $40.00 and set an “overweight” rating for the company in a research note on Thursday, April 23rd. Raymond James Financial reaffirmed a “strong-buy” rating and set a $41.00 target price on shares of WesBanco in a report on Thursday, March 12th. Finally, DA Davidson reiterated a “buy” rating and issued a $41.00 target price on shares of WesBanco in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $39.50.

WesBanco Price Performance

WesBanco stock opened at $37.28 on Monday. WesBanco has a one year low of $29.18 and a one year high of $38.10. The business has a fifty day moving average price of $34.86 and a 200-day moving average price of $34.81. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. 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) last released its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $257.23 million for the quarter, compared to analyst estimates of $264.52 million. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 EPS. As a group, equities research analysts forecast that WesBanco will post 3.59 EPS for the current year.

WesBanco announced that its board has authorized a share buyback plan on Wednesday, May 20th that permits the company to buyback 4,000,000 outstanding shares. This buyback authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at WesBanco

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

Institutional Trading of WesBanco

A number of hedge funds have recently bought and sold shares of the company. Covestor Ltd grew its position in WesBanco by 12,500.0% during the fourth 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 last quarter. Hilton Head Capital Partners LLC bought a new stake in shares of WesBanco in the 4th quarter worth approximately $29,000. GAMMA Investing LLC boosted its stake in shares of WesBanco by 41.1% in the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 324 shares in the last quarter. First Horizon Corp grew its holdings in shares of WesBanco by 55.4% during the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 464 shares during the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of WesBanco by 71.9% during the 2nd 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 last quarter. 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.