WesBanco (NASDAQ:WSBC) Announces Quarterly Earnings Results, Beats Estimates By $0.07 EPS

WesBanco (NASDAQ:WSBC) released its earnings results on Tuesday. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07, FiscalAI reports. The firm had revenue of $275.79 million during the quarter, compared to analyst estimates of $267.71 million. WesBanco had a net margin of 21.12% and a return on equity of 9.76%.

WesBanco Stock Down 0.4%

NASDAQ WSBC opened at $40.38 on Wednesday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.92. The firm has a 50-day simple moving average of $36.73 and a 200 day simple moving average of $35.55. WesBanco has a twelve month low of $29.18 and a twelve month high of $41.27. The stock has a market cap of $3.88 billion, a PE ratio of 13.03 and a beta of 0.67.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend 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 is currently 49.03%.

Insider Transactions at WesBanco

In other news, Director Louis Michael Altman acquired 3,000 shares of WesBanco stock in a transaction on Thursday, April 23rd. The stock was bought at an average price of $33.72 per share, for a total transaction of $101,160.00. Following the transaction, the director owned 33,164 shares of the company’s stock, valued at $1,118,290.08. The trade was a 9.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of WesBanco stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the sale, the executive vice president directly owned 35,924 shares in the company, valued at $1,318,770.04. The trade was a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders acquired 7,000 shares of company stock valued at $236,500 in the last ninety days. 2.07% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Federated Hermes Inc. lifted its position in WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 600 shares during the period. EverSource Wealth Advisors LLC increased its holdings in WesBanco by 260.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock valued at $58,000 after buying an additional 1,327 shares during the period. Jones Financial Companies Lllp raised its stake in shares of WesBanco by 1,553.3% in the 1st quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after buying an additional 1,895 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of WesBanco by 622.9% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,024 shares of the financial services provider’s stock valued at $65,000 after buying an additional 1,744 shares in the last quarter. Finally, Danske Bank A S bought a new position in shares of WesBanco during the 3rd quarter worth about $70,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Weiss Ratings raised WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Piper Sandler raised their target price on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $41.00 price target on shares of WesBanco in a research report on Wednesday, April 22nd. One research 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 company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $40.25.

WesBanco declared that its Board of Directors has approved a share buyback plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

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.