WesBanco (NASDAQ:WSBC) Receives “Market Perform” Rating from Keefe, Bruyette & Woods

WesBanco (NASDAQ:WSBC)‘s stock had its “market perform” rating restated by investment analysts at Keefe, Bruyette & Woods in a research report issued on Thursday,Benzinga reports. They presently have a $42.00 price objective on the financial services provider’s stock. Keefe, Bruyette & Woods’ price target would suggest a potential upside of 2.66% from the stock’s current price.

A number of other brokerages have also recently weighed in on WSBC. Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Piper Sandler upped their target price on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, DA Davidson reissued a “buy” rating and issued a $41.00 price target on shares of WesBanco in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.60.

WesBanco Price Performance

WesBanco stock opened at $40.91 on Thursday. WesBanco has a 52 week low of $29.18 and a 52 week high of $41.27. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.33. The firm’s 50-day simple moving average is $36.89 and its 200 day simple moving average is $35.60. The firm has a market capitalization of $3.93 billion, a PE ratio of 11.89 and a beta of 0.67.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. WesBanco had a net margin of 23.35% and a return on equity of 9.77%. The firm had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. On average, equities research analysts predict that WesBanco will post 3.59 EPS for the current fiscal year.

WesBanco announced that its Board of Directors has authorized a stock buyback program on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $36.71, for a total transaction of $165,195.00. Following the completion of the sale, the executive vice president directly owned 35,924 shares in the company, valued at $1,318,770.04. This trade represents a 11.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph R. Robinson purchased 1,000 shares of the company’s stock in a transaction that occurred on Monday, April 27th. The stock was bought at an average price of $34.54 per share, with a total value of $34,540.00. Following the purchase, the director owned 19,068 shares of the company’s stock, valued at approximately $658,608.72. The trade was a 5.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 2.07% of the stock is currently owned by company insiders.

Institutional Trading of WesBanco

Several institutional investors and hedge funds have recently bought and sold shares of the company. Covestor Ltd lifted its stake in WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 750 shares during the last quarter. Hilton Head Capital Partners LLC bought a new stake in WesBanco during the fourth quarter valued at $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 period. 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 period. Finally, Federated Hermes Inc. lifted its position in shares of WesBanco by 71.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after buying an additional 600 shares during the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

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.