WesBanco (NASDAQ:WSBC) Sets New 1-Year High – Here’s What Happened

WesBanco, Inc. (NASDAQ:WSBC) shares reached a new 52-week high on Friday . The stock traded as high as $41.31 and last traded at $41.25, with a volume of 816309 shares traded. The stock had previously closed at $40.08.

Analyst Upgrades and Downgrades

Several equities analysts have commented on WSBC shares. DA Davidson set a $46.00 price target on WesBanco in a report on Thursday. Piper Sandler boosted their price objective on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $42.00 price objective on shares of WesBanco in a report on Thursday. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.20.

WesBanco Stock Performance

The firm has a 50 day moving average of $37.18 and a two-hundred day moving average of $35.69. The stock has a market cap of $3.97 billion, a P/E ratio of 11.99 and a beta of 0.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.91 and a current ratio of 0.94.

WesBanco (NASDAQ:WSBC) last released its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. On average, research analysts predict that WesBanco, Inc. will post 3.57 EPS for the current fiscal year.

WesBanco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a $0.38 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

WesBanco announced that its Board of Directors has initiated a stock repurchase program on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Joseph R. Robinson acquired 1,000 shares of the company’s stock in a transaction dated Monday, April 27th. The shares were bought at an average price of $34.54 per share, for a total transaction of $34,540.00. Following the acquisition, the director owned 19,068 shares in the company, valued at $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 accessible through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $36.71, for a total transaction of $165,195.00. Following the transaction, the executive vice president directly owned 35,924 shares of the company’s stock, valued at $1,318,770.04. This represents a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On WesBanco

Several large investors have recently added to or reduced their stakes in WSBC. Bayview Asset Management LLC lifted its position in shares of WesBanco by 0.4% in the 4th quarter. Bayview Asset Management LLC now owns 80,300 shares of the financial services provider’s stock worth $2,669,000 after acquiring an additional 300 shares during the period. GAMMA Investing LLC increased its position 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 valued at $37,000 after purchasing an additional 324 shares during the period. Commonwealth Financial Services LLC raised its stake in shares of WesBanco by 3.4% in the first quarter. Commonwealth Financial Services LLC now owns 10,329 shares of the financial services provider’s stock valued at $356,000 after purchasing an additional 342 shares in the last quarter. Corient Private Wealth LLC raised its stake in shares of WesBanco by 0.7% in the fourth quarter. Corient Private Wealth LLC now owns 50,414 shares of the financial services provider’s stock valued at $1,677,000 after purchasing an additional 357 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its stake in shares of WesBanco by 3.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,341 shares of the financial services provider’s stock valued at $443,000 after purchasing an additional 390 shares in 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.