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

Shares of WesBanco, Inc. (NASDAQ:WSBC) reached a new 52-week high during trading on Wednesday . The company traded as high as $42.42 and last traded at $42.31, with a volume of 775400 shares traded. The stock had previously closed at $41.81.

Wall Street Analyst Weigh In

WSBC has been the subject of several recent analyst reports. DA Davidson set a $46.00 price objective on shares of WesBanco in a report on Thursday, July 23rd. Piper Sandler lifted their price target on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Wall Street Zen cut shares of WesBanco from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Royal Bank Of Canada boosted their price target on shares of WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.20.

WesBanco Price Performance

The company has a market cap of $4.06 billion, a price-to-earnings ratio of 12.30 and a beta of 0.67. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $38.23 and a 200 day moving average price of $36.07.

WesBanco (NASDAQ:WSBC) last issued its 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. The business had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, research analysts expect that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were given a $0.38 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.6%. WesBanco’s dividend payout ratio (DPR) is 44.19%.

WesBanco declared that its board has authorized a share buyback plan 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. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other WesBanco news, EVP Jan Pattishall-Krupinski sold 2,250 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $41.45, for a total value of $93,262.50. Following the completion of the transaction, the executive vice president directly owned 33,674 shares in the company, valued at $1,395,787.30. This trade represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Kimberly L. Griffith sold 6,875 shares of WesBanco stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.20, for a total transaction of $283,250.00. Following the completion of the transaction, the executive vice president directly owned 15,858 shares in the company, valued at approximately $653,349.60. This trade represents a 30.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 28,625 shares of company stock worth $1,168,982. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Hedge funds have recently made changes to their positions in the company. Oppenheimer Asset Management Inc. purchased a new position in WesBanco during the 2nd quarter worth approximately $2,619,000. Segall Bryant & Hamill LLC raised its stake in WesBanco by 0.7% during the 1st quarter. Segall Bryant & Hamill LLC now owns 928,768 shares of the financial services provider’s stock valued at $32,033,000 after purchasing an additional 6,784 shares during the period. Bank of America Corp DE lifted its holdings in shares of WesBanco by 0.9% in the first quarter. Bank of America Corp DE now owns 1,696,850 shares of the financial services provider’s stock valued at $58,524,000 after purchasing an additional 14,397 shares in the last quarter. Edgestream Partners L.P. lifted its holdings in shares of WesBanco by 65.0% in the first quarter. Edgestream Partners L.P. now owns 240,829 shares of the financial services provider’s stock valued at $8,306,000 after purchasing an additional 94,863 shares in the last quarter. Finally, Amundi acquired a new stake in shares of WesBanco in the first quarter worth $223,000. Hedge funds and other 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.