WesBanco (NASDAQ:WSBC) Shares Gap Down – Here’s What Happened

WesBanco, Inc. (NASDAQ:WSBC)’s share price gapped down prior to trading on Monday . The stock had previously closed at $36.17, but opened at $34.75. WesBanco shares last traded at $34.7960, with a volume of 10,556 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on WSBC shares. Piper Sandler began coverage on WesBanco in a report on Wednesday, December 17th. They issued an “overweight” rating and a $42.00 target price for the company. DA Davidson cut WesBanco from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Royal Bank Of Canada increased their price target on shares of WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Friday, October 10th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of WesBanco in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.20.

WesBanco Stock Performance

The firm has a market cap of $3.35 billion, a P/E ratio of 17.79 and a beta of 0.80. The stock’s 50-day moving average price is $33.59 and its 200 day moving average price is $32.34. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.93.

WesBanco Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 2nd. Shareholders of record on Friday, December 5th were paid a $0.38 dividend. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. The ex-dividend date was Friday, December 5th. This represents a $1.52 annualized dividend and a yield of 4.4%. WesBanco’s dividend payout ratio is presently 77.55%.

Insider Buying and Selling

In other news, Director F Eric Nelson, Jr. sold 752 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $33.37, for a total transaction of $25,094.24. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Zahid Afzal purchased 3,321 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The stock was bought at an average cost of $30.11 per share, with a total value of $99,995.31. Following the purchase, the director owned 13,223 shares of the company’s stock, valued at $398,144.53. This represents a 33.54% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 2.80% of the company’s stock.

Institutional Trading of WesBanco

Several large investors have recently bought and sold shares of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of WesBanco in the second quarter worth approximately $26,000. Smartleaf Asset Management LLC raised its holdings in WesBanco by 255.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 799 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 574 shares during the last quarter. First Horizon Corp acquired a new position in shares of WesBanco in the 3rd quarter worth approximately $27,000. True Wealth Design LLC boosted its stake in shares of WesBanco by 77.9% in the 3rd quarter. True Wealth Design LLC now owns 877 shares of the financial services provider’s stock valued at $28,000 after purchasing an additional 384 shares during the last quarter. Finally, 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 worth $37,000 after buying an additional 324 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

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.