WesBanco (NASDAQ:WSBC) Upgraded by Zacks Research to Hold Rating

Zacks Research upgraded shares of WesBanco (NASDAQ:WSBC) from a strong sell rating to a hold rating in a research report released on Monday morning,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. DA Davidson reiterated a “buy” rating and issued a $41.00 price objective on shares of WesBanco in a research note on Wednesday, April 22nd. Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Piper Sandler lowered their target price on shares of WesBanco from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Finally, Raymond James Financial reiterated a “strong-buy” rating and issued a $41.00 price target on shares of WesBanco in a research report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $39.50.

WesBanco Stock Up 1.6%

WSBC stock opened at $37.28 on Monday. WesBanco has a fifty-two week low of $29.18 and a fifty-two week high of $38.10. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The stock has a market capitalization of $3.59 billion, a price-to-earnings ratio of 12.03 and a beta of 0.68. The business’s fifty day moving average price is $34.86 and its two-hundred day moving average price is $34.81.

WesBanco (NASDAQ:WSBC) last announced its earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The company had revenue of $257.23 million during the quarter, compared to analysts’ expectations of $264.52 million. During the same quarter in the previous year, the business posted $0.66 earnings per share. WesBanco’s quarterly revenue was down 3.1% on a year-over-year basis. On average, equities analysts anticipate that WesBanco will post 3.59 earnings per share for the current year.

WesBanco Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given a $0.38 dividend. The ex-dividend date is Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.1%. WesBanco’s dividend payout ratio (DPR) is presently 49.03%.

WesBanco declared that its board has approved 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. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, 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 completion of the sale, the executive vice president owned 35,924 shares of the company’s stock, valued at $1,318,770.04. This represents a 11.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lee J. Burdman acquired 3,000 shares of WesBanco stock in a transaction on Thursday, April 23rd. The shares were purchased at an average price of $33.60 per share, for a total transaction of $100,800.00. Following the completion of the purchase, the director directly owned 46,772 shares of the company’s stock, valued at approximately $1,571,539.20. This represents a 6.85% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders acquired 7,000 shares of company stock worth $236,500. 2.07% of the stock is owned by company insiders.

Institutional Trading of WesBanco

Several large investors have recently bought and sold shares of WSBC. Segall Bryant & Hamill LLC raised its stake in WesBanco by 0.7% during the first quarter. Segall Bryant & Hamill LLC now owns 928,768 shares of the financial services provider’s stock worth $32,033,000 after acquiring an additional 6,784 shares in the last quarter. 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 worth $58,524,000 after acquiring an additional 14,397 shares during the last quarter. Edgestream Partners L.P. boosted its stake in shares of WesBanco by 65.0% in the 1st 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. Amundi bought a new stake in shares of WesBanco during the 1st quarter valued at approximately $223,000. Finally, California State Teachers Retirement System grew its holdings in shares of WesBanco by 14.7% during the 1st quarter. California State Teachers Retirement System now owns 104,510 shares of the financial services provider’s stock valued at $3,605,000 after purchasing an additional 13,393 shares during the last quarter. 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.