WesBanco (NASDAQ:WSBC) Issues Quarterly Earnings Results

WesBanco (NASDAQ:WSBCGet Free Report) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07, FiscalAI reports. WesBanco had a net margin of 23.35% and a return on equity of 9.77%. The firm had revenue of $275.79 million during the quarter, compared to analysts’ expectations of $267.71 million.

WesBanco Stock Performance

WSBC opened at $40.91 on Thursday. 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 business has a fifty day simple moving average of $36.89 and a 200 day simple moving average of $35.60. WesBanco has a 1 year low of $29.18 and a 1 year high of $41.27. The company has a market capitalization of $3.93 billion, a PE ratio of 11.89 and a beta of 0.67.

WesBanco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco’s dividend payout ratio (DPR) is presently 49.03%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WSBC. DA Davidson reaffirmed a “buy” rating and issued a $41.00 target price on shares of WesBanco in a report on Wednesday. Piper Sandler boosted their price target on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Weiss Ratings raised WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and issued a $42.00 price target on shares of WesBanco in a research note on Thursday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.60.

Check Out Our Latest Report on WSBC

Insiders Place Their Bets

In other WesBanco news, Director Joseph R. Robinson purchased 1,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were acquired at an average cost of $34.54 per share, with a total value of $34,540.00. Following the completion of the transaction, the director owned 19,068 shares in the company, valued at $658,608.72. The trade was a 5.53% increase in their ownership of the stock. The purchase 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 business’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 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. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On WesBanco

Several institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada increased its stake in WesBanco by 52.2% during the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of WesBanco by 56.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after purchasing an additional 18,347 shares in the last quarter. Jones Financial Companies Lllp increased its position in shares of WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,895 shares during the period. Goldman Sachs Group Inc. increased its position in shares of WesBanco by 179.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after purchasing an additional 991,584 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in WesBanco by 60.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock valued at $6,704,000 after purchasing an additional 81,319 shares in the last quarter. 61.41% of the stock is currently owned by institutional investors.

WesBanco announced that its board has initiated a stock buyback plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

WesBanco Company Profile

(Get Free Report)

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.

See Also

Earnings History for WesBanco (NASDAQ:WSBC)

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