WesBanco, Inc. (NASDAQ:WSBC – Get Free Report)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $42.21 and last traded at $41.90, with a volume of 941807 shares trading hands. The stock had previously closed at $42.01.
Analysts Set New Price Targets
Several equities research analysts have issued reports on WSBC shares. Piper Sandler raised their price target 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. Wall Street Zen lowered shares of WesBanco from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. DA Davidson set a $46.00 target price on shares of WesBanco in a research report on Thursday, July 23rd. Finally, Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.20.
Get Our Latest Analysis on WSBC
WesBanco Stock Performance
WesBanco (NASDAQ:WSBC – Get Free Report) 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 net margin of 23.35% and a return on equity of 9.72%. The firm had revenue of $275.79 million during the quarter, compared to the consensus estimate of $267.71 million. As a group, equities analysts expect that WesBanco, Inc. will post 3.57 earnings per share for the current year.
WesBanco Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date was Friday, June 5th. WesBanco’s dividend payout ratio (DPR) is 44.19%.
WesBanco announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
Insider Activity
In other WesBanco news, EVP Kimberly L. Griffith sold 6,875 shares of the business’s stock in a transaction dated 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 sale, the executive vice president owned 15,858 shares of the company’s stock, valued at approximately $653,349.60. The trade was a 30.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jayson M. Zatta sold 12,500 shares of the company’s stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total value of $522,500.00. Following the sale, the executive vice president owned 81,082 shares of the company’s stock, valued at $3,389,227.60. This represents a 13.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,625 shares of company stock valued at $1,168,982 in the last ninety days. Company insiders own 2.07% of the company’s stock.
Hedge Funds Weigh In On WesBanco
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in WesBanco by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider’s stock worth $326,399,000 after purchasing an additional 224,107 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in WesBanco by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider’s stock valued at $188,013,000 after buying an additional 59,077 shares during the period. State Street Corp lifted its position in WesBanco by 0.4% during the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider’s stock valued at $117,109,000 after buying an additional 14,147 shares in the last quarter. Wellington Management Group LLP lifted its position in WesBanco by 13.7% during the fourth quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider’s stock valued at $91,883,000 after buying an additional 332,585 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in WesBanco by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,356,011 shares of the financial services provider’s stock valued at $78,325,000 after buying an additional 15,673 shares in 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.
Featured Articles
- Five stocks we like better than WesBanco
- Chevron’s Strong Quarter Shows Why It Still Leads the Energy Sector
- Amazon’s Earnings Beat Shows Why AWS Is Back at the Center of the Bull Case
- Apple’s Record Quarter Could Not Outrun Its Guidance Problem
- McKesson’s Compounding Keeps Adding Up
Receive News & Ratings for WesBanco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WesBanco and related companies with MarketBeat.com's FREE daily email newsletter.
