WesBanco (NASDAQ:WSBC) Price Target Cut to $34.00

WesBanco (NASDAQ:WSBC) had its target price lowered by equities researchers at Hovde Group from $36.00 to $34.00 in a research report issued to clients and investors on Wednesday, Briefing.com reports. The firm currently has an “outperform” rating on the financial services provider’s stock. Hovde Group’s target price would suggest a potential upside of 21.21% from the company’s current price.

Several other research firms have also weighed in on WSBC. Royal Bank of Canada restated a “sector perform” rating and set a $32.00 price target on shares of WesBanco in a research report on Tuesday, April 9th. Stephens reissued an “equal weight” rating and issued a $30.00 price target on shares of WesBanco in a research note on Wednesday. Finally, Raymond James upgraded shares of WesBanco from a “market perform” rating to an “outperform” rating and set a $34.00 price objective for the company in a research report on Friday, January 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, WesBanco presently has an average rating of “Hold” and a consensus price target of $31.17.

WesBanco Price Performance

Shares of WesBanco stock traded down $0.95 on Wednesday, hitting $28.05. The company’s stock had a trading volume of 90,361 shares, compared to its average volume of 200,121. The company has a market capitalization of $1.67 billion, a P/E ratio of 11.18 and a beta of 0.86. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.68. The firm has a fifty day moving average price of $28.64 and a 200-day moving average price of $28.23. WesBanco has a 52-week low of $19.84 and a 52-week high of $32.20.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, April 23rd. The financial services provider reported $0.56 EPS for the quarter, hitting analysts’ consensus estimates of $0.56. WesBanco had a return on equity of 6.94% and a net margin of 19.11%. The company had revenue of $225.96 million for the quarter, compared to analysts’ expectations of $147.81 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share. On average, equities research analysts expect that WesBanco will post 2.27 earnings per share for the current fiscal year.

Institutional Trading of WesBanco

Several hedge funds and other institutional investors have recently made changes to their positions in WSBC. Vanguard Group Inc. increased its stake in WesBanco by 1.2% in the third quarter. Vanguard Group Inc. now owns 5,979,494 shares of the financial services provider’s stock valued at $146,019,000 after purchasing an additional 71,928 shares in the last quarter. Wesbanco Bank Inc. boosted its position in shares of WesBanco by 2.4% during the first quarter. Wesbanco Bank Inc. now owns 1,681,782 shares of the financial services provider’s stock valued at $50,134,000 after buying an additional 39,808 shares during the last quarter. Earnest Partners LLC lifted its stake in WesBanco by 10.5% during the 3rd quarter. Earnest Partners LLC now owns 1,484,752 shares of the financial services provider’s stock valued at $36,258,000 after acquiring an additional 140,870 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of WesBanco by 6.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 811,270 shares of the financial services provider’s stock worth $25,450,000 after acquiring an additional 48,304 shares in the last quarter. Finally, FMR LLC raised its holdings in shares of WesBanco by 3,621.1% in the third quarter. FMR LLC now owns 510,682 shares of the financial services provider’s stock valued at $12,471,000 after purchasing an additional 496,958 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors.

About WesBanco

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.