WesBanco’s (WSBC) Buy Rating Reiterated at DA Davidson

DA Davidson reaffirmed their buy rating on shares of WesBanco (NASDAQ:WSBC) in a report published on Wednesday,Benzinga reports. The firm currently has a $41.00 price objective on the financial services provider’s stock.

A number of other analysts have also weighed in on WSBC. Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Weiss Ratings raised WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, Piper Sandler increased their price objective on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, WesBanco presently has an average rating of “Moderate Buy” and a consensus price target of $43.20.

WesBanco Stock Performance

WesBanco stock opened at $41.25 on Wednesday. The stock has a 50-day simple moving average of $37.18 and a 200 day simple moving average of $35.69. The stock has a market capitalization of $3.97 billion, a price-to-earnings ratio of 11.99 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. WesBanco has a 12-month low of $29.18 and a 12-month high of $41.31.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $267.71 million. On average, research analysts anticipate that WesBanco will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its board has approved a share repurchase program on Wednesday, May 20th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

WesBanco Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the company’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the completion of the sale, the executive vice president owned 35,924 shares in the company, valued at approximately $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 can be accessed through this link. Also, Director Joseph R. Robinson bought 1,000 shares of the business’s stock in a transaction on Monday, April 27th. The stock was bought at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the purchase, the director directly owned 19,068 shares of the company’s stock, valued at approximately $658,608.72. This trade represents a 5.53% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 2.07% of the company’s stock.

Institutional Trading of WesBanco

A number of institutional investors and hedge funds have recently modified their holdings of WSBC. Covestor Ltd raised its position in shares of WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 750 shares during the period. Hilton Head Capital Partners LLC acquired a new position in shares of WesBanco in the 4th quarter valued at $29,000. GAMMA Investing LLC raised its stake in WesBanco by 41.1% during the 4th 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. First Horizon Corp grew its stake in WesBanco by 55.4% in the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 464 shares during the period. Finally, Federated Hermes Inc. increased its holdings in shares of WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 600 shares in the last quarter. 61.41% of the stock is owned by institutional investors.

WesBanco Company Profile

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.