WesBanco (NASDAQ:WSBC) Reaches New 12-Month High – Here’s Why

WesBanco, Inc. (NASDAQ:WSBC)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $42.50 and last traded at $42.8350, with a volume of 1689 shares. The stock had previously closed at $42.39.

Analyst Ratings Changes

WSBC has been the subject of several research analyst reports. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Wall Street Zen cut WesBanco from a “hold” rating to a “sell” rating in a research report on Saturday, August 1st. DA Davidson set a $46.00 target price on shares of WesBanco in a research note on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of WesBanco in a report on Monday, August 3rd. Finally, Piper Sandler increased their price objective on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, WesBanco has a consensus rating of “Moderate Buy” and a consensus price target of $43.20.

WesBanco Stock Performance

The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $4.09 billion, a P/E ratio of 12.41 and a beta of 0.67. The company’s 50 day moving average is $39.48 and its 200-day moving average is $36.47.

WesBanco (NASDAQ:WSBC) last issued its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The business had revenue of $275.79 million during the quarter, compared to analyst estimates of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, equities analysts anticipate that WesBanco, Inc. will post 3.57 EPS for the current year.

WesBanco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were issued a $0.38 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. WesBanco’s dividend payout ratio is currently 44.19%.

WesBanco announced that its board has approved 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 reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Kimberly L. Griffith sold 6,875 shares of WesBanco stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jayson M. Zatta sold 12,500 shares of the business’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total value of $522,500.00. Following the completion of the sale, the executive vice president owned 81,082 shares in the company, valued at approximately $3,389,227.60. The trade was a 13.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 36,625 shares of company stock valued at $1,505,462. Insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Institutional investors have recently made changes to their positions in the stock. Covestor Ltd lifted its holdings in shares of WesBanco by 12,500.0% in the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after buying an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new position in WesBanco during the fourth quarter valued at approximately $29,000. First Horizon Corp grew its stake in WesBanco by 55.4% during 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 in the last quarter. Federated Hermes Inc. increased its holdings in WesBanco by 71.9% during the 2nd 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 during the period. Finally, Strs Ohio increased its holdings in WesBanco by 54.5% during the 4th quarter. Strs Ohio now owns 1,700 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 600 shares during the period. Hedge funds and other institutional investors own 61.41% of the company’s stock.

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.