WesBanco (NASDAQ:WSBC) Hits New 1-Year High – Still a Buy?

WesBanco, Inc. (NASDAQ:WSBC) reached a new 52-week high on Friday . The stock traded as high as $41.31 and last traded at $41.25, with a volume of 816309 shares changing hands. The stock had previously closed at $40.08.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on WSBC shares. Piper Sandler boosted 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. DA Davidson set a $46.00 price target on shares of WesBanco in a research report on Thursday. Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada increased their price objective on shares of WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $43.20.

WesBanco Stock Performance

The company has a quick ratio of 0.91, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $37.02 and a two-hundred day moving average price of $35.65. The firm has a market cap of $3.97 billion, a PE ratio of 11.99 and a beta of 0.67.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings data 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. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. The company had revenue of $275.79 million during the quarter, compared to the consensus estimate of $267.71 million. Research analysts forecast that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. The ex-dividend date was Friday, June 5th. WesBanco’s dividend payout ratio is currently 49.03%.

WesBanco declared that its board has authorized a share buyback program on Wednesday, May 20th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Joseph R. Robinson purchased 1,000 shares of the business’s stock in a transaction on Monday, April 27th. The shares were bought at an average price of $34.54 per share, for a total transaction of $34,540.00. Following the acquisition, the director directly owned 19,068 shares in the company, valued at $658,608.72. This trade represents a 5.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted 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 acquiring an additional 224,107 shares during the period. Wesbanco Bank Inc. boosted its holdings in WesBanco by 5.5% during the fourth quarter. Wesbanco Bank Inc. now owns 1,570,275 shares of the financial services provider’s stock worth $52,196,000 after buying an additional 81,974 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of WesBanco in the 4th quarter worth approximately $1,492,000. Gator Capital Management LLC acquired a new stake in WesBanco in the fourth quarter valued at $1,462,000. Finally, Aristotle Capital Boston LLC purchased a new position in WesBanco during the 4th quarter valued at about $11,279,000. 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.