Key Points
- WesBanco EVP Jayson Zatta sold 12,500 shares at an average price of $41.80, generating $522,500 and reducing his position by 13.36% to 81,082 shares.
- WesBanco reported quarterly EPS of $0.92, beating analyst expectations of $0.85, while revenue of $275.79 million also exceeded estimates. The company maintains a quarterly dividend of $0.38 per share, equivalent to a 3.7% yield.
- The stock has a “Moderate Buy” consensus rating with a $43.20 average price target. WesBanco also authorized a program to repurchase up to 4 million shares, and institutional investors own 61.41% of the company.
WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) EVP Jayson Zatta sold 12,500 shares of the firm's stock in a transaction on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total transaction of $522,500.00. Following the completion of the sale, the executive vice president owned 81,082 shares of the company's stock, valued at $3,389,227.60. This trade represents a 13.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink.
WesBanco Trading Down 0.8%
Shares of WesBanco stock opened at $41.57 on Friday. WesBanco, Inc. has a 52-week low of $29.18 and a 52-week high of $42.21. 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 company's 50-day simple moving average is $37.80 and its 200-day simple moving average is $35.90. The firm has a market cap of $4.00 billion, a price-to-earnings ratio of 12.08 and a beta of 0.67.
WesBanco (NASDAQ:WSBC - Get Free Report) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. The firm had revenue of $275.79 million during the quarter, compared to analysts' expectations of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. As a group, equities research analysts anticipate that WesBanco, Inc. will post 3.57 earnings per share for the current year.
WesBanco Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco's dividend payout ratio is 44.19%.
WesBanco declared that its Board of Directors has initiated 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 repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company's management believes its stock is undervalued.
Institutional Investors Weigh In On WesBanco
Several institutional investors have recently modified their holdings of the company. Covestor Ltd grew its holdings 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 worth $25,000 after acquiring an additional 750 shares during the period. Hilton Head Capital Partners LLC acquired a new position in WesBanco during the fourth quarter worth $29,000. GAMMA Investing LLC raised its holdings in WesBanco by 41.1% during the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider's stock worth $37,000 after purchasing an additional 324 shares during the last quarter. First Horizon Corp boosted its position in WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider's stock worth $43,000 after purchasing an additional 464 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock valued at $45,000 after purchasing an additional 600 shares during the last quarter. Hedge funds and other institutional investors own 61.41% of the company's stock.
Wall Street Analyst Weigh In
WSBC has been the topic of a number of analyst reports. Weiss Ratings upgraded 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 price objective on WesBanco in a research report on Thursday, July 23rd. Zacks Research raised WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. Piper Sandler boosted their target price on shares of WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Finally, Royal Bank Of Canada upped their price target on shares of WesBanco from $41.00 to $44.00 and gave the stock a "sector perform" rating in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.20.
View Our Latest Stock Report on WSBC
WesBanco Company Profile
(
Get Free Report)
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.
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