WesBanco (NASDAQ:WSBC) Board of Directors Authorizes Share Buyback Program

WesBanco (NASDAQ:WSBC) declared that its board has approved a stock repurchase program on Wednesday, May 20th, RTT News reports. The company plans to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

WesBanco Trading Up 2.2%

NASDAQ WSBC traded up $0.74 on Wednesday, hitting $34.17. 553,023 shares of the stock were exchanged, compared to its average volume of 691,593. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a fifty day moving average price of $34.29 and a two-hundred day moving average price of $34.13. The firm has a market capitalization of $3.29 billion, a P/E ratio of 11.02 and a beta of 0.69. WesBanco has a 52-week low of $29.18 and a 52-week high of $38.10.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, topping the consensus estimate of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The company had revenue of $257.23 million during the quarter, compared to analyst estimates of $264.52 million. During the same period in the previous year, the firm earned $0.66 earnings per share. WesBanco’s quarterly revenue was down 3.1% compared to the same quarter last year. Research analysts forecast that WesBanco will post 3.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Zacks Research lowered WesBanco from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 28th. Piper Sandler cut their price objective on WesBanco from $42.00 to $40.00 and set an “overweight” rating for the company in a research report on Thursday, April 23rd. Raymond James Financial restated a “strong-buy” rating and set a $41.00 price objective on shares of WesBanco in a research report on Thursday, March 12th. Finally, DA Davidson restated a “buy” rating and set a $41.00 price objective on shares of WesBanco in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $39.50.

Insider Buying and Selling

In related news, Director Joseph R. Robinson purchased 1,000 shares of WesBanco stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $34.54 per share, with a total value 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 represents a 5.53% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lee J. Burdman purchased 3,000 shares of WesBanco stock in a transaction that occurred on Thursday, April 23rd. The stock was bought at an average cost of $33.60 per share, for a total transaction of $100,800.00. Following the purchase, the director directly owned 46,772 shares in the company, valued at $1,571,539.20. This trade represents a 6.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 7,940 shares of company stock valued at $267,299 in the last ninety days. 2.07% of the stock is owned by company insiders.

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.