WesBanco (NASDAQ:WSBC) Sets New 1-Year High – What’s Next?

Shares of WesBanco, Inc. (NASDAQ:WSBC) reached a new 52-week high on Wednesday . The stock traded as high as $42.42 and last traded at $42.31, with a volume of 775400 shares trading hands. The stock had previously closed at $41.81.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WSBC. Piper Sandler increased their target price on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Royal Bank Of Canada lifted their price target on shares of WesBanco from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $42.00 price objective on shares of WesBanco in a research note on Thursday, July 23rd. Finally, Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, WesBanco currently has an average rating of “Moderate Buy” and a consensus price target of $43.20.

WesBanco Stock Performance

The stock has a market capitalization of $4.06 billion, a P/E ratio of 12.30 and a beta of 0.67. The stock has a 50 day moving average of $38.23 and a 200 day moving average of $36.07. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94.

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

WesBanco Dividend Announcement

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

WesBanco declared that its board has initiated a share repurchase plan on Wednesday, May 20th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at WesBanco

In other WesBanco news, EVP Kimberly L. Griffith sold 6,875 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the completion of the transaction, the executive vice president owned 15,858 shares in the company, valued at approximately $653,349.60. This represents a 30.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm’s 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 owned 35,924 shares in the company, valued at $1,318,770.04. The trade was a 11.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,625 shares of company stock valued at $1,168,982 in the last ninety days. Company insiders own 2.07% of the company’s stock.

Institutional Trading of WesBanco

Several large investors have recently added to or reduced their stakes in the business. Covestor Ltd boosted its position in WesBanco by 12,500.0% during 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 bought a new position in shares of WesBanco in the fourth quarter worth $29,000. First Horizon Corp increased its holdings in shares of 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 purchasing an additional 464 shares during the period. Federated Hermes Inc. raised its stake in shares of WesBanco by 71.9% during 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 in the last quarter. Finally, Strs Ohio raised its stake in shares of WesBanco by 54.5% during the fourth quarter. Strs Ohio now owns 1,700 shares of the financial services provider’s stock valued at $57,000 after purchasing an additional 600 shares in the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

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.