WesBanco (NASDAQ:WSBC) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of WesBanco (NASDAQ:WSBC) from a buy rating to a hold rating in a report issued on Friday.

WesBanco Trading Up 0.7%

Shares of WSBC stock opened at $32.33 on Friday. WesBanco has a 12-month low of $26.42 and a 12-month high of $37.36. The company has a market capitalization of $3.10 billion, a PE ratio of 19.48 and a beta of 0.85. The firm has a 50 day moving average price of $31.60 and a two-hundred day moving average price of $31.08. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57.

WesBanco (NASDAQ:WSBC) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.87 by $0.04. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.The company had revenue of $260.73 million for the quarter, compared to analyst estimates of $261.14 million. During the same quarter last year, the company earned $0.49 earnings per share. As a group, analysts predict that WesBanco will post 3.24 earnings per share for the current year.

WesBanco Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Friday, September 5th. WesBanco’s dividend payout ratio is 89.16%.

Insider Buying and Selling

In related news, Director Joseph R. Robinson purchased 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was acquired at an average price of $25.00 per share, with a total value of $200,000.00. Following the completion of the purchase, the director directly owned 8,000 shares in the company, valued at $200,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO K Weiss Daniel acquired 4,000 shares of WesBanco stock in a transaction on Wednesday, September 17th. The shares were purchased at an average price of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the purchase, the chief financial officer directly owned 4,000 shares of the company’s stock, valued at approximately $100,000. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 49,600 shares of company stock valued at $1,240,000 in the last ninety days. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Federated Hermes Inc. bought a new stake in WesBanco during the first quarter worth $26,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of WesBanco during the 2nd quarter worth $26,000. Smartleaf Asset Management LLC lifted its position in shares of WesBanco by 132.5% during the 1st quarter. Smartleaf Asset Management LLC now owns 895 shares of the financial services provider’s stock worth $28,000 after buying an additional 510 shares during the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of WesBanco during the 1st quarter worth $34,000. Finally, Creative Financial Designs Inc. ADV acquired a new stake in WesBanco in the first quarter valued at about $48,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.

About WesBanco

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.