WesBanco (NASDAQ:WSBC) Sets New 12-Month High – Time to Buy?

WesBanco, Inc. (NASDAQ:WSBC)’s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $40.33 and last traded at $39.7720, with a volume of 12711 shares changing hands. The stock had previously closed at $40.15.

Analysts Set New Price Targets

A number of research firms recently commented on WSBC. Raymond James Financial reiterated a “strong-buy” rating and issued a $41.00 target price on shares of WesBanco in a research note on Thursday, March 12th. Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Piper Sandler raised their price target on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, DA Davidson reissued a “buy” rating and set a $41.00 price objective on shares of WesBanco in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, WesBanco currently has a consensus rating of “Moderate Buy” and an average price target of $40.25.

WesBanco Price Performance

The stock has a fifty day moving average of $35.52 and a 200 day moving average of $35.13. The stock has a market cap of $3.83 billion, a price-to-earnings ratio of 12.84 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 last year, the firm posted $0.66 EPS. WesBanco’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, analysts expect that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco’s dividend payout ratio (DPR) is 49.03%.

WesBanco declared that its board has initiated a share repurchase plan 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. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at WesBanco

In related news, Director Louis Michael Altman bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were purchased at an average cost of $33.72 per share, with a total value of $101,160.00. Following the completion of the acquisition, the director directly owned 33,164 shares in the company, valued at approximately $1,118,290.08. The trade was a 9.95% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the sale, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. This trade represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders purchased a total of 7,000 shares of company stock valued at $236,500 in the last three months. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Several hedge funds have recently bought and sold shares of WSBC. Royal Bank of Canada increased its holdings in shares of WesBanco by 52.2% during the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock valued at $1,858,000 after purchasing an additional 20,585 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in WesBanco by 56.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after buying an additional 18,347 shares in the last quarter. Jones Financial Companies Lllp boosted its holdings in WesBanco by 1,553.3% during the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after buying an additional 1,895 shares in the last quarter. Goldman Sachs Group Inc. grew its position in WesBanco by 179.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock valued at $47,779,000 after buying an additional 991,584 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in WesBanco by 60.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock valued at $6,704,000 after buying an additional 81,319 shares during the period. Hedge funds and other institutional investors own 61.41% of the company’s stock.

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.