WesBanco (NASDAQ:WSBC) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

WesBanco (NASDAQ:WSBC) released its quarterly earnings results on Tuesday. The financial services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.06, FiscalAI reports. WesBanco had a net margin of 21.12% and a return on equity of 9.76%.

WesBanco Trading Down 0.4%

WSBC traded down $0.15 on Tuesday, reaching $40.38. 1,097,546 shares of the company traded hands, compared to its average volume of 856,615. The company has a market cap of $3.88 billion, a P/E ratio of 13.03 and a beta of 0.67. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.33. WesBanco has a one year low of $29.18 and a one year high of $41.27. The firm has a fifty day simple moving average of $36.59 and a two-hundred day simple moving average of $35.50.

WesBanco Dividend Announcement

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

Insider Activity at WesBanco

In related news, Director Joseph R. Robinson purchased 1,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was purchased at an average price of $34.54 per share, with a total value of $34,540.00. Following the completion of the purchase, the director owned 19,068 shares of the company’s stock, valued at approximately $658,608.72. The trade was a 5.53% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lee J. Burdman purchased 3,000 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was purchased at an average price of $33.60 per share, with a total value of $100,800.00. Following the acquisition, the director directly owned 46,772 shares of the company’s stock, valued at $1,571,539.20. This trade represents a 6.85% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired 7,000 shares of company stock valued at $236,500 over the last 90 days. 2.07% of the stock is currently owned by insiders.

Institutional Investors Weigh In On WesBanco

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Federated Hermes Inc. grew its position in shares of WesBanco by 71.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after buying an additional 600 shares in the last quarter. EverSource Wealth Advisors LLC raised its holdings in shares of WesBanco by 260.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 1,327 shares in the last quarter. Jones Financial Companies Lllp raised its holdings in shares of WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,895 shares in the last quarter. CIBC Private Wealth Group LLC lifted its stake in WesBanco by 622.9% in the third quarter. CIBC Private Wealth Group LLC now owns 2,024 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 1,744 shares during the period. Finally, Danske Bank A S purchased a new stake in WesBanco in the third quarter worth about $70,000. 61.41% of the stock is owned by institutional investors.

WesBanco announced that its Board of Directors has authorized a share repurchase plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

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

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.