WesBanco (NASDAQ:WSBC) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of WesBanco (NASDAQ:WSBC) from a hold rating to a sell rating in a research note published on Sunday, Zacks.com reports.

According to Zacks, “WESBANCO, INC. is a multi-bank holding company whose subsidiaries are engaged in general banking business. “

A number of other equities research analysts have also recently commented on the company. BidaskClub cut WesBanco from a sell rating to a strong sell rating in a research note on Saturday, May 18th. Keefe, Bruyette & Woods upgraded WesBanco from a market perform rating to an outperform rating and set a $42.00 price target for the company in a report on Thursday, July 25th. Hovde Group initiated coverage on WesBanco in a research report on Monday, June 17th. They issued an outperform rating and a $42.00 price target for the company. Sandler O’Neill upgraded shares of WesBanco from a hold rating to a buy rating in a research note on Thursday, July 25th. Finally, Boenning Scattergood reissued a neutral rating on shares of WesBanco in a research report on Thursday, June 20th. Three analysts have rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus target price of $42.50.

Shares of NASDAQ WSBC opened at $36.02 on Friday. WesBanco has a fifty-two week low of $33.19 and a fifty-two week high of $48.08. The company has a 50 day simple moving average of $34.90 and a two-hundred day simple moving average of $37.94. The company has a market capitalization of $1.88 billion, a price-to-earnings ratio of 11.22, a P/E/G ratio of 1.09 and a beta of 1.13. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.88 and a current ratio of 0.88.

WesBanco (NASDAQ:WSBC) last released its earnings results on Tuesday, July 23rd. The financial services provider reported $0.82 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.82. WesBanco had a net margin of 27.85% and a return on equity of 8.68%. The firm had revenue of $129.62 million during the quarter, compared to analyst estimates of $127.44 million. During the same period last year, the business earned $0.80 earnings per share. On average, analysts forecast that WesBanco will post 3.16 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 9th will be issued a $0.31 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.24 dividend on an annualized basis and a yield of 3.44%. WesBanco’s payout ratio is currently 38.63%.

In other WesBanco news, Director Stephen J. Callen purchased 7,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were purchased at an average cost of $33.76 per share, with a total value of $236,320.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Brent E. Richmond sold 5,323 shares of the company’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $36.53, for a total value of $194,449.19. Following the transaction, the executive vice president now directly owns 17,428 shares in the company, valued at $636,644.84. The disclosure for this sale can be found here. Corporate insiders own 3.24% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in WSBC. Huntington National Bank raised its stake in WesBanco by 61.0% during the 2nd quarter. Huntington National Bank now owns 25,642 shares of the financial services provider’s stock valued at $988,000 after buying an additional 9,711 shares during the last quarter. Aperio Group LLC increased its position in shares of WesBanco by 12.7% during the 2nd quarter. Aperio Group LLC now owns 11,358 shares of the financial services provider’s stock valued at $438,000 after purchasing an additional 1,282 shares during the last quarter. Dupont Capital Management Corp purchased a new stake in shares of WesBanco during the 2nd quarter valued at about $1,573,000. First Trust Advisors LP lifted its stake in shares of WesBanco by 6.9% in the 2nd quarter. First Trust Advisors LP now owns 66,748 shares of the financial services provider’s stock worth $2,573,000 after purchasing an additional 4,288 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of WesBanco by 12.3% in the 4th quarter. Geode Capital Management LLC now owns 656,303 shares of the financial services provider’s stock worth $24,079,000 after purchasing an additional 71,920 shares during the period. 57.59% of the stock is currently owned by institutional investors.

WesBanco Company Profile

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

Further Reading: How do CD ladders protect against rising interest rates?

Get a free copy of the Zacks research report on WesBanco (WSBC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for WesBanco (NASDAQ:WSBC)

Receive News & Ratings for WesBanco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WesBanco and related companies with MarketBeat.com's FREE daily email newsletter.