WesBanco (NASDAQ:WSBC) Releases Earnings Results, Hits Expectations

WesBanco (NASDAQ:WSBC) issued its quarterly earnings data on Tuesday. The financial services provider reported $0.84 EPS for the quarter, meeting the consensus estimate of $0.84, FiscalAI reports. The company had revenue of $265.78 million for the quarter, compared to analyst estimates of $265.53 million. WesBanco had a return on equity of 8.28% and a net margin of 13.91%.

WesBanco Stock Up 0.9%

Shares of NASDAQ WSBC traded up $0.32 during mid-day trading on Tuesday, reaching $35.22. The company had a trading volume of 559,253 shares, compared to its average volume of 471,750. The firm has a 50 day simple moving average of $33.69 and a two-hundred day simple moving average of $32.35. The stock has a market cap of $3.38 billion, a P/E ratio of 17.97 and a beta of 0.80. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. WesBanco has a 52-week low of $26.42 and a 52-week high of $37.18.

WesBanco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 4.3%. The ex-dividend date was Friday, December 5th. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. WesBanco’s dividend payout ratio (DPR) is currently 77.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WSBC shares. Royal Bank Of Canada boosted their price objective on WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of WesBanco in a report on Monday, December 29th. Piper Sandler started coverage on shares of WesBanco in a research note on Wednesday, December 17th. They set an “overweight” rating and a $42.00 target price on the stock. Finally, DA Davidson downgraded WesBanco from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $39.00.

Insider Buying and Selling

In other news, Director F Eric Nelson, Jr. sold 752 shares of the company’s stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $33.37, for a total value of $25,094.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zahid Afzal purchased 3,321 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were bought at an average cost of $30.11 per share, with a total value of $99,995.31. Following the completion of the acquisition, the director owned 13,223 shares of the company’s stock, valued at approximately $398,144.53. This trade represents a 33.54% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On WesBanco

A number of large investors have recently bought and sold shares of WSBC. Goldman Sachs Group Inc. increased its holdings in WesBanco by 179.7% in 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 in the last quarter. FJ Capital Management LLC grew its holdings in shares of WesBanco by 771.4% in the 3rd quarter. FJ Capital Management LLC now owns 654,296 shares of the financial services provider’s stock worth $20,892,000 after acquiring an additional 579,211 shares during the period. Qube Research & Technologies Ltd acquired a new stake in shares of WesBanco in the 3rd quarter worth approximately $10,220,000. Raymond James Financial Inc. increased its stake in WesBanco by 91.4% in the 3rd quarter. Raymond James Financial Inc. now owns 392,978 shares of the financial services provider’s stock valued at $12,548,000 after purchasing an additional 187,659 shares in the last quarter. Finally, AQR Capital Management LLC raised its holdings in WesBanco by 47.3% during the second quarter. AQR Capital Management LLC now owns 469,185 shares of the financial services provider’s stock worth $14,840,000 after purchasing an additional 150,699 shares during the last quarter. 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.