WesBanco, Inc. (NASDAQ:WSBC) Short Interest Up 75.7% in June

WesBanco, Inc. (NASDAQ:WSBC) was the target of a significant increase in short interest during the month of June. As of June 30th, there was short interest totaling 6,231,038 shares, an increase of 75.7% from the June 15th total of 3,546,347 shares. Based on an average daily volume of 3,259,842 shares, the short-interest ratio is currently 1.9 days. Approximately 6.6% of the shares of the company are sold short.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on WSBC. Piper Sandler boosted their target price on shares of WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. 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 given a Hold rating to the company’s stock. According to data from MarketBeat, WesBanco currently has an average rating of “Moderate Buy” and a consensus target price of $40.25.

Insiders Place Their Bets

In other WesBanco news, Director Louis Michael Altman bought 3,000 shares of the stock in a transaction dated Thursday, April 23rd. The shares were bought at an average cost of $33.72 per share, for a total transaction of $101,160.00. Following the purchase, the director directly owned 33,164 shares of the company’s stock, valued at approximately $1,118,290.08. This trade represents a 9.95% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Joseph R. Robinson purchased 1,000 shares of WesBanco stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $34.54 per share, with a total value of $34,540.00. Following the transaction, the director owned 19,068 shares of the company’s stock, valued at $658,608.72. This trade represents a 5.53% increase in their position. The SEC filing for this purchase provides additional information. Insiders acquired a total of 7,000 shares of company stock worth $236,500 in the last ninety days. Company insiders own 2.07% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Several institutional investors have recently made changes to their positions in the stock. Covestor Ltd raised its stake in shares of WesBanco by 12,500.0% during the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock valued at $25,000 after purchasing an additional 750 shares during the period. Hilton Head Capital Partners LLC bought a new position in WesBanco in the 4th quarter worth about $29,000. GAMMA Investing LLC grew its holdings in WesBanco by 41.1% during the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after buying an additional 324 shares in the last quarter. First Horizon Corp grew its holdings in WesBanco by 55.4% during the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock valued at $43,000 after buying an additional 464 shares in the last quarter. Finally, Federated Hermes Inc. increased its position in shares of WesBanco by 71.9% during the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock valued at $45,000 after buying an additional 600 shares during the period. Hedge funds and other institutional investors own 61.41% of the company’s stock.

WesBanco Stock Performance

NASDAQ WSBC traded down $0.38 during trading on Friday, hitting $40.80. 1,180,343 shares of the company’s stock traded hands, compared to its average volume of 1,159,728. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.92. The stock has a market capitalization of $3.92 billion, a price-to-earnings ratio of 13.16 and a beta of 0.67. WesBanco has a 12-month low of $29.18 and a 12-month high of $41.27. The business has a 50 day moving average of $36.45 and a 200-day moving average of $35.44.

WesBanco (NASDAQ:WSBC) last posted its earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The firm had revenue of $257.23 million during the quarter, compared to the consensus estimate of $264.52 million. During the same quarter last year, the company earned $0.66 earnings per share. The company’s revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts anticipate that WesBanco will post 3.59 earnings per share for the current fiscal year.

WesBanco declared that its board has authorized a share repurchase plan on Wednesday, May 20th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its shares are undervalued.

WesBanco Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date was Friday, June 5th. WesBanco’s payout ratio is currently 49.03%.

About WesBanco

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.