Raymond James Financial Downgrades WesBanco (NASDAQ:WSBC) to Market Perform

WesBanco (NASDAQ:WSBC) was downgraded by stock analysts at Raymond James Financial from a “strong-buy” rating to a “market perform” rating in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports.

Several other equities research analysts have also issued reports on the stock. Wall Street Zen raised shares of WesBanco from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of WesBanco in a research note on Monday, August 3rd. Piper Sandler cut their target price on shares of WesBanco from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Tuesday. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $44.00 target price on shares of WesBanco in a research note on Monday, September 14th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $42.00 price target on shares of WesBanco in a research note on Thursday, July 23rd. Two equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, WesBanco has an average rating of “Hold” and an average price target of $43.60.

WesBanco Price Performance

Shares of WSBC stock opened at $36.47 on Tuesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. WesBanco has a twelve month low of $29.57 and a twelve month high of $43.02. The company has a market cap of $3.50 billion, a P/E ratio of 10.60 and a beta of 0.69. The business has a fifty day simple moving average of $40.23 and a 200 day simple moving average of $37.63.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.85 by $0.07. The business had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. On average, sell-side analysts forecast that WesBanco will post 3.57 EPS for the current fiscal year.

Insider Activity at WesBanco

In related news, EVP Jayson Zatta sold 12,500 shares of WesBanco stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total value of $522,500.00. Following the transaction, the executive vice president directly owned 81,082 shares of the company’s stock, valued at $3,389,227.60. The trade was a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $41.91, for a total value of $104,775.00. Following the completion of the sale, the executive vice president owned 33,484 shares in the company, valued at $1,403,314.44. The trade was a 6.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 35,195 shares of company stock valued at $1,465,800 over the last ninety days. Insiders own 2.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WSBC. BlackRock Inc. bought a new position in WesBanco during the second quarter worth $363,992,000. Bank of America Corp DE bought a new stake in WesBanco during the second quarter valued at $84,562,000. Bank of New York Mellon Corp bought a new stake in WesBanco during the second quarter valued at $36,433,000. Empowered Funds LLC acquired a new stake in WesBanco during the 2nd quarter worth about $16,391,000. Finally, Aristotle Capital Boston LLC acquired a new stake in WesBanco during the 4th quarter worth about $11,279,000. Institutional investors and hedge funds own 61.41% of the company’s stock.

WesBanco Company Profile

WesBanco, Inc is a financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides banking and financial services to consumers, businesses, and organizations.

WesBanco’s offerings include checking and savings accounts, consumer and residential real estate loans, commercial lending, credit cards, online and mobile banking, and other deposit and treasury management services. The company also provides trust, investment management, brokerage, and insurance services through affiliated businesses and financial professionals.

Founded in 1870, WesBanco has developed a regional banking presence serving communities in West Virginia, Ohio, Pennsylvania, Kentucky, and Indiana.