Brokerages Set WesBanco, Inc. (NASDAQ:WSBC) Price Target at $39.50

Shares of WesBanco, Inc. (NASDAQ:WSBC) have received an average recommendation of “Moderate Buy” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has given a hold recommendation, three have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued a report on the stock in the last year is $39.50.

A number of brokerages have weighed in on WSBC. DA Davidson restated a “buy” rating and issued a $41.00 price objective on shares of WesBanco in a report on Wednesday, April 22nd. Raymond James Financial reiterated a “strong-buy” rating and set a $41.00 price target on shares of WesBanco in a report on Thursday, March 12th. Piper Sandler reduced their price target on WesBanco from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, Zacks Research lowered WesBanco from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th.

Insider Activity at WesBanco

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

Hedge Funds Weigh In On WesBanco

Several institutional investors have recently bought and sold shares of WSBC. Royal Bank of Canada grew its position in shares of WesBanco by 52.2% during the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock worth $1,858,000 after buying an additional 20,585 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of WesBanco by 56.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after buying an additional 18,347 shares in the last quarter. Jones Financial Companies Lllp grew its position in shares of WesBanco by 1,553.3% during the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after buying an additional 1,895 shares in the last quarter. Goldman Sachs Group Inc. grew its position in shares of WesBanco by 179.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after buying an additional 991,584 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of WesBanco by 60.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock worth $6,704,000 after buying an additional 81,319 shares in the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Price Performance

Shares of NASDAQ WSBC opened at $36.29 on Monday. The firm’s 50 day simple moving average is $34.84 and its 200-day simple moving average is $34.75. WesBanco has a 12 month low of $29.18 and a 12 month high of $38.10. The stock has a market capitalization of $3.49 billion, a price-to-earnings ratio of 11.71 and a beta of 0.68. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $264.52 million. During the same quarter last year, the company earned $0.66 EPS. The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. Analysts expect that WesBanco will post 3.59 EPS for the current year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be issued a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, June 5th. WesBanco’s payout ratio is currently 49.03%.

WesBanco announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

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.