WesBanco (NASDAQ:WSBC) Posts Quarterly Earnings Results, Beats Estimates By $0.06 EPS

WesBanco (NASDAQ:WSBC) announced its earnings results on Tuesday. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.06, FiscalAI reports. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.

WesBanco Price Performance

WSBC stock traded down $0.15 during mid-day trading on Tuesday, hitting $40.38. The company had a trading volume of 1,096,976 shares, compared to its average volume of 856,615. The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of 13.03 and a beta of 0.67. WesBanco has a 12-month low of $29.18 and a 12-month high of $41.27. The company has a 50-day moving average price of $36.59 and a 200 day moving average price of $35.50. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.33.

WesBanco Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.52 annualized dividend and a yield of 3.8%. WesBanco’s payout ratio is 49.03%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on WSBC shares. DA Davidson reiterated a “buy” rating and set a $41.00 target price on shares of WesBanco in a report on Wednesday, April 22nd. Piper Sandler raised their price objective on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, WesBanco has an average rating of “Moderate Buy” and an average target price of $40.25.

WesBanco declared that its Board of Directors has authorized a stock buyback program on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other WesBanco news, Director Joseph R. Robinson purchased 1,000 shares of WesBanco stock in a transaction on Monday, April 27th. The stock was bought at an average cost 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 represents a 5.53% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Louis Michael Altman bought 3,000 shares of the stock in a transaction on Thursday, April 23rd. The shares were acquired at an average cost of $33.72 per share, for a total transaction of $101,160.00. Following the purchase, the director owned 33,164 shares in the company, valued at $1,118,290.08. The trade was a 9.95% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 7,000 shares of company stock valued at $236,500. Company insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On WesBanco

A number of hedge funds and other institutional investors have recently bought and sold shares of WSBC. Mercer Global Advisors Inc. ADV boosted its stake in WesBanco by 3.0% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,341 shares of the financial services provider’s stock worth $443,000 after acquiring an additional 390 shares in the last quarter. Federated Hermes Inc. boosted its stake in shares of WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 600 shares during the period. Bank of Montreal Can increased its stake in WesBanco by 3.3% in the 4th quarter. Bank of Montreal Can now owns 21,062 shares of the financial services provider’s stock worth $700,000 after acquiring an additional 665 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in WesBanco by 1.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,920 shares of the financial services provider’s stock worth $1,642,000 after acquiring an additional 820 shares during the last quarter. Finally, BNP Paribas Financial Markets raised its stake in shares of WesBanco by 4.2% in the second quarter. BNP Paribas Financial Markets now owns 21,326 shares of the financial services provider’s stock valued at $675,000 after acquiring an additional 863 shares during the period. 61.41% of the stock is currently owned by institutional investors and hedge funds.

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.