WesBanco (NASDAQ:WSBC) Reaches New 1-Year High – Should You Buy?

WesBanco, Inc. (NASDAQ:WSBC)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $38.22 and last traded at $38.2770, with a volume of 46860 shares traded. The stock had previously closed at $37.86.

Analysts Set New Price Targets

A number of research firms have issued reports on WSBC. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday. Piper Sandler dropped their target price 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. DA Davidson reaffirmed a “buy” rating and set a $41.00 target price on shares of WesBanco in a research report on Wednesday, April 22nd. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $39.50.

WesBanco Trading Up 1.5%

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The firm’s fifty day moving average is $34.89 and its two-hundred day moving average is $34.84. The firm has a market capitalization of $3.70 billion, a PE ratio of 12.43 and a beta of 0.68.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, beating 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 analyst estimates of $264.52 million. During the same quarter last year, the business posted $0.66 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. On average, equities analysts predict that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend is Friday, June 5th. WesBanco’s dividend payout ratio (DPR) is presently 49.03%.

WesBanco announced that its Board of Directors has approved a share buyback plan on Wednesday, May 20th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other WesBanco news, Director Lee J. Burdman acquired 3,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were acquired at an average price of $33.60 per share, with a total value of $100,800.00. Following the completion of the transaction, the director owned 46,772 shares in the company, valued at approximately $1,571,539.20. This trade represents a 6.85% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the completion of the transaction, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have acquired 7,000 shares of company stock valued at $236,500. 2.07% of the stock is owned by insiders.

Hedge Funds Weigh In On WesBanco

Several institutional investors have recently added to or reduced their stakes in the stock. Covestor Ltd increased its holdings in WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after buying an additional 750 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new position in WesBanco in the fourth quarter valued at about $29,000. GAMMA Investing LLC grew its position in shares of 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 acquiring an additional 324 shares during the period. First Horizon Corp grew its position in shares of 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 acquiring an additional 464 shares during the period. Finally, Federated Hermes Inc. increased its stake in shares of WesBanco by 71.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 600 shares during the last quarter. 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.