WesBanco, Inc. (NASDAQ:WSBC) Sees Large Increase in Short Interest

WesBanco, Inc. (NASDAQ:WSBC) was the recipient of a large increase in short interest in March. As of March 13th, there was short interest totaling 2,428,796 shares, an increase of 25.4% from the February 26th total of 1,937,460 shares. Approximately 2.6% of the company’s stock are short sold. Based on an average trading volume of 577,247 shares, the days-to-cover ratio is currently 4.2 days.

Institutional Investors Weigh In On WesBanco

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in WesBanco in the fourth quarter valued at approximately $1,492,000. Rockefeller Capital Management L.P. raised its position in WesBanco by 36.8% during the 4th quarter. Rockefeller Capital Management L.P. now owns 2,572 shares of the financial services provider’s stock worth $86,000 after buying an additional 692 shares during the last quarter. Corient Private Wealth LLC lifted its stake in WesBanco by 0.7% during the 4th quarter. Corient Private Wealth LLC now owns 50,414 shares of the financial services provider’s stock valued at $1,677,000 after acquiring an additional 357 shares during the period. Mercer Global Advisors Inc. ADV lifted its stake in WesBanco by 3.0% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,341 shares of the financial services provider’s stock valued at $443,000 after acquiring an additional 390 shares during the period. Finally, EP Wealth Advisors LLC purchased a new stake in shares of WesBanco in the 4th quarter valued at $439,000. Institutional investors and hedge funds own 61.41% of the company’s stock.

WesBanco Stock Performance

WesBanco stock traded up $0.70 during mid-day trading on Tuesday, reaching $34.43. 235,947 shares of the company traded hands, compared to its average volume of 519,164. The firm’s fifty day moving average is $35.11 and its two-hundred day moving average is $33.44. The company has a market capitalization of $3.31 billion, a price-to-earnings ratio of 16.61 and a beta of 0.79. WesBanco has a fifty-two week low of $26.42 and a fifty-two week high of $38.10. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.92 and a quick ratio of 0.92.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.84 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.84. WesBanco had a net margin of 15.51% and a return on equity of 8.81%. The firm had revenue of $265.78 million for the quarter, compared to analyst estimates of $265.53 million. During the same period in the previous year, the company earned $0.71 earnings per share. On average, equities research analysts expect that WesBanco will post 3.24 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.4%. WesBanco’s dividend payout ratio is currently 73.43%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. DA Davidson assumed coverage on shares of WesBanco in a report on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target on the stock. Piper Sandler started coverage on WesBanco in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $42.00 price objective for the company. Raymond James Financial restated a “strong-buy” rating and set a $41.00 target price on shares of WesBanco in a research note on Thursday, March 12th. Finally, Weiss Ratings upgraded WesBanco from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Thursday, March 12th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has issued a Hold rating to the company’s stock. According to MarketBeat, WesBanco currently has a consensus rating of “Buy” and a consensus price target of $40.60.

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.