WesBanco (NASDAQ:WSBC) Sets New 52-Week High – Here’s What Happened

WesBanco, Inc. (NASDAQ:WSBC)’s stock price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $41.31 and last traded at $41.25, with a volume of 816309 shares trading hands. The stock had previously closed at $40.08.

Analysts Set New Price Targets

Several analysts have recently commented on WSBC shares. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $42.00 target price on shares of WesBanco in a report on Thursday. Royal Bank Of Canada increased their price target on WesBanco from $41.00 to $44.00 and gave the company a “sector perform” rating in a research report on Thursday. DA Davidson set a $46.00 price objective on shares of WesBanco in a research report on Thursday. Finally, Piper Sandler upped their price target on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

WesBanco Price Performance

The stock has a market capitalization of $3.97 billion, a PE ratio of 11.99 and a beta of 0.67. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.91 and a current ratio of 0.94. The business’s 50-day moving average price is $37.02 and its 200 day moving average price is $35.65.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results 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 firm had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. Research analysts forecast that WesBanco, Inc. will post 3.59 earnings per share for the current year.

WesBanco Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco’s payout ratio is 49.03%.

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

Insider Transactions at WesBanco

In other news, EVP Jan Pattishall-Krupinski sold 4,500 shares of WesBanco stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $36.71, for a total transaction of $165,195.00. Following the sale, the executive vice president owned 35,924 shares of the company’s stock, valued at approximately $1,318,770.04. The trade was a 11.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Joseph R. Robinson purchased 1,000 shares of WesBanco stock in a transaction that occurred on Monday, April 27th. The stock was purchased at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the purchase, the director owned 19,068 shares of the company’s stock, valued at $658,608.72. This trade represents a 5.53% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On WesBanco

Several large investors have recently modified their holdings of WSBC. Royal Bank of Canada lifted its stake in WesBanco by 52.2% during the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock valued at $1,858,000 after acquiring an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of WesBanco by 56.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock valued at $1,582,000 after acquiring an additional 18,347 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in WesBanco by 1,553.3% in the 1st quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,895 shares during the period. Goldman Sachs Group Inc. grew its stake in 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 valued at $47,779,000 after acquiring 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 valued at $6,704,000 after purchasing an additional 81,319 shares in the last quarter. Hedge funds and other institutional investors own 61.41% of the company’s stock.

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.