Analysts Set WesBanco, Inc. (NASDAQ:WSBC) Price Target at $43.20

Shares of WesBanco, Inc. (NASDAQ:WSBC) have been assigned an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $43.20.

Several equities research analysts have recently commented on the stock. Royal Bank Of Canada raised their target price on shares of WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Piper Sandler upped their target price on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. DA Davidson set a $46.00 target price on WesBanco in a research report on Thursday, July 23rd. Wall Street Zen upgraded WesBanco from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Finally, Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd.

WesBanco Stock Up 2.5%

Shares of WesBanco stock opened at $40.46 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94. WesBanco has a 52-week low of $29.57 and a 52-week high of $43.02. The stock has a market capitalization of $3.88 billion, a price-to-earnings ratio of 11.76 and a beta of 0.66. The company’s 50 day moving average price is $40.65 and its 200-day moving average price is $36.88.

WesBanco (NASDAQ:WSBC) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. WesBanco had a return on equity of 9.72% and a net margin of 23.35%.The company had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. Equities research analysts forecast that WesBanco will post 3.57 EPS for the current year.

WesBanco announced that its Board of Directors has authorized a share 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 typically an indication that the company’s board believes its shares are undervalued.

WesBanco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.8%. The ex-dividend date is Friday, September 4th. WesBanco’s dividend payout ratio is 44.19%.

Insider Buying and Selling at WesBanco

In related news, EVP Jayson M. Zatta sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total transaction of $522,500.00. Following the completion of the transaction, the executive vice president owned 81,082 shares of the company’s stock, valued at $3,389,227.60. This trade represents a 13.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Robert H. Friend sold 6,000 shares of WesBanco stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $42.06, for a total value of $252,360.00. Following the transaction, the executive vice president owned 17,361 shares of the company’s stock, valued at $730,203.66. The trade was a 25.68% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 39,695 shares of company stock valued at $1,630,995. 2.07% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On WesBanco

Institutional investors have recently made changes to their positions in the company. Covestor Ltd raised its stake in shares of WesBanco by 12,500.0% in the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 750 shares during the last quarter. Hilton Head Capital Partners LLC bought a new position in WesBanco during the 4th quarter valued at about $29,000. Nykredit A S bought a new position in WesBanco during the 2nd quarter valued at about $40,000. Federated Hermes Inc. boosted its holdings 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 valued at $45,000 after acquiring an additional 600 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of WesBanco in the second quarter worth approximately $57,000. Hedge funds and other 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.