WesBanco (WSBC) Rating Increased to Buy at Zacks Investment Research
WesBanco (NASDAQ:WSBC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The brokerage presently has a $45.00 target price on the financial services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.21% from the stock’s current price.
According to Zacks, “WESBANCO, INC. is a multi-bank holding company whose subsidiaries are engaged in general banking business. “
Several other equities research analysts also recently issued reports on WSBC. Boenning Scattergood reissued a “hold” rating on shares of WesBanco in a research report on Tuesday. DA Davidson set a $48.00 price objective on shares of WesBanco and gave the stock a “buy” rating in a research report on Thursday, December 21st. Keefe, Bruyette & Woods reissued a “hold” rating and set a $41.00 price objective on shares of WesBanco in a research report on Tuesday, October 3rd. Sandler O’Neill downgraded shares of WesBanco from a “buy” rating to a “hold” rating in a research report on Friday, October 20th. Finally, B. Riley set a $40.00 price objective on shares of WesBanco and gave the stock a “hold” rating in a research report on Tuesday, November 14th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $42.80.
WesBanco (NASDAQ:WSBC) last issued its earnings results on Wednesday, October 18th. The financial services provider reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.03). WesBanco had a net margin of 24.73% and a return on equity of 7.66%. The firm had revenue of $95.15 million during the quarter, compared to the consensus estimate of $98.37 million. During the same period in the previous year, the company posted $0.60 EPS. equities research analysts predict that WesBanco will post 2.41 earnings per share for the current year.
In other news, Director F Eric Nelson, Jr. sold 12,500 shares of the stock in a transaction on Thursday, December 21st. The shares were sold at an average price of $42.06, for a total transaction of $525,750.00. Following the completion of the sale, the director now owns 29,717 shares of the company’s stock, valued at $1,249,897.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.05% of the stock is owned by corporate insiders.
A number of institutional investors have recently added to or reduced their stakes in WSBC. BlackRock Inc. grew its position in WesBanco by 25,298.2% in the first quarter. BlackRock Inc. now owns 2,653,602 shares of the financial services provider’s stock valued at $101,129,000 after purchasing an additional 2,643,154 shares in the last quarter. Emerald Acquisition Ltd. bought a new position in WesBanco in the second quarter valued at $13,414,000. Russell Investments Group Ltd. bought a new position in WesBanco in the fourth quarter valued at $18,639,000. Norges Bank bought a new position in WesBanco in the fourth quarter valued at $16,497,000. Finally, New York State Common Retirement Fund grew its position in WesBanco by 1,073.1% in the fourth quarter. New York State Common Retirement Fund now owns 411,750 shares of the financial services provider’s stock valued at $12,361,000 after purchasing an additional 376,650 shares in the last quarter. 59.11% of the stock is owned by institutional investors and hedge funds.
WesBanco Company Profile
WesBanco, Inc (WesBanco) is a bank holding company. The Company offers a range of financial services, including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. WesBanco offers its services through two segments: community banking, which offers services, such as commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and trust and investment services, which offers trust services, as well as various alternative investment products, including mutual funds.
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