WesBanco, Inc. (NASDAQ:WSBC) to Issue $0.35 Quarterly Dividend

WesBanco, Inc. (NASDAQ:WSBC – Get Rating) declared a quarterly dividend on Wednesday, May 24th, Zacks reports. Investors of record on Friday, June 9th will be given a dividend of 0.35 per share by the financial services provider on Saturday, July 1st. This represents a $1.40 annualized dividend and a yield of 5.84%. The ex-dividend date is Thursday, June 8th.

WesBanco has raised its dividend payment by an average of 3.4% per year over the last three years and has increased its dividend annually for the last 12 consecutive years. WesBanco has a payout ratio of 50.0% indicating that its dividend is sufficiently covered by earnings. Research analysts expect WesBanco to earn $2.77 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 50.5%.

WesBanco Stock Down 1.6 %

WesBanco stock opened at $23.97 on Friday. WesBanco has a fifty-two week low of $19.84 and a fifty-two week high of $41.37. The stock has a market cap of $1.42 billion, a PE ratio of 7.91 and a beta of 0.90. The firm’s 50-day simple moving average is $27.28 and its 200 day simple moving average is $33.88. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.88 and a current ratio of 0.88.

WesBanco (NASDAQ:WSBC – Get Rating) last released its quarterly earnings results on Monday, April 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.06). The firm had revenue of $151.99 million for the quarter, compared to analysts’ expectations of $157.27 million. WesBanco had a return on equity of 8.40% and a net margin of 28.13%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.70 earnings per share. Research analysts predict that WesBanco will post 2.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jeffrey H. Jackson purchased 5,000 shares of the business’s stock in a transaction on Tuesday, May 9th. The shares were acquired at an average price of $22.34 per share, with a total value of $111,700.00. Following the acquisition, the chief operating officer now directly owns 17,627 shares in the company, valued at $393,787.18. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Robert J. Fitzsimmons bought 15,500 shares of the business’s stock in a transaction dated Monday, May 8th. The shares were purchased at an average price of $23.10 per share, with a total value of $358,050.00. Following the purchase, the director now owns 46,908 shares of the company’s stock, valued at approximately $1,083,574.80. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jeffrey H. Jackson bought 5,000 shares of the business’s stock in a transaction dated Tuesday, May 9th. The shares were bought at an average cost of $22.34 per share, for a total transaction of $111,700.00. Following the purchase, the chief operating officer now directly owns 17,627 shares in the company, valued at approximately $393,787.18. The disclosure for this purchase can be found here. Insiders have bought a total of 22,000 shares of company stock valued at $504,875 in the last quarter. Insiders own 3.07% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Vanguard Group Inc. lifted its position in WesBanco by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 5,973,790 shares of the financial services provider’s stock valued at $205,259,000 after acquiring an additional 75,273 shares during the period. Macquarie Group Ltd. lifted its position in WesBanco by 2.4% during the 1st quarter. Macquarie Group Ltd. now owns 1,868,806 shares of the financial services provider’s stock valued at $57,372,000 after acquiring an additional 44,630 shares during the period. Geode Capital Management LLC lifted its position in WesBanco by 4.7% during the 1st quarter. Geode Capital Management LLC now owns 1,173,450 shares of the financial services provider’s stock valued at $36,025,000 after acquiring an additional 53,191 shares during the period. Bank of America Corp DE lifted its position in WesBanco by 6.0% during the 1st quarter. Bank of America Corp DE now owns 1,116,413 shares of the financial services provider’s stock valued at $34,274,000 after acquiring an additional 62,971 shares during the period. Finally, Invesco Ltd. lifted its position in WesBanco by 4.3% during the 1st quarter. Invesco Ltd. now owns 642,911 shares of the financial services provider’s stock valued at $22,090,000 after acquiring an additional 26,551 shares during the period. 58.78% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. StockNews.com assumed coverage on shares of WesBanco in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. Piper Sandler dropped their target price on shares of WesBanco from $34.00 to $29.00 in a research note on Monday, May 1st. DA Davidson dropped their target price on shares of WesBanco from $38.00 to $31.00 in a research note on Wednesday, April 26th. Keefe, Bruyette & Woods lowered their price target on shares of WesBanco from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. Finally, Royal Bank of Canada lowered their price target on shares of WesBanco from $36.00 to $32.00 in a research report on Wednesday, April 26th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, WesBanco has a consensus rating of “Hold” and an average target price of $31.57.

WesBanco Company Profile

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WesBanco, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Community Banking, and Trust and Investment Services. The Community Banking segment delivers services traditionally offered by service commercial banks, including commercial demand, individual demand, and time deposit accounts, as well as commercial, mortgage, and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services.