WesBanco (NASDAQ:WSBC) Research Coverage Started at Piper Sandler

Piper Sandler initiated coverage on shares of WesBanco (NASDAQ:WSBC) in a research report sent to investors on Wednesday morning, Marketbeat reports. The firm issued an overweight rating and a $42.00 price target on the financial services provider’s stock.

WSBC has been the subject of several other research reports. Wall Street Zen downgraded WesBanco from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. DA Davidson lowered shares of WesBanco from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Royal Bank Of Canada upped their price objective on shares of WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of WesBanco in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

WesBanco Stock Performance

NASDAQ WSBC opened at $34.80 on Wednesday. WesBanco has a 1 year low of $26.42 and a 1 year high of $37.18. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of 17.76 and a beta of 0.81. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. The firm’s 50 day simple moving average is $32.01 and its 200 day simple moving average is $31.86.

WesBanco (NASDAQ:WSBC) last issued its earnings results on Wednesday, October 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05. WesBanco had a return on equity of 8.28% and a net margin of 13.91%.The firm had revenue of $261.58 million for the quarter, compared to the consensus estimate of $263.38 million. During the same quarter last year, the business posted $0.54 EPS. As a group, research analysts expect that WesBanco will post 3.24 earnings per share for the current fiscal year.

WesBanco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 5th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, December 5th. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. WesBanco’s payout ratio is 77.55%.

Insider Transactions at WesBanco

In related news, Director Zahid Afzal acquired 3,321 shares of the company’s stock in a transaction on Thursday, October 30th. The shares were acquired at an average cost of $30.11 per share, for a total transaction of $99,995.31. Following the purchase, the director owned 13,223 shares in the company, valued at approximately $398,144.53. The trade was a 33.54% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director F Eric Nelson, Jr. sold 752 shares of WesBanco stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $33.37, for a total transaction of $25,094.24. Additional details regarding this sale are available in the official SEC disclosure. 2.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new position in shares of WesBanco in the 2nd quarter worth approximately $26,000. Smartleaf Asset Management LLC lifted its holdings in WesBanco by 255.1% during the third quarter. Smartleaf Asset Management LLC now owns 799 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 574 shares during the period. First Horizon Corp bought a new stake in WesBanco during the third quarter worth $27,000. True Wealth Design LLC boosted its position in WesBanco by 77.9% in the third quarter. True Wealth Design LLC now owns 877 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 384 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in WesBanco by 71.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock valued at $45,000 after purchasing an additional 600 shares during the period. 61.41% of the stock is owned by institutional investors.

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.