WesBanco (NASDAQ:WSBC) Hits New 1-Year High – Time to Buy?

WesBanco, Inc. (NASDAQ:WSBC)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $39.32 and last traded at $39.6220, with a volume of 80465 shares traded. The stock had previously closed at $39.03.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports 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. Raymond James Financial reaffirmed a “strong-buy” rating and set a $41.00 target price on shares of WesBanco in a report on Thursday, March 12th. DA Davidson reiterated a “buy” rating and issued a $41.00 price target on shares of WesBanco in a research report on Wednesday, April 22nd. Piper Sandler lifted their price target on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research note on Friday, June 26th. Finally, Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $40.25.

WesBanco Trading Down 0.8%

The stock’s 50-day simple moving average is $35.27 and its two-hundred day simple moving average is $35.06. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The firm has a market capitalization of $3.81 billion, a P/E ratio of 12.79 and a beta of 0.67.

WesBanco (NASDAQ:WSBC) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $257.23 million for the quarter, compared to analysts’ expectations of $264.52 million. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. WesBanco’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.66 EPS. Equities research analysts expect that WesBanco, Inc. will post 3.59 EPS for the current year.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, June 5th. WesBanco’s payout ratio is presently 49.03%.

WesBanco declared that its board has authorized a share repurchase program on Wednesday, May 20th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other WesBanco news, Director Joseph R. Robinson purchased 1,000 shares of the company’s stock in a transaction on Monday, April 27th. The stock was acquired at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the purchase, the director directly owned 19,068 shares of the company’s stock, valued at $658,608.72. This trade represents a 5.53% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Louis Michael Altman acquired 3,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were bought at an average cost of $33.72 per share, with a total value of $101,160.00. Following the completion of the acquisition, the director owned 33,164 shares in the company, valued at approximately $1,118,290.08. This represents a 9.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 7,000 shares of company stock worth $236,500. Company insiders own 2.07% of the company’s stock.

Hedge Funds Weigh In On WesBanco

Several hedge funds have recently modified their holdings of the stock. Covestor Ltd grew its stake in WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new stake in WesBanco in the 4th quarter worth $29,000. GAMMA Investing LLC boosted its holdings in shares of WesBanco by 41.1% during the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 324 shares during the last quarter. First Horizon Corp boosted its holdings in shares of WesBanco by 55.4% during the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 464 shares during the last quarter. Finally, Federated Hermes Inc. grew its position in shares of WesBanco by 71.9% during the second 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 in the last quarter. 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.