WesBanco (NASDAQ:WSBC) Hits New 12-Month High – Should You Buy?

WesBanco, Inc. (NASDAQ:WSBC)’s stock price reached a new 52-week high during trading on Thursday . The stock traded as high as $38.22 and last traded at $38.2770, with a volume of 46860 shares changing hands. The stock had previously closed at $37.86.

Analysts Set New Price Targets

A number of analysts recently commented on WSBC shares. DA Davidson reiterated a “buy” rating and issued a $41.00 target price on shares of WesBanco in a research note on Wednesday, April 22nd. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Raymond James Financial reiterated a “strong-buy” rating and issued a $41.00 target price on shares of WesBanco in a report on Thursday, March 12th. Finally, Piper Sandler boosted 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. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.25.

WesBanco Stock Up 0.7%

The company has a market capitalization of $3.73 billion, a price-to-earnings ratio of 12.52 and a beta of 0.68. The firm’s 50-day simple moving average is $35.00 and its two-hundred day simple moving average is $34.91. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91.

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

WesBanco Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date is Friday, June 5th. WesBanco’s dividend payout ratio is 49.03%.

WesBanco announced that its board has initiated a stock buyback program on Wednesday, May 20th that permits the company to buyback 4,000,000 outstanding shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Louis Michael Altman acquired 3,000 shares of the business’s stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average price of $33.72 per share, with a total value of $101,160.00. Following the completion of the transaction, the director directly owned 33,164 shares in the company, valued at approximately $1,118,290.08. This represents a 9.95% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the transaction, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have acquired 7,000 shares of company stock valued at $236,500. 2.07% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On WesBanco

A number of large investors have recently modified their holdings of WSBC. Covestor Ltd grew its holdings in shares of WesBanco by 12,500.0% during the 4th 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 period. Hilton Head Capital Partners LLC acquired a new position in WesBanco during the fourth quarter valued at approximately $29,000. GAMMA Investing LLC grew its stake in WesBanco by 41.1% during the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock worth $37,000 after buying an additional 324 shares during the period. First Horizon Corp grew its stake in WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock worth $43,000 after buying an additional 464 shares during the period. Finally, Federated Hermes Inc. raised its position in WesBanco by 71.9% in 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 during the period. 61.41% of the stock is currently owned by hedge funds and other 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.