WesBanco (NASDAQ:WSBC) Posts Quarterly Earnings Results, Beats Estimates By $0.05 EPS
by Amy Steele · The Cerbat GemWesBanco (NASDAQ:WSBC – Get Free Report) released its quarterly earnings data on Tuesday. The financial services provider reported $0.91 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05, FiscalAI reports. WesBanco had a return on equity of 9.83% and a net margin of 21.12%.The firm had revenue of $257.23 million for the quarter, compared to analysts’ expectations of $264.52 million. During the same period in the prior year, the firm posted $0.66 earnings per share. The firm’s quarterly revenue was down 3.1% on a year-over-year basis.
WesBanco Trading Down 7.4%
NASDAQ WSBC opened at $33.10 on Thursday. The firm has a market cap of $3.18 billion, a price-to-earnings ratio of 10.68 and a beta of 0.74. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.92 and a current ratio of 0.92. WesBanco has a one year low of $28.74 and a one year high of $38.10. The firm has a 50 day simple moving average of $34.92 and a 200-day simple moving average of $33.85.
WesBanco Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 1st. Stockholders of record on Friday, March 6th were paid a $0.38 dividend. The ex-dividend date of this dividend was Friday, March 6th. This represents a $1.52 annualized dividend and a dividend yield of 4.6%. WesBanco’s dividend payout ratio (DPR) is presently 73.43%.
Institutional Trading of WesBanco
Hedge funds have recently modified their holdings of the stock. Federated Hermes Inc. raised its stake in shares of 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 acquiring an additional 600 shares in the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of WesBanco by 260.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock valued at $58,000 after acquiring an additional 1,327 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after acquiring an additional 1,895 shares in the last quarter. CIBC Private Wealth Group LLC raised its stake in shares of WesBanco by 622.9% in the third quarter. CIBC Private Wealth Group LLC now owns 2,024 shares of the financial services provider’s stock valued at $65,000 after acquiring an additional 1,744 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in shares of WesBanco in the third quarter valued at $70,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts recently commented on WSBC shares. Piper Sandler reiterated an “overweight” rating on shares of WesBanco in a report on Thursday. DA Davidson reiterated a “buy” rating and issued a $41.00 price objective on shares of WesBanco in a report on Wednesday. Raymond James Financial reiterated a “strong-buy” rating and issued a $41.00 price objective on shares of WesBanco in a report on Thursday, March 12th. Finally, Weiss Ratings upgraded WesBanco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $40.00.
Get Our Latest Research Report on WSBC
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.