WesBanco (NASDAQ:WSBC) Announces Quarterly Earnings Results, Beats Estimates By $0.01 EPS

WesBanco (NASDAQ:WSBC) announced its quarterly earnings results on Wednesday. The financial services provider reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01, FiscalAI reports. The company had revenue of $272.74 million for the quarter, compared to the consensus estimate of $274.88 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%.

WesBanco Price Performance

Shares of NASDAQ:WSBC traded up $0.02 on Wednesday, reaching $37.65. The company’s stock had a trading volume of 588,387 shares, compared to its average volume of 872,133. The company has a 50-day simple moving average of $39.35 and a 200 day simple moving average of $37.83. WesBanco has a 52-week low of $29.57 and a 52-week high of $43.02. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $3.61 billion, a P/E ratio of 10.94 and a beta of 0.69.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, September 4th. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

Insider Activity

In related news, EVP Jayson M. Zatta sold 12,500 shares of WesBanco stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total value of $522,500.00. Following the completion of the transaction, the executive vice president owned 81,082 shares in the company, valued at approximately $3,389,227.60. This trade represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kimberly L. Griffith sold 6,875 shares of the business’s stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.20, for a total value of $283,250.00. Following the sale, the executive vice president directly owned 15,858 shares in the company, valued at $653,349.60. The trade was a 30.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 35,195 shares of company stock worth $1,465,800. 2.07% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WSBC. Wall Street Zen lowered WesBanco from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings reiterated a “buy (b)” rating on shares of WesBanco in a research report on Monday, August 3rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $44.00 price target on shares of WesBanco in a research note on Monday, September 14th. Raymond James Financial lowered WesBanco from a “strong-buy” rating to a “market perform” rating in a research note on Tuesday, October 6th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $42.00 price target on shares of WesBanco in a report on Thursday, July 23rd. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $43.60.

About WesBanco

WesBanco, Inc (NASDAQ: WSBC) is a regional financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides banking and financial services to individuals, families, businesses and institutions.

Its offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, personal and corporate credit services, mortgage banking and other traditional banking products.