WesBanco, Inc. (NASDAQ:WSBC) to Post FY2024 Earnings of $2.08 Per Share, DA Davidson Forecasts

WesBanco, Inc. (NASDAQ:WSBC) – Research analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for shares of WesBanco in a report released on Thursday, October 3rd. DA Davidson analyst M. Navas now forecasts that the financial services provider will earn $2.08 per share for the year, down from their previous estimate of $2.10. DA Davidson currently has a “Buy” rating and a $42.00 target price on the stock. The consensus estimate for WesBanco’s current full-year earnings is $2.07 per share.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.49 earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.04). WesBanco had a return on equity of 5.90% and a net margin of 15.22%. The business had revenue of $234.35 million during the quarter, compared to the consensus estimate of $148.40 million. During the same quarter in the previous year, the firm posted $0.71 earnings per share.

Several other equities research analysts have also recently weighed in on WSBC. Stephens increased their target price on WesBanco from $27.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, August 6th. Hovde Group increased their price objective on WesBanco from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $35.00 target price on shares of WesBanco in a research note on Monday, September 9th. Finally, Keefe, Bruyette & Woods upped their price target on shares of WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Thursday, August 1st. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, WesBanco has an average rating of “Hold” and a consensus target price of $34.71.

WesBanco Stock Performance

NASDAQ WSBC opened at $29.36 on Friday. The company has a 50-day simple moving average of $30.63 and a two-hundred day simple moving average of $29.14. WesBanco has a 12-month low of $23.00 and a 12-month high of $34.85. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of 12.23 and a beta of 0.82. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.73.

Institutional Investors Weigh In On WesBanco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in shares of WesBanco by 4.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 490,335 shares of the financial services provider’s stock valued at $13,685,000 after buying an additional 21,297 shares in the last quarter. Norges Bank bought a new stake in WesBanco during the fourth quarter worth about $8,620,000. Envestnet Asset Management Inc. grew its holdings in WesBanco by 2.7% in the second quarter. Envestnet Asset Management Inc. now owns 227,429 shares of the financial services provider’s stock worth $6,348,000 after purchasing an additional 6,043 shares during the period. Sei Investments Co. increased its stake in shares of WesBanco by 1.7% during the first quarter. Sei Investments Co. now owns 209,011 shares of the financial services provider’s stock valued at $6,231,000 after purchasing an additional 3,425 shares in the last quarter. Finally, Empowered Funds LLC lifted its holdings in shares of WesBanco by 8.2% during the first quarter. Empowered Funds LLC now owns 163,952 shares of the financial services provider’s stock valued at $4,887,000 after purchasing an additional 12,392 shares during the last quarter. 61.41% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at WesBanco

In related news, EVP Michael L. Perkins sold 5,363 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $30.19, for a total transaction of $161,908.97. Following the transaction, the executive vice president now owns 46,817 shares in the company, valued at $1,413,405.23. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.44% of the company’s stock.

WesBanco Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were issued a $0.36 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.44 annualized dividend and a yield of 4.90%. WesBanco’s dividend payout ratio (DPR) is presently 60.00%.

About WesBanco

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.