FY2024 Earnings Forecast for WesBanco Issued By DA Davidson

WesBanco, Inc. (NASDAQ:WSBC) – Stock analysts at DA Davidson raised their FY2024 earnings estimates for shares of WesBanco in a research note issued on Tuesday, October 29th. DA Davidson analyst M. Navas now expects that the financial services provider will earn $2.15 per share for the year, up from their prior estimate of $2.08. DA Davidson has a “Buy” rating and a $42.00 price objective on the stock. The consensus estimate for WesBanco’s current full-year earnings is $2.06 per share.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings results on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. WesBanco had a return on equity of 5.91% and a net margin of 14.79%. The firm had revenue of $243.34 million for the quarter, compared to analyst estimates of $152.40 million. During the same period last year, the company earned $0.59 EPS.

Several other research firms have also weighed in on WSBC. Keefe, Bruyette & Woods lifted their price objective on WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Stephens upped their price objective on shares of WesBanco from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Monday. Hovde Group raised their price target on shares of WesBanco from $34.00 to $38.00 and gave the stock an “outperform” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $35.00 price target on shares of WesBanco in a research note on Monday, September 9th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, WesBanco currently has a consensus rating of “Moderate Buy” and an average price target of $36.17.

WesBanco Stock Down 0.2 %

Shares of WSBC opened at $31.45 on Thursday. WesBanco has a fifty-two week low of $24.06 and a fifty-two week high of $34.85. The firm has a market cap of $2.10 billion, a PE ratio of 15.05 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. The company’s fifty day moving average is $30.64 and its two-hundred day moving average is $29.38.

WesBanco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were given a dividend of $0.36 per share. The ex-dividend date was Friday, September 6th. This represents a $1.44 annualized dividend and a dividend yield of 4.58%. WesBanco’s dividend payout ratio is currently 68.90%.

Insiders Place Their Bets

In other news, EVP Michael L. Perkins sold 5,363 shares of the firm’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $30.19, for a total transaction of $161,908.97. Following the transaction, the executive vice president now directly owns 46,817 shares of the company’s stock, valued at approximately $1,413,405.23. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.44% of the stock is owned by insiders.

Institutional Investors Weigh In On WesBanco

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. New York State Common Retirement Fund raised its position in WesBanco by 2.5% in the third quarter. New York State Common Retirement Fund now owns 500,890 shares of the financial services provider’s stock worth $14,917,000 after acquiring an additional 11,987 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of WesBanco by 4.5% during the second 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 acquiring an additional 21,297 shares during the period. F M Investments LLC purchased a new stake in shares of WesBanco in the third quarter valued at $7,726,000. Envestnet Asset Management Inc. boosted its position in WesBanco by 2.7% during the 2nd quarter. Envestnet Asset Management Inc. now owns 227,429 shares of the financial services provider’s stock worth $6,348,000 after acquiring an additional 6,043 shares during the period. Finally, Sei Investments Co. boosted its holdings 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 worth $6,231,000 after purchasing an additional 3,425 shares during the period. Institutional investors own 61.41% of the company’s stock.

WesBanco Company Profile

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.