WesBanco (NASDAQ:WSBC) Shares Gap Up After Better-Than-Expected Earnings

WesBanco, Inc. (NASDAQ:WSBC)’s stock price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $31.74, but opened at $32.75. WesBanco shares last traded at $34.24, with a volume of 71,948 shares changing hands.

The financial services provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.17. WesBanco had a return on equity of 5.75% and a net margin of 14.79%.

WesBanco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th were issued a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.29%. The ex-dividend date was Friday, December 6th. This is an increase from WesBanco’s previous quarterly dividend of $0.36. WesBanco’s dividend payout ratio (DPR) is 70.81%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on WSBC shares. Stephens raised their price target on WesBanco from $33.00 to $34.00 and gave the company an “equal weight” rating in a research report on Monday, October 28th. Raymond James raised shares of WesBanco from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $35.00 to $44.00 in a research report on Friday, December 6th. Three research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $37.83.

Insiders Place Their Bets

In other WesBanco news, EVP Michael L. Perkins sold 1,125 shares of the firm’s stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $34.87, for a total transaction of $39,228.75. Following the transaction, the executive vice president now owns 46,817 shares in the company, valued at approximately $1,632,508.79. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.44% of the company’s stock.

Institutional Trading of WesBanco

A number of hedge funds have recently modified their holdings of the company. Geode Capital Management LLC increased its stake in WesBanco by 2.4% in the third quarter. Geode Capital Management LLC now owns 1,419,070 shares of the financial services provider’s stock valued at $42,268,000 after purchasing an additional 32,879 shares in the last quarter. Franklin Resources Inc. bought a new position in shares of WesBanco during the 3rd quarter valued at about $1,148,000. FMR LLC grew its position in shares of WesBanco by 25.8% in the 3rd quarter. FMR LLC now owns 695,487 shares of the financial services provider’s stock valued at $20,712,000 after purchasing an additional 142,597 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in WesBanco during the 3rd quarter worth approximately $212,000. Finally, Cerity Partners LLC boosted its holdings in shares of WesBanco by 3.0% in the third quarter. Cerity Partners LLC now owns 30,049 shares of the financial services provider’s stock valued at $895,000 after buying an additional 867 shares during the period. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Price Performance

The company has a market cap of $2.31 billion, a P/E ratio of 16.44 and a beta of 0.85. The company’s 50-day moving average price is $33.79 and its 200-day moving average price is $32.03. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.93 and a quick ratio of 0.93.

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.