DA Davidson Has Bullish Outlook for WesBanco FY2024 Earnings

WesBanco, Inc. (NASDAQ:WSBC - Free Report) - Analysts at DA Davidson raised their FY2024 earnings per share (EPS) estimates for shares of WesBanco in a note issued to investors on Tuesday, October 29th. DA Davidson analyst M. Navas now expects that the financial services provider will post earnings of $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.

WSBC has been the topic of a number of other research reports. Royal Bank of Canada reissued a "sector perform" rating and issued a $35.00 target price on shares of WesBanco in a report on Monday, September 9th. Stephens raised their price objective on shares of WesBanco from $33.00 to $34.00 and gave the stock an "equal weight" rating in a report on Monday. Keefe, Bruyette & Woods boosted their target price on shares of WesBanco from $30.00 to $34.00 and gave the company a "market perform" rating in a research report on Thursday, August 1st. Finally, Hovde Group lifted their price target on shares of WesBanco from $34.00 to $38.00 and gave the stock an "outperform" rating in a research note on Monday, July 29th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $36.17.

WesBanco Stock Performance

Shares of NASDAQ WSBC traded down $0.06 during midday trading on Thursday, hitting $31.45. 405,396 shares of the stock traded hands, compared to its average volume of 239,893. The firm has a market capitalization of $2.10 billion, a P/E ratio of 15.05 and a beta of 0.82. WesBanco has a one year low of $24.06 and a one year high of $34.85. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.94 and a current ratio of 0.94. The firm has a 50-day moving average of $30.64 and a two-hundred day moving average of $29.38.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. WesBanco had a net margin of 14.79% and a return on equity of 5.91%. The company had revenue of $243.34 million for the quarter, compared to the consensus estimate of $152.40 million. During the same quarter in the prior year, the firm earned $0.59 earnings per share.

Institutional Investors Weigh In On WesBanco

A number of institutional investors have recently added to or reduced their stakes in WSBC. Quarry LP grew its stake in WesBanco by 215.3% during the second quarter. Quarry LP now owns 1,337 shares of the financial services provider's stock valued at $37,000 after acquiring an additional 913 shares in the last quarter. Signaturefd LLC lifted its position in shares of WesBanco by 214.5% in the second quarter. Signaturefd LLC now owns 1,384 shares of the financial services provider's stock worth $39,000 after buying an additional 944 shares in the last quarter. Innealta Capital LLC bought a new position in WesBanco during the second quarter valued at approximately $53,000. CWM LLC boosted its stake in WesBanco by 175.2% during the third quarter. CWM LLC now owns 2,072 shares of the financial services provider's stock valued at $62,000 after buying an additional 1,319 shares during the last quarter. Finally, nVerses Capital LLC purchased a new position in WesBanco during the 3rd quarter valued at approximately $80,000. 61.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other WesBanco news, EVP Michael L. Perkins sold 5,363 shares of the stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $30.19, for a total value of $161,908.97. Following the completion of the sale, the executive vice president now owns 46,817 shares in the company, valued at approximately $1,413,405.23. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 3.44% of the company's stock.

WesBanco Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th were paid a $0.36 dividend. The ex-dividend date was Friday, September 6th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.58%. WesBanco's dividend payout ratio (DPR) is presently 68.90%.

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.