Raymond James Upgrades WesBanco (NASDAQ:WSBC) to "Strong-Buy"

WesBanco (NASDAQ:WSBC - Get Free Report) was upgraded by analysts at Raymond James from an "outperform" rating to a "strong-buy" rating in a note issued to investors on Friday, Marketbeat Ratings reports. The brokerage currently has a $44.00 price target on the financial services provider's stock, up from their previous price target of $35.00. Raymond James' target price would indicate a potential upside of 21.15% from the stock's current price.

Several other research firms also recently commented on WSBC. Royal Bank of Canada reiterated a "sector perform" rating and issued a $35.00 price objective on shares of WesBanco in a report on Monday, September 9th. Stephens lifted their price target on WesBanco from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research note on Monday, October 28th. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $37.83.

WesBanco Price Performance

Shares of NASDAQ WSBC traded up $1.16 during trading hours on Friday, reaching $36.32. 616,823 shares of the stock traded hands, compared to its average volume of 322,719. The company has a market capitalization of $2.43 billion, a P/E ratio of 17.38 and a beta of 0.84. The company's 50-day simple moving average is $32.81 and its two-hundred day simple moving average is $30.67. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.55. WesBanco has a 52-week low of $25.56 and a 52-week high of $37.36.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.03. WesBanco had a net margin of 14.79% and a return on equity of 5.75%. The firm had revenue of $243.34 million during the quarter, compared to analyst estimates of $152.40 million. During the same period in the previous year, the business posted $0.59 EPS. Equities research analysts forecast that WesBanco will post 2.14 EPS for the current year.

Insiders Place Their Bets

In other WesBanco news, EVP Michael L. Perkins sold 1,125 shares of the company's stock in a transaction on Friday, November 8th. The shares were sold at an average price of $34.87, for a total value of $39,228.75. Following the completion of the transaction, the executive vice president now directly owns 46,817 shares in the company, valued at approximately $1,632,508.79. This represents a 2.35 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 3.44% of the company's stock.

Hedge Funds Weigh In On WesBanco

Institutional investors have recently bought and sold shares of the stock. Comerica Bank grew its holdings in shares of WesBanco by 27.5% during the 1st quarter. Comerica Bank now owns 5,382 shares of the financial services provider's stock worth $160,000 after acquiring an additional 1,162 shares during the period. Hennion & Walsh Asset Management Inc. grew its stake in WesBanco by 64.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 12,193 shares of the financial services provider's stock worth $340,000 after purchasing an additional 4,760 shares during the period. AMG National Trust Bank raised its holdings in WesBanco by 31.7% in the second quarter. AMG National Trust Bank now owns 14,535 shares of the financial services provider's stock worth $406,000 after purchasing an additional 3,500 shares in the last quarter. Raymond James Trust N.A. lifted its position in WesBanco by 3.9% during the second quarter. Raymond James Trust N.A. now owns 17,380 shares of the financial services provider's stock valued at $485,000 after buying an additional 647 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in 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 buying an additional 21,297 shares during the period. 61.41% of the stock is owned by institutional investors.

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.