WesBanco (NASDAQ:WSBC) Posts Quarterly Earnings Results, Beats Expectations By $0.07 EPS

WesBanco (NASDAQ:WSBCGet Rating) announced its quarterly earnings results on Tuesday. The financial services provider reported $0.70 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.07, MarketWatch Earnings reports. The business had revenue of $138.09 million during the quarter, compared to analysts’ expectations of $139.13 million. WesBanco had a return on equity of 9.32% and a net margin of 39.22%. The firm’s quarterly revenue was down 7.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.06 EPS.

Shares of WSBC stock traded down $0.74 during trading hours on Tuesday, reaching $32.78. 201,197 shares of the company’s stock were exchanged, compared to its average volume of 259,326. WesBanco has a fifty-two week low of $30.21 and a fifty-two week high of $39.87. The stock has a market capitalization of $2.01 billion, a P/E ratio of 9.31 and a beta of 0.96. The business has a fifty day moving average price of $34.90 and a 200-day moving average price of $35.40. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.12.

The firm also recently declared a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Friday, March 11th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Thursday, March 10th. This is a positive change from WesBanco’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 4.15%. WesBanco’s payout ratio is 38.64%.

WSBC has been the subject of several analyst reports. Zacks Investment Research upgraded WesBanco from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a report on Friday, April 1st. B. Riley reduced their target price on WesBanco from $35.00 to $32.00 in a report on Tuesday, April 12th. Finally, StockNews.com initiated coverage on WesBanco in a report on Thursday, March 31st. They issued a “hold” rating for the company. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.25.

In related news, EVP Jonathan D. Dargusch sold 1,121 shares of the company’s stock in a transaction on Tuesday, February 8th. The stock was sold at an average price of $36.93, for a total value of $41,398.53. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph R. Robinson bought 3,000 shares of the business’s stock in a transaction that occurred on Thursday, January 27th. The stock was purchased at an average price of $34.80 per share, with a total value of $104,400.00. The disclosure for this purchase can be found here. 3.15% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Alliancebernstein L.P. raised its stake in shares of WesBanco by 0.8% in the fourth quarter. Alliancebernstein L.P. now owns 92,766 shares of the financial services provider’s stock valued at $3,246,000 after purchasing an additional 700 shares in the last quarter. Janus Henderson Group PLC bought a new stake in WesBanco in the third quarter valued at $231,000. BNP Paribas Arbitrage SA grew its position in WesBanco by 104.2% in the third quarter. BNP Paribas Arbitrage SA now owns 18,714 shares of the financial services provider’s stock valued at $638,000 after acquiring an additional 9,548 shares during the period. LPL Financial LLC grew its position in WesBanco by 42.9% in the fourth quarter. LPL Financial LLC now owns 55,037 shares of the financial services provider’s stock valued at $1,926,000 after acquiring an additional 16,532 shares during the period. Finally, JPMorgan Chase & Co. grew its position in WesBanco by 27.3% in the fourth quarter. JPMorgan Chase & Co. now owns 122,609 shares of the financial services provider’s stock valued at $4,290,000 after acquiring an additional 26,295 shares during the period. Institutional investors and hedge funds own 60.15% of the company’s stock.

WesBanco Company Profile (Get Rating)

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, and mortgage banking and insurance services. It operates in two segments, Community Banking, and Trust and Investment Services. The company offers commercial demand, individual demand, and time deposit accounts; money market accounts; interest bearing and non-interest bearing demand deposits, as well as savings deposits; and certificates of deposit.

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Earnings History for WesBanco (NASDAQ:WSBC)

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