WesBanco (NASDAQ:WSBC) Upgraded at DA Davidson

DA Davidson upgraded shares of WesBanco (NASDAQ:WSBC) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks.com reports.

WSBC has been the subject of a number of other reports. Piper Sandler assumed coverage on WesBanco in a research report on Wednesday, December 17th. They issued an “overweight” rating and a $42.00 target price for the company. Weiss Ratings restated a “hold (c+)” rating on shares of WesBanco in a report on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $40.00.

WesBanco Stock Performance

Shares of WesBanco stock opened at $36.28 on Tuesday. The business has a 50-day moving average price of $35.24 and a two-hundred day moving average price of $33.12. WesBanco has a 1-year low of $26.42 and a 1-year high of $38.10. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.44. The company has a market cap of $3.48 billion, a P/E ratio of 17.53 and a beta of 0.80.

WesBanco (NASDAQ:WSBC) last released its earnings results on Tuesday, January 27th. The financial services provider reported $0.84 EPS for the quarter, hitting the consensus estimate of $0.84. WesBanco had a return on equity of 8.88% and a net margin of 15.51%.The business had revenue of $265.78 million during the quarter, compared to analysts’ expectations of $265.53 million. During the same quarter last year, the firm posted $0.71 earnings per share. As a group, analysts anticipate that WesBanco will post 3.24 EPS for the current year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, March 6th. WesBanco’s payout ratio is 73.43%.

Insider Transactions at WesBanco

In other WesBanco news, Director F Eric Nelson, Jr. sold 752 shares of WesBanco stock in a transaction dated Wednesday, December 3rd. The shares were sold at an average price of $33.37, for a total value of $25,094.24. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Large investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its stake in WesBanco by 52.2% in the 1st quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock valued at $1,858,000 after acquiring an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of WesBanco by 56.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock valued at $1,582,000 after purchasing an additional 18,347 shares during the period. Jones Financial Companies Lllp raised its position in shares of WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 1,895 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of WesBanco by 179.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock valued at $47,779,000 after buying an additional 991,584 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in WesBanco by 60.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock worth $6,704,000 after buying an additional 81,319 shares during the period. Hedge funds and other institutional investors own 61.41% of the company’s stock.

WesBanco Company Profile

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small‐ to mid‐sized businesses, nonprofit organizations and governmental entities with a relationship‐driven approach and an emphasis on local decision‐making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.