WesBanco (NASDAQ:WSBC) Reaches New 12-Month Low on Analyst Downgrade

Posted by Defense World Staff on May 3rd, 2023

WesBanco, Inc. (NASDAQ:WSBC – Get Rating) hit a new 52-week low on Tuesday after Piper Sandler lowered their price target on the stock from $34.00 to $29.00. The company traded as low as $25.59 and last traded at $25.64, with a volume of 28382 shares traded. The stock had previously closed at $26.42.

Several other equities research analysts have also recently issued reports on WSBC. Stephens began coverage on WesBanco in a research note on Monday, April 3rd. They issued an “equal weight” rating and a $28.00 price target for the company. StockNews.com cut WesBanco from a “hold” rating to a “sell” rating in a research note on Friday, March 24th. Keefe, Bruyette & Woods cut their price target on WesBanco from $40.00 to $35.00 and set a “market perform” rating for the company in a research note on Thursday, April 6th. DA Davidson cut their price target on WesBanco from $38.00 to $31.00 in a research note on Wednesday, April 26th. Finally, Royal Bank of Canada cut their price target on WesBanco from $36.00 to $32.00 in a research note on Wednesday, April 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $31.57.

Institutional Trading of WesBanco

A number of institutional investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its position in shares of WesBanco by 0.6% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 56,763 shares of the financial services provider’s stock worth $2,099,000 after purchasing an additional 313 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of WesBanco by 3.9% during the 3rd quarter. Fifth Third Bancorp now owns 8,298 shares of the financial services provider’s stock worth $277,000 after purchasing an additional 314 shares in the last quarter. UBS Group AG lifted its position in WesBanco by 2.4% in the 2nd quarter. UBS Group AG now owns 13,774 shares of the financial services provider’s stock valued at $437,000 after acquiring an additional 322 shares in the last quarter. Captrust Financial Advisors lifted its position in WesBanco by 9.8% in the 2nd quarter. Captrust Financial Advisors now owns 3,780 shares of the financial services provider’s stock valued at $120,000 after acquiring an additional 338 shares in the last quarter. Finally, Janney Montgomery Scott LLC lifted its position in WesBanco by 3.2% in the 3rd quarter. Janney Montgomery Scott LLC now owns 11,332 shares of the financial services provider’s stock valued at $378,000 after acquiring an additional 354 shares in the last quarter. Institutional investors own 58.78% of the company’s stock.

WesBanco Stock Performance

The firm has a market cap of $1.44 billion, a P/E ratio of 8.01 and a beta of 0.90. The company has a current ratio of 0.83, a quick ratio of 0.83 and a debt-to-equity ratio of 0.43. The company’s 50-day moving average is $31.30 and its two-hundred day moving average is $35.73.

WesBanco (NASDAQ:WSBC – Get Rating) last announced its quarterly earnings results on Monday, April 24th. The financial services provider reported $0.71 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.06). WesBanco had a net margin of 28.13% and a return on equity of 8.44%. The business had revenue of $151.99 million during the quarter, compared to the consensus estimate of $157.27 million. During the same period in the previous year, the business posted $0.70 EPS. WesBanco’s revenue was up 10.1% compared to the same quarter last year. As a group, equities analysts predict that WesBanco, Inc. will post 2.9 EPS for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Saturday, April 1st. Investors of record on Friday, March 10th were given a $0.35 dividend. The ex-dividend date was Thursday, March 9th. This represents a $1.40 annualized dividend and a yield of 5.77%. WesBanco’s payout ratio is 46.20%.

About WesBanco

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WesBanco, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Community Banking, and Trust and Investment Services. The Community Banking segment delivers services traditionally offered by service commercial banks, including commercial demand, individual demand, and time deposit accounts, as well as commercial, mortgage, and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services.