Q2 2023 EPS Estimates for WesBanco, Inc. (NASDAQ:WSBC) Lowered by DA Davidson

WesBanco, Inc. (NASDAQ:WSBC – Free Report) – Equities researchers at DA Davidson decreased their Q2 2023 earnings estimates for WesBanco in a report released on Tuesday, June 27th. DA Davidson analyst M. Navas now expects that the financial services provider will earn $0.69 per share for the quarter, down from their prior forecast of $0.70. The consensus estimate for WesBanco’s current full-year earnings is $2.74 per share. DA Davidson also issued estimates for WesBanco’s FY2023 earnings at $2.75 EPS and FY2024 earnings at $2.70 EPS.

A number of other brokerages have also issued reports on WSBC. StockNews.com initiated coverage on shares of WesBanco in a report on Thursday, May 18th. They issued a “sell” rating for the company. Stephens initiated coverage on shares of WesBanco in a report on Monday, April 3rd. They issued an “equal weight” rating and a $28.00 price objective for the company. Royal Bank of Canada dropped their price objective on shares of WesBanco from $36.00 to $32.00 in a report on Wednesday, April 26th. Keefe, Bruyette & Woods dropped their price objective on shares of WesBanco from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Finally, Piper Sandler decreased their target price on shares of WesBanco from $34.00 to $29.00 in a research report on Monday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $31.57.

WesBanco Trading Up 1.6 %

Shares of WSBC opened at $25.66 on Thursday. The company has a current ratio of 0.88, a quick ratio of 0.88 and a debt-to-equity ratio of 0.67. WesBanco has a 12-month low of $19.84 and a 12-month high of $41.37. The firm has a 50-day moving average price of $25.14 and a 200 day moving average price of $31.50. The firm has a market capitalization of $1.52 billion, a P/E ratio of 8.47 and a beta of 0.90.

WesBanco (NASDAQ:WSBC – Free Report) last released its earnings results on Monday, April 24th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.06). WesBanco had a return on equity of 8.40% and a net margin of 28.13%. The business had revenue of $151.99 million for the quarter, compared to analysts’ expectations of $157.27 million. During the same period in the previous year, the company earned $0.70 EPS. WesBanco’s quarterly revenue was up 10.1% compared to the same quarter last year.

Institutional Investors Weigh In On WesBanco

Several institutional investors have recently added to or reduced their stakes in WSBC. Raymond James & Associates lifted its position in shares of WesBanco by 2.4% during the 1st quarter. Raymond James & Associates now owns 31,599 shares of the financial services provider’s stock worth $1,086,000 after buying an additional 729 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in WesBanco by 423.3% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,671 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 28,046 shares in the last quarter. Cambridge Investment Research Advisors Inc. purchased a new stake in WesBanco in the first quarter valued at $237,000. Bank of Montreal Can grew its holdings in shares of WesBanco by 2.3% during the first quarter. Bank of Montreal Can now owns 25,911 shares of the financial services provider’s stock worth $905,000 after purchasing an additional 583 shares during the last quarter. Finally, MetLife Investment Management LLC increased its position in shares of WesBanco by 57.4% during the first quarter. MetLife Investment Management LLC now owns 33,178 shares of the financial services provider’s stock worth $1,140,000 after purchasing an additional 12,095 shares in the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Insider Transactions at WesBanco

In other WesBanco news, Director Gregory S. Proctor, Jr. purchased 3,500 shares of WesBanco stock in a transaction dated Thursday, June 8th. The shares were acquired at an average price of $28.08 per share, with a total value of $98,280.00. Following the completion of the transaction, the director now owns 41,913 shares of the company’s stock, valued at $1,176,917.04. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Gregory S. Proctor, Jr. bought 3,500 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were purchased at an average cost of $28.08 per share, for a total transaction of $98,280.00. Following the completion of the purchase, the director now owns 41,913 shares of the company’s stock, valued at $1,176,917.04. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Jeffrey H. Jackson bought 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 9th. The shares were purchased at an average price of $22.34 per share, for a total transaction of $111,700.00. Following the completion of the purchase, the chief operating officer now directly owns 17,627 shares of the company’s stock, valued at approximately $393,787.18. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 25,500 shares of company stock valued at $603,155. 3.07% of the stock is currently owned by corporate insiders.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Stockholders of record on Friday, June 9th will be given a dividend of $0.35 per share. The ex-dividend date is Thursday, June 8th. This represents a $1.40 annualized dividend and a dividend yield of 5.46%. WesBanco’s dividend payout ratio is presently 46.20%.

About WesBanco

(Free Report)

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. The company operates in two segments, Community Banking, and Trust and Investment Services. It offers commercial demand, individual demand, and time deposit accounts; commercial, mortgage and individual installment loans; retail loans, such as residential real estate mortgage loans, home equity lines of credit, and loans for other consumer purposes; installment loans to finance the purchase of automobiles, trucks, motorcycles, boats, and other recreational vehicles, as well as home equity installment loans, unsecured home improvement loans, and revolving lines of credit; and various non-traditional offerings, such as insurance and securities brokerage services.

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