WesBanco (NASDAQ:WSBC) Downgraded by StockNews.com to Sell

WesBanco (NASDAQ:WSBC – Get Free Report) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.

Separately, Piper Sandler lifted their price objective on shares of WesBanco from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, July 31st. One research analyst has rated the stock with a sell rating and five have given a hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $32.17.

Get Our Latest Analysis on WSBC

WesBanco Price Performance

WSBC opened at $26.40 on Tuesday. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 8.60 and a beta of 0.92. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.72. WesBanco has a 12-month low of $19.84 and a 12-month high of $41.37. The business’s fifty day simple moving average is $26.55 and its 200-day simple moving average is $28.03.

WesBanco (NASDAQ:WSBC – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. The company had revenue of $153.41 million during the quarter, compared to analyst estimates of $151.14 million. WesBanco had a net margin of 26.04% and a return on equity of 8.49%. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.67 earnings per share. On average, equities research analysts anticipate that WesBanco will post 2.61 earnings per share for the current fiscal year.

Insiders Place Their Bets

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 cost 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 in the company, valued at approximately $1,176,917.04. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 3.07% of the company’s stock.

Institutional Investors Weigh In On WesBanco

Large investors have recently modified their holdings of the business. Osaic Holdings Inc. raised its position in shares of WesBanco by 49.9% in the 2nd quarter. Osaic Holdings Inc. now owns 51,811 shares of the financial services provider’s stock valued at $1,327,000 after purchasing an additional 17,248 shares during the last quarter. Legato Capital Management LLC lifted its stake in shares of WesBanco by 30.4% during the second quarter. Legato Capital Management LLC now owns 26,472 shares of the financial services provider’s stock worth $678,000 after buying an additional 6,169 shares during the period. Nuveen Asset Management LLC lifted its stake in shares of WesBanco by 29.2% during the second quarter. Nuveen Asset Management LLC now owns 488,466 shares of the financial services provider’s stock worth $12,510,000 after buying an additional 110,397 shares during the period. Bridge City Capital LLC grew its holdings in shares of WesBanco by 30.5% during the second quarter. Bridge City Capital LLC now owns 74,534 shares of the financial services provider’s stock valued at $1,909,000 after buying an additional 17,427 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of WesBanco by 0.6% in the 2nd quarter. Wells Fargo & Company MN now owns 369,667 shares of the financial services provider’s stock valued at $9,467,000 after acquiring an additional 2,163 shares during the period. Hedge funds and other institutional investors own 59.34% of the company’s stock.

About WesBanco

(Get 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.