FY2024 Earnings Forecast for WesBanco, Inc. (NASDAQ:WSBC) Issued By DA Davidson

WesBanco, Inc. (NASDAQ:WSBC) – Research analysts at DA Davidson lowered their FY2024 earnings estimates for shares of WesBanco in a report released on Thursday, October 3rd. DA Davidson analyst M. Navas now anticipates that the financial services provider will post earnings per share of $2.08 for the year, down from their previous forecast of $2.10. DA Davidson has a “Buy” rating and a $42.00 price objective on the stock. The consensus estimate for WesBanco’s current full-year earnings is $2.07 per share.

WesBanco (NASDAQ:WSBC) last released its earnings results on Friday, July 26th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.04). WesBanco had a net margin of 15.22% and a return on equity of 5.90%. The firm had revenue of $234.35 million during the quarter, compared to the consensus estimate of $148.40 million. During the same period in the prior year, the business earned $0.71 earnings per share.

A number of other research firms also recently weighed in on WSBC. Keefe, Bruyette & Woods raised their price target on shares of WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a research note on Thursday, August 1st. Stephens raised their price target on shares of WesBanco from $27.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 6th. Royal Bank of Canada restated a “sector perform” rating and issued a $35.00 price target on shares of WesBanco in a research note on Monday, September 9th. Finally, Hovde Group raised their price target on shares of WesBanco from $34.00 to $38.00 and gave the company an “outperform” rating in a research note on Monday, July 29th. One analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, WesBanco has a consensus rating of “Hold” and a consensus price target of $34.71.

WesBanco Price Performance

WSBC stock opened at $28.79 on Friday. The company’s 50-day moving average price is $30.81 and its two-hundred day moving average price is $29.13. WesBanco has a 12 month low of $23.00 and a 12 month high of $34.85. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a market cap of $1.92 billion, a P/E ratio of 12.00 and a beta of 0.82.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of WSBC. Norges Bank acquired a new position in shares of WesBanco in the 4th quarter worth approximately $8,620,000. Millennium Management LLC increased its stake in shares of WesBanco by 466.7% in the 2nd quarter. Millennium Management LLC now owns 152,858 shares of the financial services provider’s stock valued at $4,266,000 after acquiring an additional 125,883 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of WesBanco in the 1st quarter valued at $3,555,000. Inspire Advisors LLC bought a new stake in shares of WesBanco in the 2nd quarter valued at $1,416,000. Finally, Bailard Inc. bought a new stake in shares of WesBanco in the 2nd quarter valued at $687,000. Institutional investors and hedge funds own 61.41% of the company’s stock.

Insider Buying and Selling

In related news, EVP Michael L. Perkins sold 5,363 shares of WesBanco stock in a transaction that occurred on Tuesday, August 6th. The shares were sold at an average price of $30.19, for a total transaction of $161,908.97. Following the sale, the executive vice president now directly owns 46,817 shares in the company, valued at approximately $1,413,405.23. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 3.44% of the stock is owned by corporate insiders.

WesBanco Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were given a dividend of $0.36 per share. The ex-dividend date of this dividend was Friday, September 6th. This represents a $1.44 annualized dividend and a yield of 5.00%. WesBanco’s dividend payout ratio is presently 60.00%.

WesBanco Company Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.