WesBanco (NASDAQ:WSBC) Sees Unusually-High Trading Volume – Still a Buy?

Shares of WesBanco, Inc. (NASDAQ:WSBC) saw unusually-strong trading volume on Monday . Approximately 1,508,927 shares changed hands during mid-day trading, an increase of 161% from the previous session’s volume of 578,502 shares.The stock last traded at $35.5220 and had previously closed at $34.39.

Analysts Set New Price Targets

A number of research analysts recently issued reports on WSBC shares. Raymond James Financial reiterated a “strong-buy” rating and issued a $41.00 price objective on shares of WesBanco in a report on Thursday, March 12th. Zacks Research lowered shares of WesBanco from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. Piper Sandler dropped their price objective on shares of WesBanco from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, DA Davidson reiterated a “buy” rating and issued a $41.00 price objective on shares of WesBanco in a report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, WesBanco presently has an average rating of “Moderate Buy” and an average price target of $39.50.

WesBanco Stock Performance

The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The company’s 50-day moving average price is $34.56 and its two-hundred day moving average price is $34.45. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of 11.41 and a beta of 0.68.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The company had revenue of $257.23 million during the quarter, compared to analysts’ expectations of $264.52 million. During the same period in the prior year, the company posted $0.66 earnings per share. WesBanco’s revenue for the quarter was down 3.1% compared to the same quarter last year. On average, equities research analysts anticipate that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be given a dividend of $0.38 per share. The ex-dividend date is Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 4.3%. WesBanco’s dividend payout ratio is 49.03%.

WesBanco announced that its board has authorized a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, Director Lee J. Burdman acquired 3,000 shares of the stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $33.60 per share, for a total transaction of $100,800.00. Following the purchase, the director directly owned 46,772 shares of the company’s stock, valued at $1,571,539.20. The trade was a 6.85% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Louis Michael Altman acquired 3,000 shares of the stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $33.72 per share, with a total value of $101,160.00. Following the purchase, the director directly owned 33,164 shares in the company, valued at $1,118,290.08. This represents a 9.95% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders purchased 7,940 shares of company stock worth $267,299 in the last quarter. 2.07% of the stock is owned by corporate insiders.

Institutional Trading of WesBanco

Several hedge funds have recently modified their holdings of WSBC. Covestor Ltd increased its stake in shares of WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 750 shares in the last quarter. Smartleaf Asset Management LLC grew its position in WesBanco by 255.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 799 shares of the financial services provider’s stock valued at $26,000 after purchasing an additional 574 shares during the period. Hilton Head Capital Partners LLC acquired a new stake in WesBanco in the 4th quarter valued at $29,000. GAMMA Investing LLC grew its position in WesBanco by 41.1% in the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 324 shares during the period. Finally, First Horizon Corp grew its position in WesBanco by 55.4% in the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 464 shares during the period. 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.