WesBanco, Inc. to Issue Quarterly Dividend of $0.35 (NASDAQ:WSBC)

WesBanco, Inc. (NASDAQ:WSBCGet Rating) declared a quarterly dividend on Wednesday, May 24th, Zacks reports. Stockholders of record on Friday, June 9th will be paid a dividend of 0.35 per share by the financial services provider on Saturday, July 1st. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.84%. The ex-dividend date is Thursday, June 8th.

WesBanco has raised its dividend by an average of 3.4% annually over the last three years and has increased its dividend annually for the last 12 consecutive years. WesBanco has a payout ratio of 50.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect WesBanco to earn $2.77 per share next year, which means the company should continue to be able to cover its $1.40 annual dividend with an expected future payout ratio of 50.5%.

WesBanco Stock Down 1.6 %

Shares of NASDAQ:WSBC opened at $23.97 on Friday. WesBanco has a 1 year low of $19.84 and a 1 year high of $41.37. The company has a market capitalization of $1.42 billion, a price-to-earnings ratio of 7.91 and a beta of 0.90. The business’s 50-day moving average is $27.28 and its 200-day moving average is $33.88. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.88 and a quick ratio of 0.88.

WesBanco (NASDAQ:WSBCGet Rating) last issued its earnings results on Monday, April 24th. The financial services provider reported $0.71 EPS for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.06). WesBanco had a net margin of 28.13% and a return on equity of 8.40%. The firm 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 firm earned $0.70 earnings per share. The business’s quarterly revenue was up 10.1% on a year-over-year basis. Equities research analysts predict that WesBanco will post 2.74 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on WSBC. Royal Bank of Canada decreased their target price on WesBanco from $36.00 to $32.00 in a research report on Wednesday, April 26th. Keefe, Bruyette & Woods decreased their price objective on WesBanco from $40.00 to $35.00 and set a “market perform” rating for the company in a report on Thursday, April 6th. Piper Sandler decreased their price objective on WesBanco from $34.00 to $29.00 in a report on Monday, May 1st. DA Davidson decreased their price objective on WesBanco from $38.00 to $31.00 in a report on Wednesday, April 26th. Finally, Stephens assumed coverage on WesBanco in a report on Monday, April 3rd. They set an “equal weight” rating and a $28.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $31.57.

Insider Activity

In other WesBanco news, Director Robert J. Fitzsimmons bought 15,500 shares of WesBanco stock in a transaction dated Monday, May 8th. The stock was bought at an average cost of $23.10 per share, with a total value of $358,050.00. Following the completion of the acquisition, the director now directly owns 46,908 shares in the company, valued at approximately $1,083,574.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other WesBanco news, Director Robert J. Fitzsimmons bought 15,500 shares of WesBanco stock in a transaction dated Monday, May 8th. The stock was bought at an average cost of $23.10 per share, with a total value of $358,050.00. Following the completion of the acquisition, the director now directly owns 46,908 shares in the company, valued at approximately $1,083,574.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Jeffrey H. Jackson bought 5,000 shares of WesBanco stock in a transaction dated Tuesday, May 9th. The stock was acquired at an average cost of $22.34 per share, with a total value of $111,700.00. Following the completion of the acquisition, the chief operating officer now owns 17,627 shares of the company’s stock, valued at $393,787.18. The disclosure for this purchase can be found here. Insiders acquired a total of 22,000 shares of company stock valued at $504,875 over the last three months. Corporate insiders own 3.07% of the company’s stock.

Hedge Funds Weigh In On WesBanco

Institutional investors have recently bought and sold shares of the company. Quarry LP purchased a new position in WesBanco in the first quarter valued at approximately $35,000. Ancora Advisors LLC purchased a new position in WesBanco in the first quarter valued at approximately $43,000. Tower Research Capital LLC TRC lifted its stake in WesBanco by 552.6% in the first quarter. Tower Research Capital LLC TRC now owns 1,625 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 1,376 shares during the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of WesBanco during the fourth quarter worth $50,000. Finally, Global Wealth Management Investment Advisory Inc. purchased a new stake in shares of WesBanco during the first quarter worth $94,000. Hedge funds and other institutional investors own 58.78% of the company’s stock.

WesBanco Company Profile

(Get Rating)

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.

Read More

Dividend History for WesBanco (NASDAQ:WSBC)

Receive News & Ratings for WesBanco Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WesBanco and related companies with MarketBeat.com's FREE daily email newsletter.