What is DA Davidson’s Forecast for WesBanco FY2024 Earnings?

WesBanco, Inc. (NASDAQ:WSBC) – DA Davidson raised their FY2024 earnings estimates for WesBanco in a report released on Tuesday, October 29th. DA Davidson analyst M. Navas now expects that the financial services provider will earn $2.15 per share for the year, up from their previous estimate of $2.08. DA Davidson currently has a “Buy” rating and a $42.00 target price on the stock. The consensus estimate for WesBanco’s current full-year earnings is $2.06 per share.

WSBC has been the subject of a number of other research reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $35.00 price objective on shares of WesBanco in a research report on Monday, September 9th. Hovde Group lifted their target price 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. Keefe, Bruyette & Woods increased their price objective on shares of WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Thursday, August 1st. Finally, Stephens lifted their target price on WesBanco from $33.00 to $34.00 and gave the stock an “equal weight” rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $36.17.

WesBanco Stock Performance

Shares of WSBC opened at $31.45 on Thursday. WesBanco has a 12 month low of $24.06 and a 12 month high of $34.85. The business’s fifty day simple moving average is $30.64 and its two-hundred day simple moving average is $29.38. The company has a market cap of $2.10 billion, a price-to-earnings ratio of 15.05 and a beta of 0.82. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.73.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The business had revenue of $243.34 million during the quarter, compared to the consensus estimate of $152.40 million. WesBanco had a return on equity of 5.91% and a net margin of 14.79%. During the same quarter in the prior year, the company earned $0.59 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. New York State Common Retirement Fund grew its stake in WesBanco by 2.5% during the 3rd quarter. New York State Common Retirement Fund now owns 500,890 shares of the financial services provider’s stock worth $14,917,000 after buying an additional 11,987 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of WesBanco by 4.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 490,335 shares of the financial services provider’s stock valued at $13,685,000 after purchasing an additional 21,297 shares during the period. F M Investments LLC acquired a new position in shares of WesBanco in the third quarter worth about $7,726,000. Envestnet Asset Management Inc. boosted its position in WesBanco by 2.7% during the second quarter. Envestnet Asset Management Inc. now owns 227,429 shares of the financial services provider’s stock worth $6,348,000 after purchasing an additional 6,043 shares in the last quarter. Finally, Sei Investments Co. lifted its position in shares of WesBanco by 1.7% during the 1st quarter. Sei Investments Co. now owns 209,011 shares of the financial services provider’s stock valued at $6,231,000 after buying an additional 3,425 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Michael L. Perkins sold 5,363 shares of the company’s stock in a transaction dated Tuesday, August 6th. The shares were sold at an average price of $30.19, for a total value of $161,908.97. Following the completion of the sale, the executive vice president now directly owns 46,817 shares of the company’s stock, valued at $1,413,405.23. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.44% of the company’s stock.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Investors of record on Friday, September 6th were paid a $0.36 dividend. This represents a $1.44 annualized dividend and a yield of 4.58%. The ex-dividend date of this dividend was Friday, September 6th. WesBanco’s dividend payout ratio is presently 68.90%.

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.