Piper Sandler comments on WesBanco, Inc.’s first quarter 2023 earnings (NASDAQ: WSBC)
WesBanco, Inc. (NASDAQ: WSBC) – Stock analysts at Piper Sandler raised their EPS estimates for the first quarter of 2023 for WesBanco in a note to investors on Wednesday, December 15. Piper Sandler analyst C. Whitman now expects the financial services provider to post earnings per share of $ 0.62 for the quarter, up from its previous estimate of $ 0.60. Piper Sandler also released estimates for WesBanco second quarter 2023 earnings at $ 0.68 per share, third quarter 2023 earnings at $ 0.72 per share, and fiscal 2023 earnings at $ 2.74. per share. WesBanco (NASDAQ: WSBC) last released its results on Tuesday, October 26. The financial services provider reported $ 0.70 of EPS for the quarter, missing the Thomson Reuters consensus estimate of $ 0.77 per ($ 0.07). WesBanco had a net margin of 37.95% and a return on equity of 9.23%. The company posted revenue of $ 148.03 million in the quarter, compared to analysts’ estimates of $ 146.23 million. During the same period last year, the company posted earnings per share of $ 0.66. The company’s quarterly revenue was down 4.6% year-on-year.
Several other brokerages have also recently published reports on WSBC. Royal Bank of Canada raised its price target for WesBanco shares from $ 36.00 to $ 38.00 and gave the stock a “sector performance” rating in a research report published on Wednesday, September 29. . Zacks Investment Research downgraded WesBanco from a “buy” rating to a “custody” rating in a research report released on Tuesday, October 5. Finally, Boenning Scattergood reaffirmed a “neutral” rating on WesBanco shares in a research note on Wednesday, September 29. Six analysts rated the stock with a maintenance rating. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $ 37.00.
NASDAQ: WSBC opened at $ 34.17 on Friday. WesBanco has a twelve month low of $ 28.25 and a twelve month high of $ 39.87. The company has a market cap of $ 2.16 billion, a P / E ratio of 9.90 and a beta of 1.02. The company has a quick ratio of 0.81, a current ratio of 0.81, and a debt ratio of 0.15. The company has a 50-day moving average price of $ 35.29 and a 200-day moving average price of $ 34.66.
Several hedge funds and other institutional investors recently changed their holdings in WSBC. UBS Asset Management Americas Inc. increased its position in WesBanco by 3.1% during the third quarter. UBS Asset Management Americas Inc. now owns 74,104 shares of the financial services provider valued at $ 2,525,000 after purchasing an additional 2,195 shares during the period. Comerica Bank increased its stake in WesBanco shares by 77.1% in the third quarter. Comerica Bank now owns 14,163 shares of the financial services provider valued at $ 497,000 after acquiring an additional 6,167 shares during the period. Bank of New York Mellon Corp increased its position in WesBanco shares by 1.8% during the third quarter. Bank of New York Mellon Corp now owns 570,803 shares of the financial services provider valued at $ 19,453,000 after purchasing an additional 10,362 shares in the last quarter. Cetera Advisors LLC increased its stake in WesBanco shares by 5.7% in the 3rd quarter. Cetera Advisors LLC now owns 10,759 shares of the financial services provider valued at $ 367,000 after purchasing an additional 583 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in WesBanco shares by 104.2% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 18,714 shares of the financial services provider valued at $ 638,000 after acquiring an additional 9,548 shares during the last quarter. Hedge funds and other institutional investors hold 62.19% of the company’s shares.
In other WesBanco news, director James W. Cornelsen sold 30,907 shares of the company in a trade that took place on Tuesday, November 23. The stock was sold for an average price of $ 35.56, for a total value of $ 1,099,052.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.13% of the shares are held by insiders.
The company also recently unveiled a quarterly dividend, which will be paid on Monday, January 3. Shareholders of record on Friday, December 10 will receive a dividend of $ 0.33 per share. This represents an annualized dividend of $ 1.32 and a dividend yield of 3.86%. The ex-dividend date is Thursday, December 9. WesBanco’s payout ratio is 38.26%.
WesBanco, Inc is a banking holding company that provides financial services. It operates in the following segments: Community Banking and Trust and Investment Services. The community banking segment provides services traditionally offered by commercial banking services, including sight, sight and term commercial accounts, as well as commercial, mortgage and individual installment loans, and some non-traditional offerings, such as as insurance and securities brokerage. services.
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