WesBanco, Inc. (NASDAQ:WSBC), a prominent financial services provider, experienced a notable decrease in short interest during the month of July. According to recent reports, as of July 15th, the total number of shares sold short reached 751,800. This marked a decline of 15.3% from the previous month’s total of 887,100 shares.
Currently, approximately 1.3% of WesBanco’s stock is being sold short. Based on an average trading volume of 308,100 shares, the days-to-cover ratio stands at 2.4 days, indicating the time it would take for all short positions to be covered if trading conditions remain unchanged.
Notably, Director Robert J. Fitzsimmons acquired 15,500 shares of WesBanco’s stock on May 8th in a transaction valued at $358,050. Following this acquisition, Fitzsimmons now directly owns 46,908 shares of the company’s stock with an estimated value of $1,083,574.80.
These transactions were disclosed in documents filed with the Securities and Exchange Commission (SEC) and can be accessed through their website. Moreover, another director also purchased 15,500 shares on the same date at an average price per share of $23.10 for a total transaction value of $358,050.
Additionally, the Chief Operating Officer (COO) Jeffrey H. Jackson acquired 5,000 shares on May 9th worth $111,700 or an average price per share of $22.34. As a result of this transaction, Jackson now holds 17,627 shares directly in WesBanco with an approximate value of $393,787.18.
Within the previous ninety days leading up to July 28th- our reference date- insiders have collectively acquired a total of 25 ,500 shares valued at approximately $603,155. The holdings of insiders currently represent 3.07% of the company’s outstanding shares.
Several analysts have provided research reports on WSBC based on market performance and current data. DA Davidson reduced their target price from $38.00 to $31.00 in a report issued on April 26th. Likewise, Royal Bank of Canada lowered their price target on WesBanco from $36.00 to $32.00 in another report released on April 26th.
Keefe, Bruyette & Woods also decreased their target price from $40.00 to $35.00 and maintained a “market perform” rating for the company in a research note published on April 6th.
Stephens initiated coverage on WSBC with an “equal weight” rating and set a price target of $28.00 in a research note issued on April 3rd.
Lastly, Piper Sandler dropped their price objective from $34.00 to $29.00 in a report dated May 1st.
At present, one investment analyst has given the stock a sell rating, while five have assigned it a hold rating.
On July 25th, WesBanco released its quarterly earnings data for the period ending in July 2023. The financial services provider reported earnings per share (EPS) of $0.71 for the quarter—outperforming market expectations by $0.03 with consensus estimates at $0.68 EPS.
WesBanco’s net margin was reported at 26.04% with a return-on-equity ratio of 8.52%. The company generated revenue amounting to approximately $153.41 million during the quarter—surpassing analysts’ projections pegged at around $151.14 million.
In comparison to the same period last year, WesBanco experienced a notable increase of 10.2% in revenue this quarter.
Equities research analysts are forecasting that WesBanco will post a total of 2.7 EPS for the current year.
To conclude, while short interest in WesBanco declined significantly during July, several insiders took the opportunity to acquire shares. Analysts’ ratings for WSBC have generally been mixed, with an average price target of $32.00.
WesBanco’s recent earnings report revealed promising results, exceeding market expectations and demonstrating positive growth compared to the previous year.
Investors and stakeholders will undoubtedly be keeping a close eye on WesBanco as it navigates through its future endeavors in the financial sector.
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Institutional Investors Show Confidence in WesBanco’s Growth Potential
Institutional Investors Drive Activity in WesBanco
July 28, 2023
A flurry of buying and selling activity led by institutional investors has recently been observed in the financial services provider, WesBanco. Among those investors, Price T Rowe Associates Inc. MD saw a marginal increase in its holdings by 0.6% during the fourth quarter. This amounted to an acquisition of an additional 313 shares, bringing their total ownership of WesBanco’s stock to 56,763 shares, with an estimated value of $2.099 million.
Not to be outdone, UBS Group AG also demonstrated their confidence in WesBanco’s potential by boosting their stake in the company by 2.4% during the second quarter. An additional 322 shares were acquired by UBS Group AG, which currently holds approximately 13,774 shares valued at $437,000.
Captrust Financial Advisors capitalized on this trend as well, raising its ownership stake in WesBanco by a notable 9.8% during the second quarter. This increase corresponds to the acquisition of an additional 338 shares with a market value of $120,000.
The Manufacturers Life Insurance Company joined the ranks as a significant investor in WesBanco during the fourth quarter. A slight uptick was witnessed as they increased their holdings by 1.7%, acquiring an additional 389 shares that now amount to a total of 22,791 shares valued at approximately $843,000.
Finally, Arizona State Retirement System also demonstrated its trust in WesBanco while making their mark in the fourth quarter. Adding another layer to this investing spree, they increased their holdings by a noteworthy 2.9%, through the purchase of an extra 468 shares worth around $623,000.
As a result of these collective endeavors from institutional investors who have placed their faith and capital into WesBanco’s growth prospects and business model, it is estimated that they now hold 57.96% of the company’s stock.
Market activity reflects this interest and excitement surrounding WesBanco, with shares trading at an opening price of $28.24 on Friday. With a market capitalization of $1.67 billion, WesBanco holds a favorable price-to-earnings ratio of 9.20 and boasts a beta of 0.91.
However, it is worth noting that WesBanco has experienced its fair share of volatility in the past year, with a twelve-month low of $19.84 and a high of $41.37 recorded during this period. These fluctuations can be attributed to various external factors that affect the financial services industry as a whole.
Despite these ups and downs, investors and analysts have observed promising trends within WesBanco’s financials. This includes the company’s fifty-day moving average currently standing at $25.80 and its 200-day moving average at $30.13.
Furthermore, stakeholders should take note of WesBanco’s liquidity position as reflected by its quick ratio and current ratio both being measured at 0.88. These ratios serve as indicators of the company’s ability to meet short-term obligations efficiently.
Regarding its capital structure, WesBanco maintains a debt-to-equity ratio of 0.67, suggesting a balanced approach to financing its operations while minimizing risk exposure.
In conclusion, institutional investors have made their presence felt in recent buying and selling activities within WesBanco, showcasing their confidence in the company’s potential for growth and profitability in the financial services sector. As they continue to contribute to the majority ownership stake in WesBanco alongside individual shareholders, it will be intriguing to witness how this translates into tangible outcomes for both investors and the company itself going forward.
