Short Interest in WesBanco, Inc. (NASDAQ:WSBC) Rises By 17.0%

WesBanco, Inc. (NASDAQ:WSBC) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 1,720,000 shares, an increase of 17.0% from the August 15th total of 1,470,000 shares. Approximately 3.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 266,200 shares, the days-to-cover ratio is presently 6.5 days.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on WSBC. DA Davidson raised their price target on WesBanco from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Keefe, Bruyette & Woods raised their target price on WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Thursday, August 1st. Royal Bank of Canada reiterated a “sector perform” rating and issued a $35.00 target price on shares of WesBanco in a report on Monday, September 9th. Hovde Group increased their price objective on WesBanco from $34.00 to $38.00 and gave the company an “outperform” rating in a research report on Monday, July 29th. Finally, Stephens boosted their price target on WesBanco from $27.00 to $34.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 6th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $34.71.

WesBanco Stock Performance

NASDAQ:WSBC opened at $31.04 on Tuesday. The firm has a 50 day moving average of $31.14 and a 200-day moving average of $29.05. WesBanco has a 1 year low of $23.00 and a 1 year high of $34.85. The stock has a market capitalization of $1.84 billion, a P/E ratio of 12.93 and a beta of 0.83. 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 released its earnings results on Friday, July 26th. The financial services provider reported $0.49 EPS for the quarter, missing the consensus estimate of $0.53 by ($0.04). WesBanco had a net margin of 15.22% and a return on equity of 5.90%. The firm had revenue of $234.35 million during the quarter, compared to analyst estimates of $148.40 million. During the same period last year, the business posted $0.71 earnings per share. As a group, sell-side analysts anticipate that WesBanco will post 2.07 EPS for the current fiscal year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, September 6th will be paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.64%. The ex-dividend date of this dividend is Friday, September 6th. WesBanco’s dividend payout ratio (DPR) is currently 60.00%.

Insiders Place Their Bets

In related news, EVP Michael L. Perkins sold 5,363 shares of the company’s stock in a transaction that occurred on 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 owns 46,817 shares in the company, valued at approximately $1,413,405.23. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 3.44% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On WesBanco

Institutional investors have recently modified their holdings of the stock. Quarry LP increased its position in shares of WesBanco by 215.3% in the 2nd quarter. Quarry LP now owns 1,337 shares of the financial services provider’s stock valued at $37,000 after buying an additional 913 shares in the last quarter. Signaturefd LLC raised its holdings in WesBanco by 214.5% during the second quarter. Signaturefd LLC now owns 1,384 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 944 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of WesBanco in the 4th quarter valued at approximately $43,000. Innealta Capital LLC acquired a new position in shares of WesBanco during the 2nd quarter worth about $53,000. Finally, International Assets Investment Management LLC bought a new stake in WesBanco in the second quarter valued at approximately $91,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.

About WesBanco

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.