Michael L. Perkins, the Senior Executive Vice President and Chief Risk Administration Officer at WesBanco Inc. (NASDAQ:WSBC), recently sold 1,125 shares of the company's common stock. The shares were sold at an average price of $34.87 each, totaling $39,228. Following this transaction, Perkins now directly owns 46,817.083 shares. The sale was part of a series of transactions on November 8, 2024, which also included the acquisition of 1,125 shares through stock options exercised at $21.55 per share.
In other recent news, WesBanco reported strong financial performance in its Q3 2024 earnings, with a net income of $36.3 million, or $0.56 per share, exceeding the consensus estimate of $0.51. This was accompanied by significant growth in loans and deposits, with loans increasing by $1.1 billion and deposits by $750 million year-over-year. The financial services firm, Stephens, has also upgraded WesBanco's price target to $34.00, maintaining an Equal Weight rating on the stock.
These developments follow the bank's successful raise of $200 million in common equity, which improved its tangible common equity ratio to 8.84%. The acquisition of Premier Financial Corp. is anticipated to close in Q1 2025, marking a significant merger for the company. Stephens' analysis suggests a positive 13% difference between the current share price and the new price target, with projected returns on assets (ROA), pre-provision net revenue (PPNR), and return on tangible common equity (ROTCE) of 1.28%, 1.82%, and 18%, respectively, by 2026.
Despite a slight decrease in non-interest income due to a negative adjustment in swap fees, WesBanco remains optimistic about its future performance. The company projects continued loan growth and a modest improvement in net interest margin, with an expectation to realize $4 million in annual savings from the consolidation of 11 branches. These recent developments underscore WesBanco's commitment to growth and operational efficiency.
InvestingPro Insights
As Michael L. Perkins reduces his stake in WesBanco Inc. (NASDAQ:WSBC), investors might find it valuable to consider some key financial metrics and trends. According to InvestingPro data, WesBanco currently boasts a market capitalization of $2.35 billion and trades at a price-to-earnings ratio of 16.84, suggesting a relatively moderate valuation compared to industry peers.
One of the most notable InvestingPro Tips is that WesBanco has raised its dividend for 13 consecutive years, demonstrating a strong commitment to shareholder returns. This is further reinforced by the company's impressive 4.13% dividend yield, which could be particularly attractive to income-focused investors in the current market environment.
The stock has also shown significant momentum recently, with InvestingPro data revealing a 19.89% price total return over the past month and a 26.08% return over the last six months. This positive trend aligns with another InvestingPro Tip indicating that WesBanco is trading near its 52-week high, with the current price at 97.51% of that peak.
For investors seeking a deeper understanding of WesBanco's financial health and growth prospects, InvestingPro offers 10 additional tips, providing a comprehensive view of the company's strengths and potential challenges in the banking sector.
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