WHEELING, WV—Todd Clossin, a director at WesBanco Inc. (NASDAQ:WSBC), recently executed several transactions involving the company's common stock. On November 12, Clossin sold 5,000 shares at an average price of $36.08 per share, resulting in a total sale value of approximately $180,407. Following these sales, Clossin holds 143,547 shares directly.
In addition to the sale, Clossin acquired 5,000 shares of common stock through the exercise of stock options at a price of $21.55 per share, totaling $107,750. These transactions reflect Clossin's ongoing management of his holdings in WesBanco.
In other recent news, WesBanco has been the subject of a positive review by financial services firm Stephens, which increased the price target for WesBanco shares to $34.00, maintaining an Equal Weight rating. This follows WesBanco's recent earnings report, which surpassed expectations, with an operating EPS of $0.56, beating the consensus estimate of $0.51. The bank's core pre-provision net revenue (PPNR) of $52.3 million was nearly in line with projections, and net interest income (NII) exceeded consensus estimates.
In addition to these financial achievements, WesBanco reported a net income of $36.3 million, marking significant growth in loans and deposits. The company also successfully raised $200 million in common equity, boosting its tangible common equity ratio to 8.84%.
Furthermore, WesBanco's acquisition of Premier Financial Corp. is expected to close in the first quarter of 2025. This development, along with the company's strong credit quality indicated by a decrease in non-performing assets to 0.17% of total assets, underscores WesBanco's commitment to growth and operational efficiency.
Despite a decrease in non-interest income due to a negative adjustment in swap fees, WesBanco remains optimistic about its future performance, projecting continued loan growth and a modest improvement in net interest margin. These recent developments demonstrate WesBanco's ongoing efforts to maintain growth and operational efficiency.
InvestingPro Insights
Todd Clossin's recent transactions in WesBanco Inc. (NASDAQ:WSBC) stock come at a time when the company is experiencing significant market momentum. According to InvestingPro data, WesBanco has seen a strong return over the last month, with a 20.35% price total return. This upward trend extends further, with a 24.98% return over the last three months and an impressive 52.3% return over the past year.
The company's stock is currently trading near its 52-week high, with the price at 98.13% of its peak. This aligns with an InvestingPro Tip indicating that WesBanco has had a significant return over the last week, suggesting continued investor confidence.
WesBanco's financial health appears robust, with a P/E ratio of 17.24 and a dividend yield of 3.97%. An InvestingPro Tip highlights that the company has raised its dividend for 13 consecutive years, demonstrating a commitment to shareholder returns. This is further reinforced by the fact that WesBanco has maintained dividend payments for 48 consecutive years, a testament to its financial stability and shareholder-friendly policies.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for WesBanco, providing deeper insights into the company's performance and outlook.
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