WesBanco Adopts New Share Buyback Program
Multi-state bank holding company WesBanco Inc has adopted a new share buyback plan to purchase an additional 1.7 million common shares on the open market.
This is an addition to WesBanco’s (WSBC) existing share buyback program that was approved in 2019 and currently has about 1.7 million shares remaining for repurchase. These two programs combined represent about 5% of WesBanco’s outstanding stock.
Additionally, the company declared a quarterly cash dividend on its 6.75% series A Preferred stock for the period between Feb. 15 and May 15.
This dividend is equal to $16.875 per Series A preferred stock. The dividend is payable on May 17 to shareholders of record on May 3. (See WesBanco stock analysis on TipRanks)
Recently, Raymond James analyst William Wallace reiterated a Buy rating on the stock and increased the price target to $34 (4.9% potential downside) from $29.
Reacting to the company’s 4Q results, Wallace believes “The company’s strong reserve position should continue to position it well vs. Its peers, especially with deferrals screening essentially in line with peers at 1-2%.”
Wallace added, “Ultimately, core trends were largely as expected, and the company continues to boast a strong capital base.”
Consensus on the Street is that WesBanco is a Moderate Buy based on 2 Buys and 2 Holds. The average analyst price target of $35.50 implies the stock is fairly priced. Shares have gained 60.4% over the past year.
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