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WesBanco Inc. (NASDAQ:WSBC) has hit a new 52-week high, reaching a price level of $33.9675. This milestone reflects the strong performance of the company's stock over the past year. The 52-week high is a key indicator for potential investors, signifying the highest price that a stock has traded at in the last year. This achievement for WesBanco comes amidst a year of significant growth for the company. Over the past year, WesBanco has seen a substantial increase in its stock value, with a 1-year change of 21.09%. This positive trend indicates a robust financial performance and a promising outlook for the company.
In other recent news, WesBanco has been the subject of several analyst reports following the company's recent developments. DA Davidson maintained a Buy rating on WesBanco, despite adjusting its price target to $35.00 from the previous $36.00. The firm cited robust loan growth of 8% and deposit growth of 10%, suggesting potential for future fee growth driven by Treasury Management sales. However, the firm revised its 2024 estimates downward due to weaker net interest margin (NIM).
Meanwhile, Stephens kept an Equal Weight rating on WesBanco but reduced its price target from $30.00 to $27.00. The firm noted better-than-expected expense outcomes and high-single-digit organic loan growth. Despite this, Stephens adjusted its earnings estimates for 2024 and 2025 downward by 2% and 8% respectively, due to a slight miss in the NIM.
WesBanco recently reported a strong start to the first quarter of 2024, with a net income available to common shareholders of $33.2 million and a diluted earnings per share of $0.56. The bank showcased significant growth in loans and deposits, and plans to introduce new financial products in the second half of 2024. These recent developments highlight WesBanco's strategic growth and financial performance.
InvestingPro Insights
As WesBanco Inc. (WSBC) celebrates its new 52-week high, the latest data from InvestingPro shows a market capitalization of $2.01 billion, underscoring the company's significant presence in the financial sector. The stock's P/E ratio stands at 13.98, which suggests that investors are confident in the company's earnings capacity relative to its share price. Additionally, WesBanco boasts an impressive dividend yield of 4.29%, highlighting its commitment to returning value to shareholders, a commitment further evidenced by its track record of raising dividends for 48 consecutive years.
InvestingPro Tips for WesBanco spotlight the company's high shareholder yield and consistent dividend growth, indicating a strong focus on shareholder returns. Moreover, analysts have highlighted that the company is expected to remain profitable over the next year. For investors seeking more in-depth analysis and additional InvestingPro Tips, they can explore the 11 further tips available on the WesBanco InvestingPro page. To gain access to these insights, users can take advantage of a special offer using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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