WesBanco Inc - WSBC STOCK NEWS

WesBanco, Inc. (WSBC) reported net income of $70.6 million for Q1 2021, a significant increase from $23.4 million in Q1 2020. Diluted earnings per share rose to $1.05 from $0.35. Excluding restructuring costs, adjusted net income reached $71.3 million or $1.06 per diluted share. Total loans increased by 3.4% year-over-year, supported by the SBA PPP. Deposits grew by 20.3% year-over-year, totaling $13.3 billion. The efficiency ratio was 56.71%, indicating effective cost management.

WesBanco has authorized a new stock repurchase plan for up to 1.7 million shares, adding to an existing program with the same amount remaining. This combined authorization represents about 5.0% of outstanding shares. The repurchase will be at WesBanco's discretion, allowing for flexibility based on market conditions. Funding for the buyback may come from cash balances and other liquidity sources. The program does not have an expiration date and is flexible in its execution methods.

WesBanco, Inc. (Nasdaq: WSBC) has declared a quarterly cash dividend of $0.421875 per depositary share on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (Nasdaq: WSBCP). This dividend applies to the period from February 15, 2021 to May 15, 2021, and will be payable on May 17, 2021, to shareholders of record as of May 3, 2021. This demonstrates the company’s commitment to returning value to investors amidst its diversified financial services operations.

WesBanco, Inc. (Nasdaq: WSBC) announced its affiliate, WesBanco Bank, received the 2021 America Saves Designation of Savings Excellence for the sixth consecutive year. This award recognizes financial institutions for their success in promoting customer savings and establishing automatic savings plans. WesBanco's partnership with America Saves spans over 15 years, helping individuals save effectively. The recent initiative encouraged over 92,000 individuals to deposit $157,557,265 into savings accounts during America Saves Week. WesBanco remains committed to community banking and customer-focused financial services.

WesBanco, Inc. (Nasdaq: WSBC) has been named one of the World's Best Banks by Forbes for the third consecutive year, based on high customer satisfaction scores in areas such as 'customer services', 'financial advice', and 'digital services'. The recognition stems from a survey conducted by Statista, involving over 43,000 consumers across 28 countries. WesBanco emphasizes its commitment to delivering both large bank capabilities and a community bank feel, offering a range of personal and business services, with approximately $5.0 billion in assets under management as of December 31, 2020.

WesBanco, Inc. (Nasdaq: WSBC) announced that Abdul Muhammad, Senior VP and Regional Manager of Residential Lending, has been appointed to the Federal Reserve Bank of Cleveland's Equity and Inclusion Advisory Council. This council aims to enhance diversity and inclusion at the Cleveland Fed and the surrounding communities. Muhammad, as chair of WesBanco's own Diversity, Equity, and Inclusion Council, focuses on leadership development and community initiatives. The bank emphasizes the importance of these efforts for minority communities and overall corporate culture.

WesBanco, Inc. (Nasdaq: WSBC) will host a conference call on April 28, 2021, at 10:00 a.m. ET to discuss its first quarter 2021 financial results. The results will be released after market close on April 27. Interested parties can access the call via the company's Investor Relations website or by dialing 888-347-6607. A replay will be available from 12:00 p.m. ET on April 28 until May 12. WesBanco operates in six states and offers a range of financial services, managing approximately $5.0 billion in assets.

WesBanco, Inc. (Nasdaq:WSBC) has announced its participation in two upcoming virtual investor conferences. The first is the Raymond James 42nd Annual Institutional Investors Conference on March 3, 2021, where CEO Todd F. Clossin and CFO Robert H. Young will engage in a fireside chat at 7:30 a.m. ET, accessible via live webcast. The second event is the RBC Capital Markets Global Financial Institutions Conference on March 10, 2021, which will not feature a formal presentation or webcast. WesBanco focuses on customer-centric banking services across six states.

WesBanco, Inc. (NASDAQ: WSBC) announced a 3.1% increase in its quarterly cash dividend, raising it to $0.33 per common share from $0.32. This dividend will be payable on April 1, 2021, to shareholders of record on March 12. This marks the fourteenth increase since 2010, with a cumulative rise of 136% over that period. The new annualized cash dividend rate will be $1.32, representing a yield of approximately 4.0% based on the previous closing stock price of $33.36.