WesBanco Declares Quarterly Cash Dividend upon Its Perpetual Preferred Stock

Rhea-AI Summary

WesBanco (Nasdaq: WSBC) has announced a quarterly cash dividend on its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (Nasdaq: WSBCP). The dividend is $0.421875 per depositary share or $16.875 per share of Series A Preferred Stock. This dividend covers the period from May 15, 2024, to August 15, 2024, and will be payable on August 15, 2024, to shareholders on record as of August 1, 2024.

Founded in 1870, WesBanco spans six states, operating more than 190 financial centers and offering a wide range of banking, trust, and investment services. As of March 31, 2024, it manages approximately $5.6 billion in assets.

Positive

• WesBanco's declaration of a $0.421875 per depositary share dividend showcases financial stability and ongoing shareholder value.
• The dividend confirms confidence in cash flow, appealing to income-focused investors.
• The payable date of August 15, 2024, and record date of August 1, 2024, provide clarity for investors.

Negative

• The 6.75% Non-Cumulative Perpetual Preferred Stock does not guarantee dividends in the future, posing a risk for income-reliant investors.

WHEELING, W.Va., June 27, 2024 /PRNewswire/ -- WesBanco, Inc. (Nasdaq:WSBC), a diversified, multi-state bank holding company, announced today that its Board of Directors has declared a quarterly cash dividend on the outstanding shares of its 6.75% Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") (Nasdaq:WSBCP). The declared cash dividend on the Series A Preferred Stock is for the period from May 15, 2024, up to, but excluding August 15, 2024. The declared cash dividend equates to $0.421875 per depositary share, or $16.875 per share of the Series A Preferred Stock outstanding. The cash dividend is payable on August 15, 2024 to shareholders of record on August 1, 2024.

About WesBanco, Inc.
Founded in 1870, Wesbanco, Inc. is a diversified and balanced financial services company that delivers large bank capabilities with a community bank feel. Our distinct long-term growth strategies are built upon unique sustainable advantages permitting us to span six states with meaningful market share. The company's banking subsidiary, Wesbanco Bank, Inc., operates more than 190 financial centers in the states of Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and West Virginia. Built upon our 'Better Banking Pledge', our customer-centric service culture is focused on growing long-term relationships by pledging to serve all personal and business customer needs efficiently and effectively. In addition to a full range of online and mobile banking options and a full-suite of commercial products and services, the company provides trust, wealth management, securities brokerage, and private banking services through its century-old Trust and Investment Services department, with approximately $5.6 billion of assets under management (as of March 31, 2024). The company also offers insurance and brokerage services through its affiliates and subsidiaries. Learn more at www.wesbanco.com and follow us on Facebook, LinkedIn and X (formerly Twitter).

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SOURCE WesBanco, Inc.

FAQ

What is the dividend amount declared by WesBanco for its Series A Preferred Stock?

The dividend amount declared is $0.421875 per depositary share or $16.875 per share of Series A Preferred Stock.

When is the dividend payable for WesBanco's Series A Preferred Stock?

The dividend is payable on August 15, 2024.

What is the record date for WesBanco's Series A Preferred Stock dividend?

The record date for the dividend is August 1, 2024.

What period does the declared dividend for WesBanco's Series A Preferred Stock cover?

The declared dividend covers the period from May 15, 2024, to August 15, 2024.

What is the dividend yield of WesBanco's Series A Preferred Stock?

The Series A Preferred Stock has a dividend yield of 6.75%.