WesBanco Q3 adjusted EPS beats estimates driven by loan growth, higher yields

Wesbanco

Wed 21:26

Overview
U.S. regional bank's Q3 adjusted EPS beat analyst expectations
Net interest income for Q3 rose 4.7% yr/yr, driven by loan growth and higher yields
Company reported 8.7% annualized loan growth over prior quarter, led by expansion markets

Outlook
WesBanco did not provide specific financial guidance for the current or future periods

Result Drivers
LOAN GROWTH - Co said organic loan growth more than offset elevated commercial real estate payoffs, with targeted expansion markets generating over $400 mln in new loans
LOWER FUNDING COSTS - Co attributed year-over-year net interest margin improvement to lower funding costs
RECORD FEE INCOME - Co reported record fee income levels across service charges on deposits, digital banking, and treasury management, plus $2.8 mln in new commercial swap revenue

Company press release: ID:nPn25kkSHa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
Beat
$0.89
$0.87 (6 Analysts)
Q3 Net Interest Income
 
$226.90 mln
 
Q3 Net Interest Margin
 
3.60%
 

Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 3 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy."
Wall Street's median 12-month price target for Wesbanco, Inc. is $44.00, about 16.9% above its October 20 closing price of $37.63
The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 10 three months ago

Reuters Recommended Reads
Oct 19 - ServisFirst Bancshares Q3 profit jumps on loan growth, wider interest margin 
Oct 20 - KeyCorp Q3 revenue rises 8% to record, profit up 24%
Oct 21 - Pinnacle Financial Partners Q3 adjusted profit beats estimates on loan, fee income growth

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)