WesBanco Q3 adjusted EPS beats estimates driven by loan growth, higher yields
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:
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
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(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.)