Regional banking company WesBanco (NASDAQ: WSBC) will be reporting earnings this Tuesday after the bell. Here’s what you need to know.
WesBanco missed analysts’ revenue expectations by 2.4% last quarter, reporting revenues of $193.2 million, up 33.6% year on year. It was a mixed quarter for the company, with an impressive beat of analysts’ EPS estimates but a slight miss of analysts’ tangible book value per share estimates.
Is WesBanco a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting WesBanco’s revenue to grow 73.4% year on year to $256.6 million, a reversal from the 3.6% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.85 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. WesBanco has missed Wall Street’s revenue estimates three times over the last two years.
Looking at WesBanco’s peers in the regional banks segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Seacoast Banking delivered year-on-year revenue growth of 19.6%, beating analysts’ expectations by 5%, and Atlantic Union Bankshares reported revenues up 86.2%, topping estimates by 12.5%. Seacoast Banking’s stock price was unchanged after the resultswhile Atlantic Union Bankshares was down 1.9%.
Read our full analysis of Seacoast Banking’s results here and Atlantic Union Bankshares’s results here.
There has been positive sentiment among investors in the regional banks segment, with share prices up 4.3% on average over the last month. WesBanco is up 2.2% during the same time and is heading into earnings with an average analyst price target of $37.71 (compared to the current share price of $32.33).
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