WesBanco (WSBC) Q2 Earnings Miss Estimates

Core Insights - WesBanco reported quarterly earnings of $0.49 per share, missing the Zacks Consensus Estimate of $0.54 per share, and down from $0.71 per share a year ago, representing an earnings surprise of -9.26% [1] - The company posted revenues of $149.16 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.51%, but down from $154.66 million year-over-year [2] - The stock has added about 9.3% since the beginning of the year, compared to the S&P 500's gain of 13.2% [4] Earnings Outlook - The current consensus EPS estimate for the coming quarter is $0.54 on revenues of $151.55 million, and for the current fiscal year, it is $2.21 on revenues of $596.1 million [8] - The estimate revisions trend for WesBanco is currently unfavorable, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [7] Industry Context - The Zacks Industry Rank for Banks - Southeast is in the top 37% of over 250 Zacks industries, suggesting that the industry is performing relatively well [9] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [6]