WesBanco Rewards Shareholders With 2.8% Hike in Quarterly Dividend

Core Viewpoint - WesBanco, Inc. has announced a quarterly cash dividend increase of 2.8%, marking the 18th increase since 2010, reflecting a commitment to returning value to shareholders [1] Dividend Announcement - The new quarterly cash dividend is set at 37 cents per share, payable on January 2, 2025, to shareholders of record as of December 6, 2024 [1] - The previous dividend was increased by 2.9% to 36 cents per share in July 2024 [1] - The company has a five-year annualized dividend growth rate of 3.19% and a payout ratio of 67% of its earnings [1] Dividend Yield - As of November 21, 2024, WesBanco's closing price was $36.06, resulting in a current dividend yield of 4% [2] Share Repurchase Program - In February 2022, WesBanco announced a share repurchase program for up to 3.2 million shares, in addition to a previous program approved in August 2021 [3] - No shares were repurchased in the first nine months of 2024, with 972,298 shares remaining available under the authorization as of September 30, 2024 [3] Capital Distribution Concerns - As of September 30, 2024, WesBanco had total debt of $1.6 billion and liquid assets of $620.9 million, raising concerns about the sustainability of its capital distribution activities [4] Price Performance - Over the past six months, WesBanco shares have increased by 30.8%, outperforming the industry growth of 30% [5] - The company currently holds a Zacks Rank of 3 (Hold) [5] Industry Comparison - Other banks, such as Popular, Inc. and First National Corporation, have also announced dividend increases, indicating a trend in the banking sector [6][7]