WesBanco, Inc. (Nasdaq: WSBC) has announced a 2.8% increase in its quarterly cash dividend, raising it to $0.37 per common share from the previous $0.36. This marks the eighteenth increase in the quarterly dividend since 2010, representing a cumulative increase of 164% over that period.
The new cash dividend represents an annualized cash dividend rate of $1.48 per common share. Based on the closing common stock price of $35.26, the new dividend equates to a yield of approximately 4.2%.
WesBanco's strong capital position and net income were key factors in the Board of Directors' decision to approve the increase. The company's total assets stand at $18.5 billion, with its Trust and Investment Services holding $6.1 billion of assets under management and securities account values (including annuities) of $1.9 billion as of September 30, 2024.
This move underscores WesBanco's commitment to providing value to its shareholders through consistent dividend growth, reflecting the company's confidence in its financial position and long-term prospects. The market has reacted to these announcements by moving the company's shares -0.5% to a price of $35.08. Check out the company's full 8-K submission here.
