Empowered Funds LLC Increases Stake in WesBanco, Inc. $WSBC

Empowered Funds LLC raised its stake in WesBanco, Inc. (NASDAQ:WSBCFree Report) by 8.8% in the 1st quarter, HoldingsChannel.com reports. The firm owned 390,094 shares of the financial services provider’s stock after acquiring an additional 31,455 shares during the period. Empowered Funds LLC’s holdings in WesBanco were worth $13,454,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Bayview Asset Management LLC increased its stake in shares of WesBanco by 0.4% in the fourth quarter. Bayview Asset Management LLC now owns 80,300 shares of the financial services provider’s stock worth $2,669,000 after buying an additional 300 shares during the period. GAMMA Investing LLC boosted its position in WesBanco by 41.1% during the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after buying an additional 324 shares during the period. Commonwealth Financial Services LLC grew its holdings in WesBanco by 3.4% in the 1st quarter. Commonwealth Financial Services LLC now owns 10,329 shares of the financial services provider’s stock worth $356,000 after acquiring an additional 342 shares during the last quarter. Corient Private Wealth LLC grew its holdings in WesBanco by 0.7% in the 4th quarter. Corient Private Wealth LLC now owns 50,414 shares of the financial services provider’s stock worth $1,677,000 after acquiring an additional 357 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV increased its position in shares of WesBanco by 3.0% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 13,341 shares of the financial services provider’s stock valued at $443,000 after acquiring an additional 390 shares during the period. Institutional investors own 61.41% of the company’s stock.

Insider Buying and Selling

In other news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the completion of the transaction, the executive vice president owned 35,924 shares in the company, valued at $1,318,770.04. This trade represents a 11.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Kimberly L. Griffith sold 6,875 shares of WesBanco stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the sale, the executive vice president owned 15,858 shares in the company, valued at $653,349.60. This represents a 30.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 16,125 shares of company stock worth $646,482 in the last quarter. Company insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

WSBC has been the subject of several recent analyst reports. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. DA Davidson set a $46.00 target price on WesBanco in a research note on Thursday, July 23rd. Royal Bank Of Canada boosted their price target on WesBanco from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Piper Sandler increased their price objective on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, WesBanco presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

View Our Latest Report on WSBC

WesBanco Trading Down 0.3%

NASDAQ:WSBC opened at $41.90 on Thursday. The company has a 50-day moving average price of $37.66 and a 200-day moving average price of $35.85. WesBanco, Inc. has a 12 month low of $29.18 and a 12 month high of $42.21. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The stock has a market cap of $4.03 billion, a price-to-earnings ratio of 12.18 and a beta of 0.67.

WesBanco (NASDAQ:WSBCGet Free Report) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.85 by $0.07. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. The company had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. Equities analysts predict that WesBanco, Inc. will post 3.57 EPS for the current year.

WesBanco announced that its Board of Directors has approved a share buyback plan on Wednesday, May 20th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend was Friday, June 5th. WesBanco’s payout ratio is presently 44.19%.

About WesBanco

(Free Report)

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small‐ to mid‐sized businesses, nonprofit organizations and governmental entities with a relationship‐driven approach and an emphasis on local decision‐making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.

Further Reading

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Institutional Ownership by Quarter for WesBanco (NASDAQ:WSBC)

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