Bayview Asset Management LLC Acquires Shares of 12,189 WesBanco, Inc. $WSBC

Key Points

• Bayview Asset Management LLC has acquired 12,189 shares of WesBanco, Inc., adding approximately $377,000 to its investment portfolio, which makes WesBanco its 17th largest position.
• WesBanco recently reported earnings of $0.91 per share for the quarter, exceeding analysts’ expectations of $0.87, with net revenue of $260.73 million.
• The company announced a quarterly dividend of $0.37 per share, resulting in a dividend yield of 4.5%, to be paid on October 1st to stockholders of record.

Bayview Asset Management LLC purchased a new stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,189 shares of the financial services provider's stock, valued at approximately $377,000. WesBanco comprises about 0.2% of Bayview Asset Management LLC's investment portfolio, making the stock its 17th largest holding.

Several other large investors have also recently bought and sold shares of the stock. Earnest Partners LLC boosted its position in WesBanco by 4.6% during the first quarter. Earnest Partners LLC now owns 1,859,436 shares of the financial services provider's stock valued at $57,568,000 after purchasing an additional 82,434 shares during the last quarter. Ieq Capital LLC boosted its position in WesBanco by 34.7% during the first quarter. Ieq Capital LLC now owns 19,011 shares of the financial services provider's stock valued at $589,000 after purchasing an additional 4,896 shares during the last quarter. Rafferty Asset Management LLC boosted its position in WesBanco by 8.8% during the first quarter. Rafferty Asset Management LLC now owns 74,343 shares of the financial services provider's stock valued at $2,302,000 after purchasing an additional 6,010 shares during the last quarter. Corebridge Financial Inc. boosted its position in WesBanco by 46.9% during the first quarter. Corebridge Financial Inc. now owns 42,058 shares of the financial services provider's stock valued at $1,302,000 after purchasing an additional 13,434 shares during the last quarter. Finally, Comerica Bank boosted its position in WesBanco by 11.5% during the first quarter. Comerica Bank now owns 7,225 shares of the financial services provider's stock valued at $224,000 after purchasing an additional 743 shares during the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Keefe, Bruyette & Woods reduced their price target on WesBanco from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.83.

WesBanco Stock Performance

Shares of WSBC traded up $0.09 during mid-day trading on Monday, reaching $32.80. The company's stock had a trading volume of 513,682 shares, compared to its average volume of 443,952. WesBanco, Inc. has a 1-year low of $26.42 and a 1-year high of $37.36. The stock has a market cap of $3.15 billion, a P/E ratio of 19.76 and a beta of 0.85. The business has a 50-day simple moving average of $31.80 and a two-hundred day simple moving average of $31.37. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.57.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.87 by $0.04. The company had revenue of $260.73 million during the quarter, compared to analysts' expectations of $261.14 million. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.During the same period last year, the firm posted $0.49 earnings per share. As a group, equities research analysts anticipate that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be paid a dividend of $0.37 per share. The ex-dividend date is Friday, September 5th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.5%. WesBanco's dividend payout ratio (DPR) is 89.16%.

WesBanco Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.