258,500 Shares in WesBanco, Inc. $WSBC Purchased by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board acquired 258,500 WesBanco shares worth approximately $10.1 million, giving it a 0.27% stake. Institutional investors and hedge funds collectively own 61.41% of the company.
• WesBanco exceeded quarterly expectations, reporting $0.92 in EPS versus the $0.85 consensus and revenue of $275.79 million. The company also authorized a 4 million-share buyback and declared a quarterly dividend of $0.38 per share, implying a 3.8% annualized yield.
• Analysts maintain a generally positive outlook, with WesBanco receiving a “Moderate Buy” consensus rating and an average price target of $43.20, compared with a recent share price of $40.42.

Canada Pension Plan Investment Board acquired a new stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 258,500 shares of the financial services provider's stock, valued at approximately $10,089,000. Canada Pension Plan Investment Board owned 0.27% of WesBanco at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of WesBanco by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock valued at $326,399,000 after purchasing an additional 224,107 shares during the period. BlackRock Inc. bought a new stake in WesBanco during the 2nd quarter worth approximately $363,992,000. Dimensional Fund Advisors LP grew its holdings in shares of WesBanco by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider's stock worth $188,013,000 after purchasing an additional 59,077 shares during the last quarter. State Street Corp grew its stake in shares of WesBanco by 0.4% during the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider's stock valued at $117,109,000 after purchasing an additional 14,147 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of WesBanco by 13.7% in the 4th quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider's stock valued at $91,883,000 after buying an additional 332,585 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Price Performance

Shares of WSBC opened at $40.42 on Friday. 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 company's fifty day simple moving average is $40.48 and its 200 day simple moving average is $36.82. WesBanco, Inc. has a 1-year low of $29.57 and a 1-year high of $43.02. The company has a market cap of $3.88 billion, a price-to-earnings ratio of 11.75 and a beta of 0.67.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping analysts' consensus estimates of $0.85 by $0.07. WesBanco had a return on equity of 9.72% and a net margin of 23.35%.The business had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. On average, research analysts forecast that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its board has authorized a share buyback program on Wednesday, May 20th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its stock is undervalued.

WesBanco Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.8%. WesBanco's dividend payout ratio (DPR) is currently 44.19%.

Insider Buying and Selling

In other news, EVP Jayson M. Zatta sold 12,500 shares of WesBanco stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total value of $522,500.00. Following the completion of the sale, the executive vice president directly owned 81,082 shares in the company, valued at approximately $3,389,227.60. The trade was a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of the business's stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $40.89, for a total value of $125,532.30. Following the completion of the sale, the director owned 15,035 shares of the company's stock, valued at approximately $614,781.15. This trade represents a 16.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,695 shares of company stock valued at $1,630,995 in the last 90 days. 2.07% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

WSBC has been the topic of a number of research reports. Royal Bank Of Canada upped their target price on shares of WesBanco from $41.00 to $44.00 and gave the company a "sector perform" rating in a research report on Thursday, July 23rd. Piper Sandler raised their target price on WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a report on Friday, June 26th. Zacks Research raised shares of WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Wall Street Zen raised WesBanco from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $42.00 target price on shares of WesBanco in a report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, WesBanco currently has an average rating of "Moderate Buy" and an average target price of $43.20.

WesBanco Profile

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.

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