44,800 Shares in WesBanco, Inc. $WSBC Acquired by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC disclosed a new stake in WesBanco, buying 44,800 shares valued at about $1.49 million in the fourth quarter.
• WesBanco reported Q1 earnings of $0.91 per share, topping estimates of $0.86, though revenue of $257.23 million came in below expectations and was down 3.1% year over year.
• The bank approved a share repurchase program for up to 4 million shares and also declared a quarterly dividend of $0.38 per share, equal to a 3.9% annualized yield.

Hsbc Holdings PLC purchased a new stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 44,800 shares of the financial services provider's stock, valued at approximately $1,492,000.

Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of WesBanco by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock worth $326,399,000 after buying an additional 224,107 shares in the last quarter. State Street Corp raised its position in WesBanco by 0.4% in the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider's stock worth $117,109,000 after acquiring an additional 14,147 shares in the last quarter. Wellington Management Group LLP raised its position in WesBanco by 13.7% in the fourth quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider's stock worth $91,883,000 after acquiring an additional 332,585 shares in the last quarter. Geode Capital Management LLC lifted its holdings in WesBanco by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 2,356,011 shares of the financial services provider's stock valued at $78,325,000 after acquiring an additional 15,673 shares during the last quarter. Finally, Verition Fund Management LLC lifted its holdings in WesBanco by 1.2% in the 4th quarter. Verition Fund Management LLC now owns 1,872,132 shares of the financial services provider's stock valued at $62,230,000 after acquiring an additional 21,621 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Stock Performance

WesBanco stock opened at $39.03 on Wednesday. WesBanco, Inc. has a fifty-two week low of $29.18 and a fifty-two week high of $39.25. The firm's 50 day simple moving average is $35.12 and its 200-day simple moving average is $34.99. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market cap of $3.75 billion, a P/E ratio of 12.59 and a beta of 0.68.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The business had revenue of $257.23 million during the quarter, compared to the consensus estimate of $264.52 million. During the same quarter in the prior year, the firm earned $0.66 EPS. The firm's quarterly revenue was down 3.1% on a year-over-year basis. As a group, equities research analysts predict that WesBanco, Inc. will post 3.59 EPS for the current year.

WesBanco declared that its Board of Directors has approved a share repurchase plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, June 5th. WesBanco's payout ratio is presently 49.03%.

Insiders Place Their Bets

In other WesBanco news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $36.71, for a total value of $165,195.00. Following the completion of the sale, the executive vice president owned 35,924 shares in the company, valued at $1,318,770.04. This represents a 11.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph R. Robinson bought 1,000 shares of the firm's stock in a transaction on Monday, April 27th. The shares were bought at an average cost of $34.54 per share, with a total value of $34,540.00. Following the purchase, the director directly owned 19,068 shares in the company, valued at approximately $658,608.72. This trade represents a 5.53% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 7,000 shares of company stock valued at $236,500 over the last ninety days. Corporate insiders own 2.07% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on WSBC. Piper Sandler boosted their target price on shares of WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a report on Friday. Zacks Research upgraded shares of WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. DA Davidson restated a "buy" rating and issued a $41.00 price target on shares of WesBanco in a research report on Wednesday, April 22nd. Weiss Ratings raised WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. Finally, Raymond James Financial reiterated a "strong-buy" rating and set a $41.00 price objective on shares of WesBanco in a research report on Thursday, March 12th. One investment 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.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $40.25.

WesBanco Company 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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