Bank of New York Mellon Corp Acquires 171,826 Shares of WesBanco, Inc. (NASDAQ:WSBC)

Bank of New York Mellon Corp lifted its stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 29.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 749,178 shares of the financial services provider's stock after purchasing an additional 171,826 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of WesBanco worth $23,195,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in WSBC. Vanguard Group Inc. grew its position in WesBanco by 11.7% during the fourth quarter. Vanguard Group Inc. now owns 6,710,539 shares of the financial services provider's stock worth $218,361,000 after buying an additional 705,483 shares in the last quarter. Earnest Partners LLC grew its position in WesBanco by 27.1% during the fourth quarter. Earnest Partners LLC now owns 1,777,002 shares of the financial services provider's stock worth $57,824,000 after buying an additional 379,386 shares in the last quarter. Bank of America Corp DE grew its position in WesBanco by 8.2% during the fourth quarter. Bank of America Corp DE now owns 1,537,252 shares of the financial services provider's stock worth $50,022,000 after buying an additional 116,796 shares in the last quarter. Geode Capital Management LLC grew its position in WesBanco by 5.8% during the fourth quarter. Geode Capital Management LLC now owns 1,502,057 shares of the financial services provider's stock worth $48,888,000 after buying an additional 82,987 shares in the last quarter. Finally, Segall Bryant & Hamill LLC grew its position in WesBanco by 25.2% during the fourth quarter. Segall Bryant & Hamill LLC now owns 780,444 shares of the financial services provider's stock worth $25,396,000 after buying an additional 156,903 shares in the last quarter. 61.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently commented on WSBC. Keefe, Bruyette & Woods reduced their target price on WesBanco from $43.00 to $40.00 and set an "outperform" rating for the company in a research report on Monday, May 5th. Royal Bank Of Canada reduced their target price on WesBanco from $36.00 to $34.00 and set a "sector perform" rating for the company in a research report on Thursday, May 1st. Raymond James Financial reduced their target price on WesBanco from $44.00 to $38.00 and set a "strong-buy" rating for the company in a research report on Wednesday, April 2nd. Finally, Piper Sandler started coverage on WesBanco in a report on Thursday, April 3rd. They issued an "overweight" rating and a $37.00 price objective for the company. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $38.71.

WesBanco Trading Down 0.5%

WSBC stock traded down $0.18 during trading on Monday, hitting $32.67. 445,777 shares of the company traded hands, compared to its average volume of 500,630. The firm has a market capitalization of $3.13 billion, a PE ratio of 21.35 and a beta of 0.85. WesBanco, Inc. has a 1 year low of $26.42 and a 1 year high of $37.36. The company has a 50-day moving average of $31.66 and a 200-day moving average of $31.85. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.91 and a current ratio of 0.93.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its earnings results on Tuesday, April 29th. The financial services provider reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.60 by $0.06. The company had revenue of $253.23 million during the quarter, compared to analysts' expectations of $206.63 million. WesBanco had a return on equity of 6.07% and a net margin of 10.52%. During the same period in the prior year, the business posted $0.56 EPS. Analysts predict that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a yield of 4.53%. The ex-dividend date was Friday, June 6th. WesBanco's payout ratio is 96.73%.

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.