Bank of New York Mellon Corp Makes New $36.43 Million Investment in WesBanco, Inc. $WSBC

Key Points

• Bank of New York Mellon acquired 933,465 WesBanco shares worth approximately $36.4 million, giving it a 0.97% stake; institutional investors collectively own 61.41% of the company.
• WesBanco exceeded quarterly expectations, reporting $0.92 EPS versus $0.85 expected and revenue of $275.79 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.20.
• The company declared a quarterly dividend of $0.38, representing a 3.8% yield, and authorized repurchases of up to 4 million shares.

Bank of New York Mellon Corp acquired a new position in WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 933,465 shares of the financial services provider's stock, valued at approximately $36,433,000. Bank of New York Mellon Corp owned approximately 0.97% of WesBanco at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Focus Partners Advisor Solutions LLC bought a new stake in WesBanco in the 2nd quarter worth approximately $210,000. Oppenheimer Asset Management Inc. bought a new position in WesBanco during the second quarter valued at approximately $2,619,000. Segall Bryant & Hamill LLC raised its stake in shares of WesBanco by 0.7% during the first quarter. Segall Bryant & Hamill LLC now owns 928,768 shares of the financial services provider's stock worth $32,033,000 after acquiring an additional 6,784 shares in the last quarter. Bank of America Corp DE raised its stake in shares of WesBanco by 0.9% during the first quarter. Bank of America Corp DE now owns 1,696,850 shares of the financial services provider's stock worth $58,524,000 after acquiring an additional 14,397 shares in the last quarter. Finally, Edgestream Partners L.P. lifted its holdings in shares of WesBanco by 65.0% in the 1st quarter. Edgestream Partners L.P. now owns 240,829 shares of the financial services provider's stock worth $8,306,000 after acquiring an additional 94,863 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors.

WesBanco Price Performance

Shares of WSBC stock opened at $40.42 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94. WesBanco, Inc. has a fifty-two week low of $29.57 and a fifty-two week high of $43.02. The firm has a market cap of $3.88 billion, a P/E ratio of 11.75 and a beta of 0.67. The business's 50 day moving average price is $40.48 and its 200-day moving average price is $36.82.

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

WesBanco Dividend Announcement

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

WesBanco declared that its board has initiated a share repurchase program on Wednesday, May 20th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

WSBC has been the topic of several recent research reports. Piper Sandler increased their target price on shares of WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Wall Street Zen raised WesBanco from a "sell" rating to a "hold" rating in a research note on Saturday, August 22nd. Zacks Research upgraded WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. DA Davidson set a $46.00 target price on WesBanco in a report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $42.00 price target on shares of WesBanco in a research report on Thursday, July 23rd. One 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $43.20.

Insider Activity

In other news, EVP Jayson M. Zatta sold 12,500 shares of WesBanco stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total transaction of $522,500.00. Following the sale, the executive vice president owned 81,082 shares of the company's stock, valued at approximately $3,389,227.60. The trade was a 13.36% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert H. Friend sold 2,000 shares of the business's stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $42.06, for a total transaction of $84,120.00. Following the transaction, the executive vice president owned 17,361 shares in the company, valued at $730,203.66. This represents a 10.33% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 39,695 shares of company stock worth $1,630,995. 2.07% of the stock is owned by company insiders.

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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