BlackRock Inc. Makes New Investment in WesBanco, Inc. $WSBC

Key Points

• BlackRock acquired 9.33 million WesBanco shares worth approximately $364 million, giving it a 9.72% stake. Institutional investors collectively own 61.41% of the company.
• WesBanco reported quarterly EPS of $0.92, exceeding the $0.85 consensus estimate, while revenue of $275.79 million also topped expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.20.
• The company authorized a buyback of up to 4 million shares and declared a quarterly dividend of $0.38, equivalent to $1.52 annually and a 3.8% yield.

BlackRock Inc. acquired a new position in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 9,325,960 shares of the financial services provider's stock, valued at approximately $363,992,000. BlackRock Inc. owned approximately 9.72% of WesBanco as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in WSBC. Deutsche Bank AG acquired a new position in WesBanco during the second quarter worth $3,914,000. AMG National Trust Bank bought a new stake in WesBanco during the second quarter worth $431,000. HBK Sorce Advisory LLC acquired a new stake in WesBanco in the second quarter valued at $252,000. Bank of New York Mellon Corp acquired a new stake in WesBanco in the second quarter valued at $36,433,000. Finally, Focus Partners Advisor Solutions LLC bought a new position in shares of WesBanco in the 2nd quarter valued at about $210,000. Institutional investors and hedge funds own 61.41% of the company's stock.

Insider Activity

In other WesBanco news, EVP Kimberly L. Griffith sold 6,875 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.20, for a total transaction of $283,250.00. Following the transaction, the executive vice president owned 15,858 shares in the company, valued at $653,349.60. This trade represents a 30.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of WesBanco stock in a transaction on Monday, August 24th. The stock was sold at an average price of $40.89, for a total value of $125,532.30. Following the sale, the director directly owned 15,035 shares of the company's stock, valued at $614,781.15. This represents a 16.96% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 39,695 shares of company stock worth $1,630,995. Corporate insiders own 2.07% of the company's stock.

Analyst Ratings Changes

WSBC has been the topic of a number of research analyst reports. Weiss Ratings reaffirmed a "buy (b)" rating on shares of WesBanco in a report on Monday, August 3rd. Piper Sandler boosted their price target on WesBanco from $40.00 to $43.00 and gave the stock an "overweight" rating in a research report on Friday, June 26th. Royal Bank Of Canada upped their price objective on WesBanco from $41.00 to $44.00 and gave the company a "sector perform" rating in a research note on Thursday, July 23rd. DA Davidson set a $46.00 target price on WesBanco in a research note on Thursday, July 23rd. Finally, Zacks Research raised WesBanco from a "strong sell" rating to a "hold" rating in a report on Monday, June 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $43.20.

WesBanco Trading Down 0.5%

Shares of NASDAQ:WSBC opened at $40.51 on Wednesday. WesBanco, Inc. has a 12-month low of $29.57 and a 12-month high of $43.02. The stock has a market cap of $3.89 billion, a PE ratio of 11.78 and a beta of 0.67. The business has a 50 day moving average of $40.22 and a 200-day moving average of $36.76. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.85 by $0.07. The company had revenue of $275.79 million for 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%. As a group, equities research analysts forecast that WesBanco, Inc. will post 3.57 earnings per share for the current year.

WesBanco announced that its board has initiated a share buyback plan on Wednesday, May 20th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the financial services provider to buy shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's leadership believes its stock is undervalued.

WesBanco Dividend Announcement

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

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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