Corebridge Financial Inc. Raises Position in WesBanco, Inc. $WSBC

Key Points

• Corebridge Financial Inc. has increased its stake in WesBanco, Inc. by 46.9%, acquiring an additional 13,434 shares, bringing its total ownership to approximately $1.3 million.
• WesBanco recently reported earnings of $0.91 per share for the last quarter, exceeding analysts' expectations of $0.87.
• The company declared a quarterly dividend of $0.37 per share, with a yield of 4.5%, set to be paid on October 1st.

Corebridge Financial Inc. increased its stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 46.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,058 shares of the financial services provider's stock after buying an additional 13,434 shares during the period. Corebridge Financial Inc. owned 0.06% of WesBanco worth $1,302,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Federated Hermes Inc. purchased a new position in WesBanco during the first quarter valued at $26,000. Smartleaf Asset Management LLC raised its holdings in WesBanco by 132.5% in the first quarter. Smartleaf Asset Management LLC now owns 895 shares of the financial services provider's stock valued at $28,000 after buying an additional 510 shares during the period. Opal Wealth Advisors LLC acquired a new position in WesBanco in the first quarter worth $34,000. Creative Financial Designs Inc. ADV purchased a new position in WesBanco in the 1st quarter worth about $48,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in WesBanco by 573.1% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,878 shares of the financial services provider's stock worth $58,000 after purchasing an additional 1,599 shares during the period. Hedge funds and other institutional investors own 61.41% of the company's stock.

WesBanco Stock Down 0.4%

Shares of WSBC traded down $0.15 on Monday, hitting $32.14. The company's stock had a trading volume of 159,896 shares, compared to its average volume of 584,166. The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 19.36 and a beta of 0.85. WesBanco, Inc. has a fifty-two week low of $26.42 and a fifty-two week high of $37.36. The firm's fifty day moving average price is $31.93 and its 200-day moving average price is $31.24. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 EPS for the quarter, beating the consensus estimate of $0.87 by $0.04. WesBanco had a return on equity of 7.29% and a net margin of 11.65%.The firm had revenue of $260.73 million during the quarter, compared to the consensus estimate of $261.14 million. During the same period last year, the company earned $0.49 earnings per share. On average, equities research analysts expect that WesBanco, Inc. will post 3.24 EPS for the current year.

WesBanco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th will be paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, September 5th. WesBanco's dividend payout ratio is presently 89.16%.

About WesBanco

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.