Corient Private Wealth LP Acquires Shares of 117,993 WesBanco, Inc. $WSBC

Key Points

• Corient Private Wealth LP acquired 117,993 WesBanco shares worth approximately $4.6 million, while institutional investors collectively own 61.41% of the company.
• WesBanco exceeded quarterly expectations, reporting $0.92 in adjusted earnings per share versus the $0.85 consensus estimate and revenue of $275.79 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.20.
• The company authorized a 4 million-share repurchase program and declared a quarterly dividend of $0.38 per share, implying an annualized yield of about 3.8%.

Corient Private Wealth LP bought a new stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 117,993 shares of the financial services provider's stock, valued at approximately $4,606,000. Corient Private Wealth LP owned approximately 0.12% of WesBanco as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in WesBanco by 2.3% during the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock valued at $326,399,000 after purchasing an additional 224,107 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of WesBanco during the second quarter worth approximately $363,992,000. Dimensional Fund Advisors LP raised its stake in shares of WesBanco by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider's stock valued at $188,013,000 after acquiring an additional 59,077 shares during the last quarter. State Street Corp raised its stake in shares of WesBanco by 0.4% in the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider's stock valued at $117,109,000 after acquiring an additional 14,147 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of WesBanco by 13.7% in the 4th 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. Institutional investors own 61.41% of the company's stock.

Insider Buying and Selling at WesBanco

In related news, EVP Kimberly L. Griffith sold 6,875 shares of the firm's stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $41.20, for a total value 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jayson M. Zatta sold 12,500 shares of WesBanco stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total value of $522,500.00. Following the completion of 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 39,695 shares of company stock valued at $1,630,995 over the last ninety days. Company insiders own 2.07% of the company's stock.

WesBanco Price Performance

WSBC opened at $40.01 on Tuesday. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.93. The stock has a market capitalization of $3.84 billion, a P/E ratio of 11.63 and a beta of 0.67. The company's 50 day simple moving average is $40.55 and its 200-day simple moving average is $36.84. WesBanco, Inc. has a one year low of $29.57 and a one year high of $43.02.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. The firm had revenue of $275.79 million during the quarter, compared to analysts' expectations of $267.71 million. Sell-side analysts anticipate that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its Board of Directors has approved a stock repurchase program on Wednesday, May 20th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

WesBanco Dividend Announcement

The company 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 dividend of $0.38 per share. The ex-dividend date is Friday, September 4th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.8%. WesBanco's payout ratio is presently 44.19%.

Analyst Upgrades and Downgrades

WSBC has been the topic of a number of research analyst reports. Weiss Ratings restated a "buy (b)" rating on shares of WesBanco in a research report on Monday, August 3rd. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $42.00 price objective on shares of WesBanco in a research note on Thursday, July 23rd. DA Davidson set a $46.00 target price on WesBanco in a report on Thursday, July 23rd. Piper Sandler raised their target price on WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a research note on Friday, June 26th. Finally, Royal Bank Of Canada lifted their price target on WesBanco from $41.00 to $44.00 and gave the company a "sector perform" rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.20.

About WesBanco

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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