Corient Private Wealth LP Has $4.97 Million Stock Holdings in WesBanco, Inc. $WSBC

Key Points

• Corient Private Wealth increased its WesBanco stake by 26.1% in the second quarter, purchasing 26,355 additional shares and bringing its holdings to 127,193 shares valued at approximately $4.97 million. Institutional investors collectively own 61.41% of WSBC.
• WesBanco exceeded quarterly expectations, reporting earnings per share of $0.92 versus the $0.85 consensus and revenue of $275.79 million. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $43.20.
• The company declared a quarterly dividend of $0.38 per share, equal to $1.52 annually and a 3.9% yield. Meanwhile, insiders sold nearly 39,695 shares worth about $1.63 million over the past three months.

Corient Private Wealth LP raised its stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 26.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,193 shares of the financial services provider's stock after purchasing an additional 26,355 shares during the quarter. Corient Private Wealth LP owned approximately 0.13% of WesBanco worth $4,968,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in WSBC. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in WesBanco during the second quarter worth $250,000. HB Wealth Management LLC bought a new position in shares of WesBanco during the second quarter worth approximately $351,000. Nykredit A S acquired a new position in WesBanco in the 2nd quarter valued at $40,000. Wedbush Securities Inc. acquired a new position in WesBanco in the second quarter valued at about $221,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of WesBanco by 7.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 212,072 shares of the financial services provider's stock worth $8,277,000 after acquiring an additional 14,268 shares during the period. Institutional investors own 61.41% of the company's stock.

WesBanco Price Performance

WSBC stock opened at $39.37 on Friday. The firm has a 50 day moving average of $40.92 and a 200-day moving average of $37.23. The firm has a market capitalization of $3.78 billion, a P/E ratio of 11.44 and a beta of 0.66. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. WesBanco, Inc. has a 12 month low of $29.57 and a 12 month 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.85 by $0.07. The firm had revenue of $275.79 million during the quarter, compared to analysts' expectations of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, sell-side analysts predict that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.52 annualized dividend and a yield of 3.9%. WesBanco's dividend payout ratio is 44.19%.

Insider Activity at WesBanco

In other WesBanco news, EVP Robert Friend sold 2,000 shares of the firm's stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $42.06, for a total value of $84,120.00. Following the transaction, the executive vice president directly owned 17,361 shares of the company's stock, valued at approximately $730,203.66. This trade represents a 10.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jan Pattishall-Krupinski sold 2,250 shares of the business's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $41.45, for a total value of $93,262.50. Following the sale, the executive vice president directly owned 33,674 shares of the company's stock, valued at $1,395,787.30. This represents a 6.26% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 39,695 shares of company stock valued at $1,630,995 over the last three months. 2.07% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

WSBC has been the topic of several research analyst reports. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $42.00 price objective on shares of WesBanco in a research note on Thursday, July 23rd. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $44.00 target price on shares of WesBanco in a report on Monday, September 14th. Zacks Research upgraded shares of WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. DA Davidson set a $46.00 target price on WesBanco in a research note on Thursday, July 23rd. Finally, Piper Sandler upped their price objective on shares of WesBanco from $40.00 to $43.00 and gave the company an "overweight" rating in a report on Friday, June 26th. 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. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.20.

WesBanco Profile

WesBanco, Inc NASDAQ: WSBC is a financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides community banking services to individuals, businesses and institutions.

WesBanco's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other deposit and lending products. The company also provides trust, investment management and brokerage services through its wealth management operations, along with insurance and employee benefit solutions in select markets.

Founded in 1870, WesBanco serves customers through a network of banking offices and financial service locations across West Virginia, Ohio, Pennsylvania, Kentucky and Indiana.

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