Gator Capital Management LLC Invests $1.46 Million in WesBanco, Inc. $WSBC

Key Points

• Gator Capital Management opened a new position in WesBanco, buying 43,970 shares valued at about $1.46 million in the fourth quarter.
• WesBanco has also seen heavy institutional activity, with firms like Goldman Sachs and Vanguard increasing their stakes; overall, institutional investors own 61.41% of the stock.
• The bank reported better-than-expected quarterly EPS of $0.91, announced a 4 million-share buyback, and declared a quarterly dividend of $0.38 per share for a 4.1% annualized yield.

Gator Capital Management LLC purchased a new position in WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 43,970 shares of the financial services provider's stock, valued at approximately $1,462,000.

Several other hedge funds and other institutional investors have also made changes to their positions in WSBC. Goldman Sachs Group Inc. boosted its position in shares of WesBanco by 179.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider's stock worth $47,779,000 after purchasing an additional 991,584 shares during the last quarter. FJ Capital Management LLC boosted its position in shares of WesBanco by 771.4% in the 3rd quarter. FJ Capital Management LLC now owns 654,296 shares of the financial services provider's stock worth $20,892,000 after purchasing an additional 579,211 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of WesBanco in the 3rd quarter worth $10,220,000. Vanguard Group Inc. boosted its position in shares of WesBanco by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider's stock worth $326,399,000 after purchasing an additional 224,107 shares during the last quarter. Finally, Raymond James Financial Inc. boosted its position in shares of WesBanco by 91.4% in the 3rd quarter. Raymond James Financial Inc. now owns 392,978 shares of the financial services provider's stock worth $12,548,000 after purchasing an additional 187,659 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors.

Insider Activity

In other news, Director Joseph R. Robinson purchased 1,000 shares of the business's stock in a transaction dated Monday, April 27th. The shares were bought at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the acquisition, the director directly owned 19,068 shares in the company, valued at approximately $658,608.72. This trade represents a 5.53% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Louis Michael Altman bought 3,000 shares of the company's stock in a transaction that occurred on Thursday, April 23rd. The shares were bought at an average price of $33.72 per share, for a total transaction of $101,160.00. Following the acquisition, the director directly owned 33,164 shares of the company's stock, valued at $1,118,290.08. This represents a 9.95% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 7,940 shares of company stock worth $267,299 over the last three months. Corporate insiders own 2.07% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on WSBC. Zacks Research lowered WesBanco from a "hold" rating to a "strong sell" rating in a research report on Tuesday, April 28th. Piper Sandler reduced their price target on WesBanco from $42.00 to $40.00 and set an "overweight" rating on the stock in a research report on Thursday, April 23rd. Raymond James Financial restated a "strong-buy" rating and issued a $41.00 price target on shares of WesBanco in a research report on Thursday, March 12th. DA Davidson reiterated a "buy" rating and set a $41.00 target price on shares of WesBanco in a report on Wednesday, April 22nd. Finally, Weiss Ratings upgraded WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a report on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $39.50.

WesBanco Stock Performance

WSBC stock opened at $36.77 on Friday. The business's 50-day moving average price is $34.75 and its two-hundred day moving average price is $34.60. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The firm has a market cap of $3.54 billion, a PE ratio of 11.86 and a beta of 0.68. WesBanco, Inc. has a 1-year low of $29.18 and a 1-year high of $38.10.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, beating analysts' consensus estimates of $0.86 by $0.05. The company had revenue of $257.23 million for the quarter, compared to analyst estimates of $264.52 million. WesBanco had a return on equity of 9.76% and a net margin of 21.12%.The company's quarterly revenue was down 3.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.66 earnings per share. As a group, research analysts forecast that WesBanco, Inc. will post 3.59 earnings per share for the current year.

WesBanco announced that its board has initiated a stock repurchase program on Wednesday, May 20th that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its stock is undervalued.

WesBanco Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Friday, June 5th. WesBanco's payout ratio is 49.03%.

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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