Ieq Capital LLC Makes New $4.84 Million Investment in WesBanco, Inc. $WSBC

Key Points

• Ieq Capital LLC acquired 124,075 WesBanco shares worth approximately $4.84 million, while institutional investors collectively own 61.41% of the company.
• WesBanco exceeded quarterly expectations, reporting $0.92 in EPS versus the $0.85 consensus and revenue of $275.79 million. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.20.
• The company authorized a repurchase of up to 4 million shares and declared a quarterly dividend of $0.38, equivalent to a 3.7% annualized yield. However, insiders sold 36,625 shares worth about $1.51 million over the past 90 days.

Ieq Capital LLC acquired a new position in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 124,075 shares of the financial services provider's stock, valued at approximately $4,843,000. Ieq Capital LLC owned about 0.13% of WesBanco as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bayview Asset Management LLC increased its stake in WesBanco by 0.4% in the fourth quarter. Bayview Asset Management LLC now owns 80,300 shares of the financial services provider's stock valued at $2,669,000 after purchasing an additional 300 shares during the last quarter. Commonwealth Financial Services LLC boosted its stake in WesBanco by 3.4% in the 1st quarter. Commonwealth Financial Services LLC now owns 10,329 shares of the financial services provider's stock worth $356,000 after buying an additional 342 shares during the last quarter. Corient Private Wealth LLC boosted its stake in WesBanco by 0.7% in the 4th quarter. Corient Private Wealth LLC now owns 50,414 shares of the financial services provider's stock worth $1,677,000 after buying an additional 357 shares during the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in WesBanco by 3.0% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 13,341 shares of the financial services provider's stock valued at $443,000 after buying an additional 390 shares during the period. Finally, D.A. Davidson & CO. grew its holdings in WesBanco by 1.9% in the 1st quarter. D.A. Davidson & CO. now owns 22,489 shares of the financial services provider's stock valued at $776,000 after buying an additional 424 shares during the period. Hedge funds and other institutional investors own 61.41% of the company's stock.

Insider Activity

In other WesBanco news, EVP Jayson M. Zatta sold 12,500 shares of the company's stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total value of $522,500.00. Following the completion of the transaction, the executive vice president directly owned 81,082 shares of the company's stock, valued at $3,389,227.60. This represents a 13.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $36.71, for a total value of $165,195.00. Following the sale, the executive vice president owned 35,924 shares of the company's stock, valued at $1,318,770.04. This represents a 11.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 36,625 shares of company stock worth $1,505,462. 2.07% of the stock is owned by corporate insiders.

WesBanco Price Performance

Shares of NASDAQ:WSBC opened at $40.86 on Monday. The company has a market capitalization of $3.92 billion, a price-to-earnings ratio of 11.88 and a beta of 0.67. The company has a 50 day moving average of $40.04 and a two-hundred day moving average of $36.71. WesBanco, Inc. has a 52-week low of $29.57 and a 52-week high of $43.02. 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, topping analysts' consensus estimates of $0.85 by $0.07. The business had revenue of $275.79 million for the quarter, compared to analysts' expectations of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. As a group, analysts forecast that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its board has initiated a stock repurchase plan on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company's board of directors believes its stock is undervalued.

WesBanco Announces Dividend

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. The ex-dividend date is Friday, September 4th. This represents a $1.52 dividend on an annualized basis and a yield of 3.7%. WesBanco's payout ratio is currently 44.19%.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $42.00 price objective on shares of WesBanco in a report on Thursday, July 23rd. Zacks Research raised shares of WesBanco from a "strong sell" rating to a "hold" rating in a research report on Monday, June 22nd. Royal Bank Of Canada upped their price target on shares of WesBanco from $41.00 to $44.00 and gave the stock a "sector perform" rating in a research report on Thursday, July 23rd. DA Davidson set a $46.00 price target on shares of WesBanco in a research note on Thursday, July 23rd. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of WesBanco in a report on Monday, August 3rd. One 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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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