Jupiter Topco LLC acquired a new stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 40,633 shares of the financial services provider's stock, valued at approximately $1,587,000.
Other institutional investors have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of WesBanco in the second quarter valued at approximately $363,992,000. Goldman Sachs Group Inc. grew its holdings in shares of WesBanco by 179.7% in the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider's stock valued at $47,779,000 after purchasing an additional 991,584 shares during the period. Bank of New York Mellon Corp acquired a new stake in WesBanco during the second quarter worth about $36,433,000. FJ Capital Management LLC raised its stake in WesBanco by 771.4% during the third 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 period. Finally, Aristotle Capital Boston LLC acquired a new position in WesBanco in the 4th quarter valued at about $11,279,000. 61.41% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at WesBanco
In related news, EVP Jan Pattishall-Krupinski sold 2,250 shares of the company's stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $41.45, for a total transaction of $93,262.50. Following the sale, the executive vice president directly owned 33,674 shares in the company, valued at approximately $1,395,787.30. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jayson M. Zatta sold 12,500 shares of the firm's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total transaction of $522,500.00. Following the completion of the sale, the executive vice president directly owned 81,082 shares in the company, valued at approximately $3,389,227.60. This trade represents a 13.36% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 39,695 shares of company stock worth $1,630,995 over the last quarter. 2.07% of the stock is currently owned by insiders.
Analysts Set New Price Targets
A number of analysts have recently issued reports on the stock. Weiss Ratings restated a "buy (b)" rating on shares of WesBanco in a report on Monday, August 3rd. DA Davidson set a $46.00 target price on WesBanco in a research note 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. Wall Street Zen upgraded shares of WesBanco from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $42.00 price objective on shares of WesBanco 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 issued a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $43.20.
Check Out Our Latest Stock Report on WesBanco
WesBanco Stock Performance
NASDAQ WSBC opened at $41.33 on Friday. The company has a market cap of $3.96 billion, a P/E ratio of 12.01 and a beta of 0.66. 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 50-day moving average of $40.75 and a two-hundred day moving average of $36.95. WesBanco, Inc. has a 1-year low of $29.57 and a 1-year high of $43.02.
WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) 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 business had revenue of $275.79 million for the quarter, compared to analysts' expectations of $267.71 million. As a group, analysts anticipate that WesBanco, Inc. will post 3.57 EPS for the current year.
WesBanco declared that its board has approved a share repurchase plan on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.
WesBanco Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 3.7%. The ex-dividend date of this dividend is Friday, September 4th. WesBanco's payout ratio is presently 44.19%.
WesBanco Company Profile
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Free Report)
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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