Legal & General Group Plc Makes New $8.70 Million Investment in WesBanco, Inc. $WSBC

Key Points

• Legal & General Group Plc acquired 222,919 WesBanco shares worth approximately $8.7 million during the second quarter, giving it a 0.23% stake. Institutional investors collectively own 61.41% of the company.
• WesBanco reported quarterly earnings of $0.92 per share, beating estimates of $0.85, while revenue of $275.79 million also exceeded expectations. The company has authorized a buyback of up to 4 million shares.
• Shares opened at $39.48, with analysts assigning a “Moderate Buy” consensus rating and an average price target of $43.20. WesBanco also declared a quarterly dividend of $0.38 per share, representing a 3.9% annualized yield.

Legal & General Group Plc acquired a new stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 222,919 shares of the financial services provider's stock, valued at approximately $8,701,000. Legal & General Group Plc owned about 0.23% of WesBanco at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Covestor Ltd grew its stake in shares of WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock worth $25,000 after purchasing an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new position in WesBanco in the fourth quarter valued at $29,000. Federated Hermes Inc. raised its stake in WesBanco by 71.9% in the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider's stock valued at $45,000 after buying an additional 600 shares in the last quarter. Strs Ohio raised its stake in WesBanco by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the financial services provider's stock valued at $57,000 after buying an additional 600 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its holdings in WesBanco by 260.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider's stock worth $58,000 after buying an additional 1,327 shares during the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at WesBanco

In other WesBanco news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the business's stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $36.71, for a total transaction of $165,195.00. Following the sale, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. The trade was a 11.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of the company's stock in a transaction on Monday, August 24th. The stock was sold at an average price of $40.89, for a total transaction of $125,532.30. Following the transaction, the director directly owned 15,035 shares in the company, valued at approximately $614,781.15. This trade represents a 16.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 39,695 shares of company stock valued at $1,630,995 in the last three months. Insiders own 2.07% of the company's stock.

WesBanco Trading Down 1.3%

NASDAQ WSBC opened at $39.48 on Wednesday. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $3.79 billion, a P/E ratio of 11.48 and a beta of 0.66. WesBanco, Inc. has a 52-week low of $29.57 and a 52-week high of $43.02. The firm has a 50-day moving average price of $40.59 and a 200 day moving average price of $36.86.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.85 by $0.07. WesBanco had a return on equity of 9.72% and a net margin of 23.35%.The company had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. Equities research analysts expect that WesBanco, Inc. will post 3.57 EPS for the current year.

WesBanco announced that its board has initiated a share buyback plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 shares. This buyback authorization authorizes the financial services provider to repurchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.

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 issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, September 4th. WesBanco's dividend payout ratio is currently 44.19%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WSBC. Weiss Ratings reissued a "buy (b)" rating on shares of WesBanco in a research report on Monday, August 3rd. Royal Bank Of Canada upped 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. DA Davidson set a $46.00 price target on shares of 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 report on Monday, June 22nd. Finally, Wall Street Zen upgraded shares of WesBanco from a "sell" rating to a "hold" rating in a research report on Saturday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $43.20.

WesBanco Company Profile

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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