Peregrine Capital Management LLC Lowers Stock Holdings in WesBanco, Inc. (NASDAQ:WSBC)

Peregrine Capital Management LLC cut its stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 180,769 shares of the financial services provider's stock after selling 9,860 shares during the period. Peregrine Capital Management LLC owned approximately 0.27% of WesBanco worth $5,597,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC acquired a new position in shares of WesBanco in the first quarter valued at approximately $34,000. Creative Financial Designs Inc. ADV acquired a new position in WesBanco in the 1st quarter valued at $48,000. Sterling Capital Management LLC raised its position in WesBanco by 807.0% during the 4th quarter. Sterling Capital Management LLC now owns 1,814 shares of the financial services provider's stock worth $59,000 after buying an additional 1,614 shares during the last quarter. Quarry LP purchased a new position in WesBanco during the 4th quarter worth $89,000. Finally, Amalgamated Bank lifted its stake in shares of WesBanco by 46.0% in the 1st quarter. Amalgamated Bank now owns 2,959 shares of the financial services provider's stock worth $92,000 after acquiring an additional 932 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Price Performance

WSBC stock traded up $0.41 during midday trading on Thursday, hitting $33.69. 269,379 shares of the stock were exchanged, compared to its average volume of 477,590. The stock's 50-day moving average price is $30.96 and its 200-day moving average price is $31.88. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.91 and a current ratio of 0.93. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of 22.02 and a beta of 0.85. WesBanco, Inc. has a fifty-two week low of $26.42 and a fifty-two week high of $37.36.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.06. WesBanco had a return on equity of 6.07% and a net margin of 10.52%. The business had revenue of $253.23 million during the quarter, compared to the consensus estimate of $206.63 million. During the same quarter in the previous year, the company posted $0.56 EPS. Research analysts predict that WesBanco, Inc. will post 3.24 earnings per share for the current year.

WesBanco Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were issued a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.39%. The ex-dividend date of this dividend was Friday, June 6th. WesBanco's dividend payout ratio (DPR) is presently 96.73%.

Analyst Upgrades and Downgrades

WSBC has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods dropped their price target on shares of WesBanco from $43.00 to $40.00 and set an "outperform" rating on the stock in a research note on Monday, May 5th. Royal Bank Of Canada lowered their price objective on WesBanco from $36.00 to $34.00 and set a "sector perform" rating on the stock in a report on Thursday, May 1st. Piper Sandler assumed coverage on WesBanco in a research note on Thursday, April 3rd. They set an "overweight" rating and a $37.00 target price for the company. Finally, Raymond James Financial decreased their price target on WesBanco from $44.00 to $38.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, April 2nd. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, WesBanco currently has an average rating of "Moderate Buy" and an average target price of $38.71.

WesBanco Company Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.