Russell Investments Group Ltd. Raises Stake in WesBanco, Inc. $WSBC

Key Points

• Russell Investments Group Ltd. increased its stake in WesBanco, Inc. by an astounding 51,970.6%, acquiring 146,557 additional shares, bringing its total ownership to 146,839 shares valued at $4,546,000.
• WesBanco reported Q2 earnings of $0.91 per share, exceeding the expected $0.87, with a revenue of $260.73 million, slightly below analyst estimates.
• The company announced a quarterly dividend of $0.37 per share, representing an annualized dividend of $1.48 and a yield of 4.5%.

Russell Investments Group Ltd. raised its position in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 51,970.6% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 146,839 shares of the financial services provider's stock after purchasing an additional 146,557 shares during the quarter. Russell Investments Group Ltd. owned 0.22% of WesBanco worth $4,546,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Federated Hermes Inc. bought a new stake in WesBanco during the 1st quarter valued at about $26,000. Opal Wealth Advisors LLC bought a new stake in WesBanco during the 1st quarter valued at about $34,000. Creative Financial Designs Inc. ADV bought a new stake in shares of WesBanco in the first quarter worth approximately $48,000. Quarry LP bought a new stake in shares of WesBanco in the fourth quarter worth approximately $89,000. Finally, Amalgamated Bank grew its stake in shares of WesBanco by 46.0% in the first 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 currently owned by institutional investors.

WesBanco Stock Performance

NASDAQ WSBC traded down $0.18 during trading hours on Thursday, hitting $32.71. 270,563 shares of the company's stock traded hands, compared to its average volume of 480,223. The business's fifty day moving average price is $31.75 and its two-hundred day moving average price is $31.47. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.14 billion, a P/E ratio of 19.70 and a beta of 0.87. WesBanco, Inc. has a 52 week low of $26.42 and a 52 week high of $37.36.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. The company had revenue of $260.73 million during the quarter, compared to analyst estimates of $261.14 million. WesBanco had a net margin of 11.65% and a return on equity of 7.29%. During the same period in the previous year, the business posted $0.49 earnings per share. Equities research analysts predict that WesBanco, Inc. will post 3.24 EPS for the current year.

WesBanco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, September 5th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.5%. The ex-dividend date is Friday, September 5th. WesBanco's payout ratio is 89.16%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods reduced their price target on shares of WesBanco from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. Royal Bank Of Canada reduced their price target on shares of WesBanco from $36.00 to $34.00 and set a "sector perform" rating for the company in a research note on Thursday, May 1st. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $38.83.

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.