SummerHaven Investment Management LLC Acquires New Shares in WesBanco, Inc. (NASDAQ:WSBC)

SummerHaven Investment Management LLC bought a new position in WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 30,393 shares of the financial services provider's stock, valued at approximately $941,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in WesBanco by 11.7% in the 4th quarter. Vanguard Group Inc. now owns 6,710,539 shares of the financial services provider's stock worth $218,361,000 after purchasing an additional 705,483 shares during the period. Earnest Partners LLC boosted its stake in WesBanco by 27.1% in the 4th quarter. Earnest Partners LLC now owns 1,777,002 shares of the financial services provider's stock worth $57,824,000 after purchasing an additional 379,386 shares during the period. Barclays PLC boosted its position in shares of WesBanco by 104.8% during the 4th quarter. Barclays PLC now owns 371,347 shares of the financial services provider's stock valued at $12,084,000 after acquiring an additional 190,022 shares during the last quarter. Raymond James Financial Inc. bought a new position in shares of WesBanco during the 4th quarter valued at approximately $5,345,000. Finally, Segall Bryant & Hamill LLC boosted its position in shares of WesBanco by 25.2% during the 4th quarter. Segall Bryant & Hamill LLC now owns 780,444 shares of the financial services provider's stock valued at $25,396,000 after acquiring an additional 156,903 shares during the last quarter. 61.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

WesBanco Trading Down 1.2%

NASDAQ:WSBC traded down $0.37 during midday trading on Thursday, hitting $31.33. 491,148 shares of the company traded hands, compared to its average volume of 461,598. The firm's fifty day moving average is $30.03 and its 200-day moving average is $32.34. WesBanco, Inc. has a 12-month low of $25.93 and a 12-month high of $37.36. The firm has a market capitalization of $3.00 billion, a P/E ratio of 13.99 and a beta of 0.85. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.55.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its earnings results on Tuesday, April 29th. The financial services provider reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.60 by $0.06. WesBanco had a return on equity of 6.30% and a net margin of 15.89%. The business had revenue of $253.23 million during the quarter, compared to the consensus estimate of $206.63 million. During the same period last year, the company earned $0.56 earnings per share. On average, sell-side 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 Tuesday, July 1st. Stockholders of record on Friday, June 6th will be given a dividend of $0.37 per share. The ex-dividend date is Friday, June 6th. This represents a $1.48 annualized dividend and a dividend yield of 4.72%. WesBanco's dividend payout ratio (DPR) is 96.73%.

About WesBanco

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.