Brant Point Investment Management LLC Has $9.79 Million Stake in WesBanco, Inc. $WSBC

Key Points

• Brant Point Investment Management LLC has increased its stake in WesBanco, Inc. by 216.1%, making it the firm's second largest holding at approximately 1.2% of total assets.
• WesBanco recently announced a quarterly dividend of $0.37 per share, resulting in an annualized dividend yield of 4.5%.
• Analysts have set a consensus target price of $38.83 for WesBanco, with ratings including one Strong Buy and three Buy recommendations.

Brant Point Investment Management LLC raised its stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 216.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 316,085 shares of the financial services provider's stock after buying an additional 216,085 shares during the period. WesBanco comprises approximately 1.2% of Brant Point Investment Management LLC's holdings, making the stock its 2nd largest position. Brant Point Investment Management LLC owned approximately 0.47% of WesBanco worth $9,786,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in WSBC. Vanguard Group Inc. raised its stake in WesBanco by 40.3% during the 1st quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider's stock valued at $291,427,000 after buying an additional 2,702,469 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in WesBanco by 42.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 5,793,319 shares of the financial services provider's stock valued at $179,358,000 after buying an additional 1,730,801 shares during the last quarter. Nuveen LLC purchased a new stake in shares of WesBanco in the 1st quarter worth $22,282,000. Wellington Management Group LLP increased its stake in shares of WesBanco by 35.2% in the 1st quarter. Wellington Management Group LLP now owns 2,456,454 shares of the financial services provider's stock worth $76,052,000 after purchasing an additional 640,003 shares in the last quarter. Finally, American Century Companies Inc. increased its stake in shares of WesBanco by 331.2% in the 1st quarter. American Century Companies Inc. now owns 588,690 shares of the financial services provider's stock worth $18,226,000 after purchasing an additional 452,174 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Keefe, Bruyette & Woods reduced their price objective on WesBanco from $43.00 to $40.00 and set an "outperform" rating for the company in a research note on Monday, May 5th. One equities 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 company's stock. Based on data from MarketBeat, WesBanco currently has an average rating of "Moderate Buy" and an average price target of $38.83.

WesBanco Price Performance

WSBC stock traded up $0.09 during trading on Monday, reaching $32.80. The company's stock had a trading volume of 513,682 shares, compared to its average volume of 443,952. WesBanco, Inc. has a 1 year low of $26.42 and a 1 year high of $37.36. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $3.15 billion, a P/E ratio of 19.76 and a beta of 0.85. The company's fifty day moving average is $31.80 and its 200-day moving average is $31.37.

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

WesBanco Dividend Announcement

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

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.