WesBanco, Inc. $WSBC Shares Sold by Royce & Associates LP

Key Points

• Royce & Associates LP reduced its WesBanco stake by 42.3% in the fourth quarter, selling 32,963 shares and leaving it with 44,968 shares valued at about $1.5 million.
• WesBanco’s latest quarter beat earnings expectations, reporting $0.91 EPS versus the $0.86 consensus, even as revenue came in slightly below estimates and fell 3.1% year over year.
• The company remains shareholder-friendly, announcing a quarterly dividend of $0.38 per share and authorizing a buyback program for up to 4 million shares.

Royce & Associates LP cut its holdings in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 42.3% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 44,968 shares of the financial services provider's stock after selling 32,963 shares during the period. Royce & Associates LP's holdings in WesBanco were worth $1,495,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the business. Harbour Investments Inc. acquired a new stake in shares of WesBanco during the 4th quarter valued at about $82,000. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in WesBanco in the 4th quarter valued at about $66,000. Jefferies Financial Group Inc. purchased a new position in WesBanco in the 4th quarter valued at about $212,000. Legato Capital Management LLC lifted its stake in WesBanco by 79.7% in the 4th quarter. Legato Capital Management LLC now owns 45,238 shares of the financial services provider's stock valued at $1,504,000 after buying an additional 20,067 shares in the last quarter. Finally, Covestor Ltd lifted its stake in WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider's stock valued at $25,000 after buying an additional 750 shares in the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Zacks Research lowered shares of WesBanco from a "hold" rating to a "strong sell" rating in a research note on Tuesday, April 28th. Piper Sandler decreased their price target on shares of WesBanco from $42.00 to $40.00 and set an "overweight" rating on the stock in a research note on Thursday, April 23rd. Raymond James Financial reaffirmed a "strong-buy" rating and issued a $41.00 price target on shares of WesBanco in a research note on Thursday, March 12th. DA Davidson reaffirmed a "buy" rating and issued a $41.00 price target on shares of WesBanco in a research note on Wednesday, April 22nd. Finally, Weiss Ratings raised shares of WesBanco from a "buy (b-)" rating to a "buy (b)" rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $39.50.

WesBanco Trading Down 0.1%

Shares of WesBanco stock opened at $34.65 on Friday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The firm's 50-day moving average price is $34.49 and its 200 day moving average price is $34.31. WesBanco, Inc. has a twelve month low of $29.18 and a twelve month high of $38.10. The firm has a market capitalization of $3.33 billion, a PE ratio of 11.18 and a beta of 0.69.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts' consensus estimates of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The business had revenue of $257.23 million for the quarter, compared to analyst estimates of $264.52 million. During the same period last year, the company posted $0.66 EPS. The business's revenue was down 3.1% on a year-over-year basis. On average, sell-side analysts predict that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be paid a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.4%. The ex-dividend date of this dividend is Friday, June 5th. WesBanco's dividend payout ratio (DPR) is 49.03%.

WesBanco declared that its board has authorized a share buyback program on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other WesBanco news, Director Joseph R. Robinson bought 1,000 shares of the firm's stock in a transaction on Monday, April 27th. The shares were acquired at an average cost of $34.54 per share, with a total value of $34,540.00. Following the purchase, the director directly owned 19,068 shares of the company's stock, valued at $658,608.72. This trade represents a 5.53% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Louis Michael Altman bought 3,000 shares of the firm's stock in a transaction on Thursday, April 23rd. The stock was acquired at an average cost of $33.72 per share, for a total transaction of $101,160.00. Following the completion of the purchase, the director directly owned 33,164 shares in the company, valued at approximately $1,118,290.08. This represents a 9.95% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 7,940 shares of company stock valued at $267,299 in the last ninety days. 2.07% of the stock is currently owned by corporate insiders.

About WesBanco

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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