WesBanco (NASDAQ:WSBC) Director James Cornelsen Acquires 10,000 Shares

Key Points

• WesBanco Director James Cornelsen purchased 10,000 shares at an average price of $25.00 each, totaling $250,000, which significantly increased his ownership stake in the company.
• The company's stock price rose 1.9% to $31.73, with a market cap of $3.05 billion and a price-to-earnings ratio of 19.12.
• WesBanco declared a quarterly dividend of $0.37 per share, representing a yearly yield of 4.7%, which will be paid on October 1st.

WesBanco, Inc. (NASDAQ:WSBC - Get Free Report) Director James Cornelsen bought 10,000 shares of the stock in a transaction dated Wednesday, September 17th. The stock was bought at an average price of $25.00 per share, with a total value of $250,000.00. Following the purchase, the director owned 10,000 shares of the company's stock, valued at approximately $250,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

WesBanco Stock Up 1.9%

WSBC traded up $0.58 on Thursday, reaching $31.73. The company's stock had a trading volume of 203,258 shares, compared to its average volume of 577,464. The company has a debt-to-equity ratio of 0.57, a current ratio of 0.94 and a quick ratio of 0.93. The business's 50 day moving average is $31.68 and its 200 day moving average is $31.10. WesBanco, Inc. has a 1 year low of $26.42 and a 1 year high of $37.36. The stock has a market cap of $3.05 billion, a price-to-earnings ratio of 19.12 and a beta of 0.85.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 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 company had revenue of $260.73 million for the quarter, compared to the consensus estimate of $261.14 million. During the same quarter last year, the business posted $0.49 EPS. As a group, research analysts forecast that WesBanco, Inc. will post 3.24 EPS for the current fiscal year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, September 5th will be given a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Friday, September 5th. WesBanco's dividend payout ratio is presently 89.16%.

Hedge Funds Weigh In On WesBanco

A number of institutional investors and hedge funds have recently added to or reduced their stakes in WSBC. Osaic Holdings Inc. boosted its stake in shares of WesBanco by 108.0% during the 2nd quarter. Osaic Holdings Inc. now owns 150,637 shares of the financial services provider's stock worth $4,765,000 after buying an additional 78,214 shares during the last quarter. Thrivent Financial for Lutherans boosted its stake in shares of WesBanco by 29.1% during the 2nd quarter. Thrivent Financial for Lutherans now owns 42,849 shares of the financial services provider's stock worth $1,355,000 after buying an additional 9,660 shares during the last quarter. CANADA LIFE ASSURANCE Co boosted its stake in shares of WesBanco by 29.7% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 17,352 shares of the financial services provider's stock worth $549,000 after buying an additional 3,970 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of WesBanco by 64.7% during the 2nd quarter. Tower Research Capital LLC TRC now owns 10,785 shares of the financial services provider's stock worth $341,000 after buying an additional 4,235 shares during the last quarter. Finally, Corient Private Wealth LLC boosted its stake in shares of WesBanco by 105.7% during the 2nd quarter. Corient Private Wealth LLC now owns 98,168 shares of the financial services provider's stock worth $3,105,000 after buying an additional 50,453 shares during the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of WesBanco from a "hold" rating to a "buy" rating in a research note on Saturday, September 13th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $38.83.

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.

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