Bank of New York Mellon Corp Grows Position in WesBanco, Inc. (NASDAQ:WSBC)

Bank of New York Mellon Corp grew its stake in WesBanco, Inc. (NASDAQ:WSBC) by 29.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 749,178 shares of the financial services provider’s stock after buying an additional 171,826 shares during the quarter. Bank of New York Mellon Corp owned 1.12% of WesBanco worth $23,195,000 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in WSBC. Opal Wealth Advisors LLC bought a new position in WesBanco during the 1st quarter worth approximately $34,000. Creative Financial Designs Inc. ADV acquired a new stake in WesBanco during the first quarter valued at approximately $48,000. Sterling Capital Management LLC boosted its holdings in shares of WesBanco by 807.0% in the 4th quarter. Sterling Capital Management LLC now owns 1,814 shares of the financial services provider’s stock worth $59,000 after acquiring an additional 1,614 shares in the last quarter. Quarry LP acquired a new position in shares of WesBanco in the 4th quarter valued at $89,000. Finally, Amalgamated Bank increased its holdings in WesBanco by 46.0% during the 1st quarter. Amalgamated Bank now owns 2,959 shares of the financial services provider’s stock worth $92,000 after purchasing an additional 932 shares in the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

Analysts Set New Price Targets

WSBC has been the topic of several recent research reports. Keefe, Bruyette & Woods lowered their target price on shares of WesBanco from $43.00 to $40.00 and set an “outperform” rating on the stock in a report on Monday, May 5th. Raymond James Financial dropped their target price on shares of WesBanco from $44.00 to $38.00 and set a “strong-buy” rating on the stock in a report on Wednesday, April 2nd. Piper Sandler began coverage on shares of WesBanco in a research note on Thursday, April 3rd. They issued an “overweight” rating and a $37.00 price target for the company. Finally, Royal Bank Of Canada reduced their price objective on shares of WesBanco from $36.00 to $34.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $38.71.

WesBanco Stock Performance

Shares of WSBC stock opened at $32.78 on Friday. The company has a 50 day moving average price of $31.61 and a 200-day moving average price of $31.86. WesBanco, Inc. has a 52 week low of $26.42 and a 52 week high of $37.36. The firm has a market capitalization of $3.14 billion, a PE ratio of 21.42 and a beta of 0.85. The company has a quick ratio of 0.91, a current ratio of 0.93 and a debt-to-equity ratio of 0.50.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results on Tuesday, April 29th. The financial services provider reported $0.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.60 by $0.06. WesBanco had a net margin of 10.52% and a return on equity of 6.07%. The company had revenue of $253.23 million for the quarter, compared to the consensus estimate of $206.63 million. During the same quarter in the prior year, the firm earned $0.56 earnings per share. As a group, equities research analysts expect that WesBanco, Inc. will post 3.24 earnings per share for the current year.

WesBanco Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a dividend yield of 4.51%. The ex-dividend date was Friday, June 6th. WesBanco’s payout ratio is 96.73%.

WesBanco 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.