Envestnet Asset Management Inc. Has $8.01 Million Stake in WesBanco, Inc. (NASDAQ:WSBC)

Envestnet Asset Management Inc. boosted its position in shares of WesBanco, Inc. (NASDAQ:WSBC) by 7.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 258,682 shares of the financial services provider’s stock after buying an additional 17,172 shares during the period. Envestnet Asset Management Inc. owned approximately 0.39% of WesBanco worth $8,009,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Cambridge Investment Research Advisors Inc. boosted its holdings in WesBanco by 258.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 39,232 shares of the financial services provider’s stock worth $1,215,000 after acquiring an additional 28,302 shares during the last quarter. Keybank National Association OH purchased a new position in shares of WesBanco in the 1st quarter worth about $2,108,000. Nuveen Asset Management LLC boosted its holdings in shares of WesBanco by 13.4% in the 4th quarter. Nuveen Asset Management LLC now owns 492,167 shares of the financial services provider’s stock worth $16,015,000 after buying an additional 58,214 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of WesBanco by 8.2% in the 4th quarter. Bank of America Corp DE now owns 1,537,252 shares of the financial services provider’s stock worth $50,022,000 after buying an additional 116,796 shares during the last quarter. Finally, KBC Group NV purchased a new position in shares of WesBanco in the 1st quarter worth about $145,000. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Stock Performance

Shares of WSBC stock opened at $32.67 on Tuesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.91 and a current ratio of 0.93. WesBanco, Inc. has a one year low of $26.42 and a one year high of $37.36. The company’s 50-day simple moving average is $31.66 and its 200-day simple moving average is $31.85. The stock has a market capitalization of $3.13 billion, a price-to-earnings ratio of 21.35 and a beta of 0.85.

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

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a $0.37 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 4.53%. WesBanco’s dividend payout ratio (DPR) is 96.73%.

Analyst Ratings Changes

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

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.