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

Envestnet Asset Management Inc. lifted its position in shares of WesBanco, Inc. (NASDAQ:WSBC) by 7.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,682 shares of the financial services provider’s stock after acquiring an additional 17,172 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.39% of WesBanco worth $8,009,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of WSBC. Vanguard Group Inc. lifted its stake in shares of WesBanco by 11.7% in the 4th quarter. Vanguard Group Inc. now owns 6,710,539 shares of the financial services provider’s stock valued at $218,361,000 after purchasing an additional 705,483 shares during the period. Earnest Partners LLC increased its position in WesBanco by 27.1% in the 4th quarter. Earnest Partners LLC now owns 1,777,002 shares of the financial services provider’s stock valued at $57,824,000 after buying an additional 379,386 shares in the last quarter. Barclays PLC increased its position in WesBanco by 104.8% in the 4th quarter. Barclays PLC now owns 371,347 shares of the financial services provider’s stock valued at $12,084,000 after buying an additional 190,022 shares in the last quarter. Bank of New York Mellon Corp increased its position in WesBanco by 29.8% in the 1st quarter. Bank of New York Mellon Corp now owns 749,178 shares of the financial services provider’s stock valued at $23,195,000 after buying an additional 171,826 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in WesBanco in the 4th quarter valued at about $5,345,000. Institutional investors and hedge funds own 61.41% of the company’s stock.

Wall Street Analyst Weigh In

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

WesBanco Stock Down 0.5%

WSBC opened at $32.67 on Tuesday. The stock has a market cap of $3.13 billion, a PE ratio of 13.57 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, Inc. has a 52 week low of $26.42 and a 52 week high of $37.36. The business’s fifty day simple moving average is $31.66 and its 200 day simple moving average is $31.85.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings data 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 return on equity of 6.07% and a net margin of 10.52%. The firm had revenue of $253.23 million for the quarter, compared to analysts’ expectations of $206.63 million. During the same period last year, the firm earned $0.56 earnings per share. As a group, research analysts expect that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

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