Atlantic Union Bankshares Corp Buys 1,841 Shares of WesBanco, Inc. $WSBC

Atlantic Union Bankshares Corp increased its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 11.6% in the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 17,745 shares of the financial services provider’s stock after buying an additional 1,841 shares during the period. Atlantic Union Bankshares Corp’s holdings in WesBanco were worth $561,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. BNP PARIBAS ASSET MANAGEMENT Holding S.A. bought a new position in shares of WesBanco during the 2nd quarter valued at approximately $26,000. Bryce Point Capital LLC purchased a new position in WesBanco in the second quarter valued at approximately $756,000. Bank of New York Mellon Corp grew its holdings in WesBanco by 6.4% during the second quarter. Bank of New York Mellon Corp now owns 797,220 shares of the financial services provider’s stock valued at $25,216,000 after purchasing an additional 48,042 shares during the period. Keybank National Association OH grew its holdings in WesBanco by 0.9% during the second quarter. Keybank National Association OH now owns 68,686 shares of the financial services provider’s stock valued at $2,173,000 after purchasing an additional 600 shares during the period. Finally, HBK Sorce Advisory LLC increased its position in WesBanco by 28.2% in the second quarter. HBK Sorce Advisory LLC now owns 12,414 shares of the financial services provider’s stock worth $393,000 after buying an additional 2,729 shares during the last quarter. Institutional investors own 61.41% of the company’s stock.

Analysts Set New Price Targets

WSBC has been the subject of several recent research reports. Weiss Ratings reissued a “hold (c)” rating on shares of WesBanco in a report on Wednesday, October 8th. Royal Bank Of Canada lifted their target price on shares of WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday, October 10th. DA Davidson cut shares of WesBanco from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Wall Street Zen downgraded shares of WesBanco from a “buy” rating to a “hold” rating in a report on Friday, September 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, WesBanco currently has an average rating of “Moderate Buy” and a consensus price target of $39.17.

Insiders Place Their Bets

In related news, Director Todd Clossin purchased 8,000 shares of the firm’s stock in a transaction dated Wednesday, September 17th. The shares were purchased at an average price of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at approximately $200,000. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director James W. Cornelsen bought 10,000 shares of the business’s stock in a transaction that occurred on 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 completion of the transaction, the director directly owned 10,000 shares of the company’s stock, valued at $250,000. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have bought 52,921 shares of company stock worth $1,339,995. 2.80% of the stock is owned by corporate insiders.

WesBanco Price Performance

WesBanco stock opened at $30.90 on Friday. The stock has a market cap of $2.97 billion, a price-to-earnings ratio of 15.77 and a beta of 0.89. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57. The business has a 50-day simple moving average of $31.76 and a 200 day simple moving average of $31.48. WesBanco, Inc. has a 52 week low of $26.42 and a 52 week high of $37.36.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.94 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.05. WesBanco had a return on equity of 8.55% and a net margin of 13.91%.The firm had revenue of $261.58 million for the quarter, compared to analysts’ expectations of $263.38 million. During the same quarter last year, the firm posted $0.54 EPS. On average, research analysts forecast that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were given a dividend of $0.37 per share. The ex-dividend date was Friday, September 5th. This represents a $1.48 annualized dividend and a yield of 4.8%. WesBanco’s payout ratio is presently 75.51%.

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.