Allworth Financial LP Increases Position in WesBanco, Inc. $WSBC

Allworth Financial LP boosted its holdings in shares of WesBanco, Inc. (NASDAQ:WSBC) by 83.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,570 shares of the financial services provider’s stock after purchasing an additional 2,984 shares during the quarter. Allworth Financial LP’s holdings in WesBanco were worth $208,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in WSBC. Vanguard Group Inc. raised its stake in shares of WesBanco by 40.3% during the 1st quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider’s stock worth $291,427,000 after buying an additional 2,702,469 shares during the period. Dimensional Fund Advisors LP increased its holdings in WesBanco by 42.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,793,319 shares of the financial services provider’s stock worth $179,358,000 after acquiring an additional 1,730,801 shares in the last quarter. Wellington Management Group LLP raised its position in WesBanco by 35.2% during the first quarter. Wellington Management Group LLP now owns 2,456,454 shares of the financial services provider’s stock worth $76,052,000 after acquiring an additional 640,003 shares during the period. Earnest Partners LLC raised its position in WesBanco by 4.6% during the first quarter. Earnest Partners LLC now owns 1,859,436 shares of the financial services provider’s stock worth $57,568,000 after acquiring an additional 82,434 shares during the period. Finally, Wesbanco Bank Inc. lifted its holdings in WesBanco by 9.6% during the second quarter. Wesbanco Bank Inc. now owns 1,565,869 shares of the financial services provider’s stock valued at $49,528,000 after purchasing an additional 136,975 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Todd Clossin purchased 8,000 shares of the business’s stock in a transaction dated Wednesday, September 17th. The stock was acquired at an average price of $25.00 per share, for a total transaction 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO K Weiss Daniel purchased 4,000 shares of WesBanco stock in a transaction dated Wednesday, September 17th. The shares were purchased at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the transaction, the chief financial officer owned 4,000 shares in the company, valued at approximately $100,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 52,921 shares of company stock worth $1,339,995 over the last ninety days. 2.80% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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

WesBanco Stock Up 1.5%

Shares of NASDAQ:WSBC opened at $30.28 on Wednesday. WesBanco, Inc. has a 52-week low of $26.42 and a 52-week high of $37.36. The stock has a market cap of $2.91 billion, a P/E ratio of 15.45 and a beta of 0.89. The business has a fifty day moving average of $31.56 and a two-hundred day moving average of $31.54. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57.

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

WesBanco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Friday, September 5th were paid a dividend of $0.37 per share. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.48 dividend on an annualized basis and a yield of 4.9%. WesBanco’s payout ratio is 75.51%.

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.