Algebris UK Ltd. Makes New Investment in WesBanco, Inc. $WSBC

Algebris UK Ltd. bought a new stake in WesBanco, Inc. (NASDAQ:WSBC) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 622,558 shares of the financial services provider’s stock, valued at approximately $19,863,000. WesBanco makes up 2.2% of Algebris UK Ltd.’s holdings, making the stock its 18th biggest position. Algebris UK Ltd. owned approximately 0.65% of WesBanco at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp boosted its position in shares of WesBanco by 0.4% during the 2nd quarter. State Street Corp now owns 3,663,315 shares of the financial services provider’s stock valued at $117,109,000 after acquiring an additional 14,147 shares during the last quarter. Geode Capital Management LLC raised its stake in WesBanco by 7.8% during the second quarter. Geode Capital Management LLC now owns 2,389,477 shares of the financial services provider’s stock worth $75,588,000 after purchasing an additional 172,276 shares during the period. Goldman Sachs Group Inc. raised its stake in WesBanco by 179.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after purchasing an additional 991,584 shares during the period. First Trust Advisors LP boosted its holdings in WesBanco by 949.3% in the 2nd quarter. First Trust Advisors LP now owns 1,281,260 shares of the financial services provider’s stock valued at $40,526,000 after purchasing an additional 1,159,158 shares during the last quarter. Finally, Segall Bryant & Hamill LLC grew its stake in shares of WesBanco by 12.5% in the 2nd quarter. Segall Bryant & Hamill LLC now owns 1,002,974 shares of the financial services provider’s stock valued at $31,724,000 after buying an additional 111,394 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Price Performance

WesBanco stock opened at $34.67 on Monday. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.44. WesBanco, Inc. has a 52-week low of $26.42 and a 52-week high of $37.18. The firm has a market cap of $3.33 billion, a PE ratio of 17.69 and a beta of 0.80. The company’s 50 day moving average is $33.59 and its two-hundred day moving average is $32.34.

WesBanco Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Investors of record on Friday, December 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend was Friday, December 5th. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. WesBanco’s payout ratio is presently 77.55%.

Insider Activity

In related news, Director F Eric Nelson, Jr. sold 752 shares of the firm’s stock in a transaction that occurred on Wednesday, December 3rd. The shares were sold at an average price of $33.37, for a total value of $25,094.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Zahid Afzal purchased 3,321 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The stock was purchased at an average price of $30.11 per share, with a total value of $99,995.31. Following the purchase, the director directly owned 13,223 shares of the company’s stock, valued at $398,144.53. The trade was a 33.54% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of WesBanco in a research report on Monday, December 29th. Piper Sandler began coverage on WesBanco in a research note on Wednesday, December 17th. They set an “overweight” rating and a $42.00 target price for the company. DA Davidson downgraded WesBanco from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 20th. Finally, Royal Bank Of Canada upped their price target on WesBanco from $34.00 to $36.00 and gave the company a “sector perform” rating in a research note on Friday, October 10th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.20.

About WesBanco

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small‐ to mid‐sized businesses, nonprofit organizations and governmental entities with a relationship‐driven approach and an emphasis on local decision‐making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.