Corient Private Wealth LP Makes New $4.61 Million Investment in WesBanco, Inc. $WSBC

Corient Private Wealth LP bought a new stake in shares of WesBanco, Inc. (NASDAQ:WSBC) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 117,993 shares of the financial services provider’s stock, valued at approximately $4,606,000.

A number of other large investors also recently made changes to their positions in the stock. Royal Bank of Canada grew its stake in shares of WesBanco by 52.2% during the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock worth $1,858,000 after purchasing an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in WesBanco by 56.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock valued at $1,582,000 after buying an additional 18,347 shares during the period. Jones Financial Companies Lllp lifted its stake in WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after buying an additional 1,895 shares during the period. Goldman Sachs Group Inc. boosted its holdings 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 buying an additional 991,584 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in WesBanco by 60.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock worth $6,704,000 after buying an additional 81,319 shares during the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

Insider Buying and Selling at WesBanco

In related news, EVP Kimberly L. Griffith sold 6,875 shares of the stock in a transaction that occurred on Monday, July 27th. The stock was sold at an average price of $41.20, for a total transaction of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares of the company’s stock, valued at approximately $653,349.60. This represents a 30.24% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jayson M. Zatta sold 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 29th. The stock was sold at an average price of $41.80, for a total transaction of $522,500.00. Following the sale, the executive vice president owned 81,082 shares in the company, valued at $3,389,227.60. This trade represents a 13.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 39,695 shares of company stock worth $1,630,995 in the last quarter. Company insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

WSBC has been the subject of a number of recent analyst reports. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of WesBanco in a research note on Monday, August 3rd. Royal Bank Of Canada boosted their price objective on shares of WesBanco from $41.00 to $44.00 and gave the company a “sector perform” rating in a report on Thursday, July 23rd. Piper Sandler upped their target price on shares of WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Finally, DA Davidson set a $46.00 target price on shares of WesBanco in a research note on Thursday, July 23rd. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $43.20.

WesBanco Stock Performance

WSBC stock opened at $40.01 on Tuesday. WesBanco, Inc. has a 1-year low of $29.57 and a 1-year high of $43.02. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The firm has a market cap of $3.84 billion, a PE ratio of 11.63 and a beta of 0.67. The business’s 50-day moving average price is $40.55 and its two-hundred day moving average price is $36.84.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.07. The company had revenue of $275.79 million during the quarter, compared to the consensus estimate of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. As a group, research analysts forecast that WesBanco, Inc. will post 3.57 earnings per share for the current year.

WesBanco announced that its Board of Directors has initiated a stock buyback plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

WesBanco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.38 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. WesBanco’s payout ratio is currently 44.19%.

WesBanco Company Profile

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.