Edgestream Partners L.P. Has $8.31 Million Stock Holdings in WesBanco, Inc. $WSBC

Edgestream Partners L.P. lifted its position in WesBanco, Inc. (NASDAQ:WSBC) by 65.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 240,829 shares of the financial services provider’s stock after purchasing an additional 94,863 shares during the quarter. Edgestream Partners L.P. owned 0.25% of WesBanco worth $8,306,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its position in WesBanco by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider’s stock valued at $326,399,000 after buying an additional 224,107 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in WesBanco by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider’s stock worth $188,013,000 after buying an additional 59,077 shares during the last quarter. State Street Corp increased its holdings in shares of WesBanco by 0.4% during the second quarter. State Street Corp now owns 3,663,315 shares of the financial services provider’s stock worth $117,109,000 after buying an additional 14,147 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of WesBanco by 13.7% during the fourth quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider’s stock worth $91,883,000 after buying an additional 332,585 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of WesBanco by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 2,356,011 shares of the financial services provider’s stock valued at $78,325,000 after acquiring an additional 15,673 shares during the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

WesBanco Stock Down 0.3%

Shares of NASDAQ WSBC opened at $41.90 on Thursday. WesBanco, Inc. has a 1 year low of $29.18 and a 1 year high of $42.21. The firm’s 50-day moving average is $37.66 and its 200-day moving average is $35.85. 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 capitalization of $4.03 billion, a PE ratio of 12.18 and a beta of 0.67.

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

WesBanco declared that its board has authorized a stock buyback plan on Wednesday, May 20th that allows the company to buyback 4,000,000 outstanding shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

WesBanco Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were given a dividend of $0.38 per share. The ex-dividend date was Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.6%. WesBanco’s payout ratio is presently 44.19%.

Insiders Place Their Bets

In other WesBanco news, EVP Kimberly L. Griffith sold 6,875 shares of the company’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the completion of the sale, the executive vice president owned 15,858 shares of the company’s stock, valued at approximately $653,349.60. This represents a 30.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of WesBanco stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total transaction of $165,195.00. Following the transaction, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 16,125 shares of company stock worth $646,482. 2.07% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on WSBC. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Piper Sandler lifted their price objective on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Royal Bank Of Canada boosted their price objective on WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $42.00 price target on shares of WesBanco in a report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

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.