The PNC Financial Services Group Inc. Cuts Stake in WesBanco, Inc. (NASDAQ:WSBC)

The PNC Financial Services Group Inc. lowered its position in WesBanco, Inc. (NASDAQ:WSBC) by 46.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,773 shares of the financial services provider’s stock after selling 5,972 shares during the quarter. The PNC Financial Services Group Inc.’s holdings in WesBanco were worth $244,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Swiss National Bank raised its holdings in shares of WesBanco by 0.3% during the fourth quarter. Swiss National Bank now owns 151,945 shares of the financial services provider’s stock valued at $4,552,000 after acquiring an additional 500 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of WesBanco by 3.5% during the fourth quarter. The Manufacturers Life Insurance Company now owns 38,563 shares of the financial services provider’s stock valued at $1,155,000 after acquiring an additional 1,315 shares in the last quarter. Concord Wealth Partners bought a new position in shares of WesBanco during the fourth quarter valued at approximately $52,000. Baird Financial Group Inc. raised its holdings in shares of WesBanco by 7.9% during the fourth quarter. Baird Financial Group Inc. now owns 30,142 shares of the financial services provider’s stock valued at $903,000 after acquiring an additional 2,216 shares in the last quarter. Finally, Valeo Financial Advisors LLC raised its holdings in shares of WesBanco by 2,152.4% during the first quarter. Valeo Financial Advisors LLC now owns 2,320 shares of the financial services provider’s stock valued at $84,000 after acquiring an additional 2,217 shares in the last quarter. 60.98% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:WSBC opened at $37.33 on Friday. WesBanco, Inc. has a 1-year low of $18.35 and a 1-year high of $39.87. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.86 and a quick ratio of 0.85. The firm’s fifty day moving average is $37.76. The company has a market capitalization of $2.51 billion, a P/E ratio of 15.05 and a beta of 1.10.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings results on Tuesday, April 27th. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.38. WesBanco had a return on equity of 6.76% and a net margin of 26.13%. The firm had revenue of $149.69 million during the quarter, compared to the consensus estimate of $152.67 million. During the same period last year, the company earned $0.41 earnings per share. On average, analysts expect that WesBanco, Inc. will post 2.95 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 1st. Stockholders of record on Friday, June 11th will be issued a dividend of $0.33 per share. The ex-dividend date of this dividend is Thursday, June 10th. This represents a $1.32 annualized dividend and a dividend yield of 3.54%. WesBanco’s payout ratio is presently 70.21%.

In related news, EVP Michael L. Perkins sold 1,125 shares of the stock in a transaction on Friday, May 14th. The stock was sold at an average price of $39.00, for a total transaction of $43,875.00. Following the sale, the executive vice president now directly owns 23,891 shares of the company’s stock, valued at $931,749. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Jayson M. Zatta sold 1,500 shares of the stock in a transaction on Friday, April 30th. The shares were sold at an average price of $36.32, for a total value of $54,480.00. Insiders have sold 8,000 shares of company stock valued at $306,045 over the last 90 days. Corporate insiders own 3.13% of the company’s stock.

A number of equities analysts recently commented on the company. B. Riley upped their target price on WesBanco from $30.00 to $32.00 and gave the company a “neutral” rating in a report on Friday, April 9th. Piper Sandler reiterated a “neutral” rating and issued a $40.00 price objective on shares of WesBanco in a report on Wednesday, May 5th. Finally, Zacks Investment Research upgraded WesBanco from a “hold” rating to a “strong-buy” rating and set a $41.00 price objective for the company in a report on Wednesday, March 31st. Five research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. WesBanco currently has a consensus rating of “Hold” and an average price target of $33.92.

WesBanco Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, and mortgage banking and insurance services. It operates in two segments, Community Banking, and Trust and Investment Services. The company offers commercial demand, individual demand, and time deposit accounts; money market accounts; interest bearing and non-interest bearing demand deposits, as well as savings deposits; and certificates of deposit.

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Institutional Ownership by Quarter for WesBanco (NASDAQ:WSBC)

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