WesBanco, Inc. $WSBC Shares Purchased by Verition Fund Management LLC

Verition Fund Management LLC raised its position in WesBanco, Inc. (NASDAQ:WSBC) by 1.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,872,132 shares of the financial services provider’s stock after buying an additional 21,621 shares during the period. WesBanco comprises about 0.2% of Verition Fund Management LLC’s portfolio, making the stock its 25th largest holding. Verition Fund Management LLC’s holdings in WesBanco were worth $62,230,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Mariner LLC boosted its stake in shares of WesBanco by 7.9% in the fourth quarter. Mariner LLC now owns 36,859 shares of the financial services provider’s stock worth $1,226,000 after acquiring an additional 2,697 shares during the last quarter. Fieldview Capital Management LLC purchased a new stake in shares of WesBanco during the fourth quarter worth $534,000. Barclays PLC raised its position in shares of WesBanco by 21.7% in the fourth quarter. Barclays PLC now owns 199,064 shares of the financial services provider’s stock valued at $6,617,000 after buying an additional 35,498 shares during the last quarter. Bayview Asset Management LLC lifted its stake in shares of WesBanco by 0.4% in the fourth quarter. Bayview Asset Management LLC now owns 80,300 shares of the financial services provider’s stock worth $2,669,000 after buying an additional 300 shares in the last quarter. Finally, Neuberger Berman Group LLC purchased a new position in shares of WesBanco in the fourth quarter worth about $249,000. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at WesBanco

In related news, Director Louis Michael Altman purchased 3,000 shares of WesBanco stock in a transaction dated Thursday, April 23rd. The shares were acquired at an average cost of $33.72 per share, with a total value of $101,160.00. Following the purchase, the director owned 33,164 shares of the company’s stock, valued at approximately $1,118,290.08. The trade was a 9.95% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Joseph R. Robinson acquired 1,000 shares of the firm’s stock in a transaction dated Monday, April 27th. The stock was bought at an average price of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the acquisition, the director owned 19,068 shares in the company, valued at approximately $658,608.72. The trade was a 5.53% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have purchased 7,940 shares of company stock worth $267,299. Company insiders own 2.07% of the company’s stock.

WesBanco Price Performance

Shares of WSBC stock opened at $36.77 on Monday. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91. The company has a market capitalization of $3.54 billion, a PE ratio of 11.86 and a beta of 0.68. The firm’s 50-day moving average is $34.75 and its two-hundred day moving average is $34.63. WesBanco, Inc. has a 12 month low of $29.18 and a 12 month high of $38.10.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings results on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $257.23 million during the quarter, compared to the consensus estimate of $264.52 million. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The business’s revenue was down 3.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.66 EPS. Analysts predict that WesBanco, Inc. will post 3.59 earnings per share for the current year.

WesBanco declared that its board has approved a stock repurchase program on Wednesday, May 20th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

WesBanco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, June 5th. WesBanco’s dividend payout ratio (DPR) is presently 49.03%.

Analysts Set New Price Targets

A number of research firms recently weighed in on WSBC. Raymond James Financial restated a “strong-buy” rating and set a $41.00 price target on shares of WesBanco in a research report on Thursday, March 12th. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. DA Davidson restated a “buy” rating and issued a $41.00 price target on shares of WesBanco in a research report on Wednesday, April 22nd. Piper Sandler cut their price target on WesBanco from $42.00 to $40.00 and set an “overweight” rating for the company in a report on Thursday, April 23rd. Finally, Zacks Research downgraded WesBanco from a “hold” rating to a “strong sell” rating in a research report on Tuesday, April 28th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, WesBanco currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.50.

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.