Peregrine Capital Management LLC Cuts Holdings in WesBanco, Inc. $WSBC

Peregrine Capital Management LLC reduced its holdings in WesBanco, Inc. (NASDAQ:WSBC) by 8.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 151,621 shares of the financial services provider’s stock after selling 14,593 shares during the quarter. Peregrine Capital Management LLC’s holdings in WesBanco were worth $5,229,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the business. Covestor Ltd grew its holdings in WesBanco by 12,500.0% during the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 750 shares during the period. Hilton Head Capital Partners LLC acquired a new stake in WesBanco in the fourth quarter valued at $29,000. GAMMA Investing LLC lifted its holdings in WesBanco by 41.1% in the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 324 shares during the period. First Horizon Corp boosted its position in shares of WesBanco by 55.4% during the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 464 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in shares of WesBanco by 71.9% during the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after purchasing an additional 600 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

WesBanco Stock Up 2.4%

Shares of NASDAQ WSBC opened at $39.95 on Thursday. The firm’s 50-day moving average is $35.19 and its two-hundred day moving average is $35.03. The company has a market capitalization of $3.84 billion, a PE ratio of 12.89 and a beta of 0.67. WesBanco, Inc. has a 12-month low of $29.18 and a 12-month high of $40.04. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.92 and a quick ratio of 0.91.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The business had revenue of $257.23 million during the quarter, compared to analysts’ expectations of $264.52 million. During the same period last year, the company posted $0.66 EPS. The company’s revenue was down 3.1% on a year-over-year basis. Equities analysts anticipate that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

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

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 1st. Investors of record on Friday, June 5th were paid a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. WesBanco’s dividend payout ratio is presently 49.03%.

Insider Activity

In other WesBanco news, EVP Jan Pattishall-Krupinski sold 4,500 shares of the business’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $36.71, for a total value of $165,195.00. Following the completion of the transaction, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. The trade was a 11.13% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lee J. Burdman bought 3,000 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was acquired at an average price of $33.60 per share, with a total value of $100,800.00. Following the completion of the purchase, the director directly owned 46,772 shares of the company’s stock, valued at approximately $1,571,539.20. The trade was a 6.85% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 7,000 shares of company stock worth $236,500 in the last three months. 2.07% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. DA Davidson reaffirmed a “buy” rating and set a $41.00 price target on shares of WesBanco in a research note on Wednesday, April 22nd. Piper Sandler boosted their price objective on shares of WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, June 26th. Raymond James Financial restated a “strong-buy” rating and set a $41.00 target price on shares of WesBanco in a research report on Thursday, March 12th. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Finally, Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $40.25.

WesBanco 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.