258,500 Shares in WesBanco, Inc. $WSBC Bought by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board bought a new position in WesBanco, Inc. (NASDAQ:WSBC) in the second quarter, HoldingsChannel.com reports. The institutional investor bought 258,500 shares of the financial services provider’s stock, valued at approximately $10,089,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Covestor Ltd lifted its holdings in shares of WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new position in WesBanco during the 4th quarter worth $29,000. Federated Hermes Inc. grew its stake in shares of WesBanco by 71.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 600 shares in the last quarter. Strs Ohio boosted its stake in shares of WesBanco by 54.5% in the 4th quarter. Strs Ohio now owns 1,700 shares of the financial services provider’s stock worth $57,000 after buying an additional 600 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in shares of WesBanco by 260.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock worth $58,000 after buying an additional 1,327 shares during the last quarter. Institutional investors own 61.41% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on WSBC shares. Wall Street Zen upgraded WesBanco from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Piper Sandler increased their target price on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. Zacks Research raised shares of WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Royal Bank Of Canada increased their price objective on WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $42.00 target price on shares of WesBanco in a research report on Thursday, July 23rd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.20.

Insiders Place Their Bets

In other WesBanco news, EVP Jan Pattishall-Krupinski sold 2,250 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $41.45, for a total transaction of $93,262.50. Following the completion of the sale, the executive vice president directly owned 33,674 shares in the company, valued at $1,395,787.30. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Kimberly L. Griffith sold 6,875 shares of the firm’s stock in a transaction dated Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the transaction, the executive vice president directly owned 15,858 shares in the company, valued at $653,349.60. This trade represents a 30.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 39,695 shares of company stock valued at $1,630,995 over the last three months. 2.07% of the stock is currently owned by company insiders.

WesBanco Trading Down 0.1%

WSBC stock opened at $40.42 on Friday. The company has a market capitalization of $3.88 billion, a PE ratio of 11.75 and a beta of 0.67. WesBanco, Inc. has a one year low of $29.57 and a one year high of $43.02. The company’s 50 day moving average price is $40.48 and its two-hundred day moving average price is $36.82. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94.

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

WesBanco Announces Dividend

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

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

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.