JPMorgan Chase & Co. Has $19.28 Million Stake in WesBanco, Inc. $WSBC

JPMorgan Chase & Co. reduced its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 11.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 603,928 shares of the financial services provider’s stock after selling 79,914 shares during the quarter. JPMorgan Chase & Co. owned about 0.63% of WesBanco worth $19,283,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Smartleaf Asset Management LLC lifted its holdings in WesBanco by 255.1% during the 3rd quarter. Smartleaf Asset Management LLC now owns 799 shares of the financial services provider’s stock worth $26,000 after buying an additional 574 shares in the last quarter. First Horizon Corp acquired a new stake in shares of WesBanco in the 3rd quarter valued at $27,000. True Wealth Design LLC increased its stake in shares of WesBanco by 77.9% in the 3rd quarter. True Wealth Design LLC now owns 877 shares of the financial services provider’s stock valued at $28,000 after buying an additional 384 shares during the period. Federated Hermes Inc. raised its position in shares of WesBanco by 71.9% during the second 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 during the last quarter. Finally, EverSource Wealth Advisors LLC raised its position in shares of WesBanco by 260.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock worth $58,000 after acquiring an additional 1,327 shares during the last quarter. Institutional investors and hedge funds own 61.41% of the company’s stock.

WesBanco Price Performance

NASDAQ:WSBC opened at $33.87 on Thursday. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.40. WesBanco, Inc. has a 12-month low of $26.42 and a 12-month high of $38.10. The stock’s fifty day simple moving average is $35.16 and its 200-day simple moving average is $33.39. The firm has a market capitalization of $3.26 billion, a P/E ratio of 16.36 and a beta of 0.79.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings data on Tuesday, January 27th. The financial services provider reported $0.84 EPS for the quarter, meeting analysts’ consensus estimates of $0.84. WesBanco had a return on equity of 8.81% and a net margin of 15.51%.The business had revenue of $265.78 million during the quarter, compared to the consensus estimate of $265.53 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. Equities research analysts expect that WesBanco, Inc. will post 3.24 earnings per share for the current year.

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 1st. Investors of record on Friday, March 6th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Friday, March 6th. This represents a $1.52 annualized dividend and a yield of 4.5%. WesBanco’s dividend payout ratio (DPR) is presently 73.43%.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WSBC shares. DA Davidson began coverage on WesBanco in a report on Wednesday, February 25th. They issued a “buy” rating and a $44.00 price target on the stock. Weiss Ratings raised WesBanco from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, March 12th. 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. Finally, Piper Sandler initiated coverage on shares of WesBanco in a research note on Wednesday, December 17th. They issued an “overweight” rating and a $42.00 target price on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $40.60.

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.