Bridgeway Capital Management LLC Increases Position in WesBanco, Inc. $WSBC

Bridgeway Capital Management LLC boosted its holdings in WesBanco, Inc. (NASDAQ:WSBC) by 5.1% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 553,881 shares of the financial services provider’s stock after purchasing an additional 26,733 shares during the quarter. Bridgeway Capital Management LLC’s holdings in WesBanco were worth $18,411,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the company. Guggenheim Capital LLC grew its holdings in shares of WesBanco by 41.1% during the fourth quarter. Guggenheim Capital LLC now owns 36,652 shares of the financial services provider’s stock valued at $1,218,000 after buying an additional 10,675 shares during the last quarter. Appalachian Capital Management Ltd purchased a new stake in shares of WesBanco during the fourth quarter valued at approximately $749,000. Abel Hall LLC purchased a new stake in shares of WesBanco during the fourth quarter valued at approximately $201,000. Jain Global LLC purchased a new stake in shares of WesBanco during the fourth quarter valued at approximately $654,000. Finally, Price T Rowe Associates Inc. MD grew its holdings in shares of WesBanco by 2.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 101,050 shares of the financial services provider’s stock valued at $3,359,000 after buying an additional 2,413 shares during the last quarter. Hedge funds and other institutional investors own 61.41% of the company’s stock.

WesBanco Stock Down 2.1%

Shares of WesBanco stock opened at $35.39 on Thursday. The company has a market cap of $3.40 billion, a price-to-earnings ratio of 11.42 and a beta of 0.68. The company’s 50 day moving average is $34.81 and its 200 day moving average is $34.70. WesBanco, Inc. has a twelve month low of $29.18 and a twelve month high of $38.10. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.33.

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, beating analysts’ consensus estimates of $0.86 by $0.05. The company had revenue of $257.23 million for 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 firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.66 earnings per share. Research analysts anticipate that WesBanco, Inc. will post 3.59 EPS for the current year.

WesBanco declared that its board has authorized a stock buyback program on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

WesBanco Dividend Announcement

The business 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. The ex-dividend date is Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a yield of 4.3%. WesBanco’s dividend payout ratio is 49.03%.

Insider Activity at WesBanco

In related news, Director Joseph R. Robinson acquired 1,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were bought at an average price of $34.54 per share, for a total transaction of $34,540.00. Following the completion of the transaction, the director directly owned 19,068 shares in the company, valued at approximately $658,608.72. This trade represents a 5.53% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lee J. Burdman acquired 3,000 shares of the stock in a transaction that occurred on Thursday, April 23rd. The shares were bought at an average price of $33.60 per share, for a total transaction of $100,800.00. Following the transaction, the director owned 46,772 shares of the company’s stock, valued at $1,571,539.20. This trade represents a 6.85% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 7,000 shares of company stock worth $236,500 over the last quarter. Company insiders own 2.07% of the company’s stock.

Analyst Upgrades and Downgrades

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

WesBanco Company 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.