Empowered Funds LLC Invests $16.39 Million in WesBanco, Inc. $WSBC

Empowered Funds LLC purchased a new stake in shares of WesBanco, Inc. (NASDAQ:WSBC) during the second quarter, HoldingsChannel.com reports. The institutional investor purchased 419,950 shares of the financial services provider’s stock, valued at approximately $16,391,000.

Several other institutional investors also recently modified their holdings of the business. BlackRock Inc. purchased a new position in WesBanco in the 2nd quarter worth about $363,992,000. Bank of America Corp DE purchased a new stake in shares of WesBanco during the 2nd quarter valued at about $84,562,000. Goldman Sachs Group Inc. boosted its holdings in shares of WesBanco by 179.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock valued at $47,779,000 after acquiring an additional 991,584 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of WesBanco during the 2nd quarter valued at about $36,433,000. Finally, FJ Capital Management LLC grew its stake in shares of WesBanco by 771.4% in the third quarter. FJ Capital Management LLC now owns 654,296 shares of the financial services provider’s stock worth $20,892,000 after acquiring an additional 579,211 shares during the period. 61.41% of the stock is owned by hedge funds and other institutional investors.

WesBanco Price Performance

NASDAQ WSBC opened at $40.42 on Friday. WesBanco, Inc. has a 52 week low of $29.57 and a 52 week high of $43.02. The firm has a market capitalization of $3.88 billion, a P/E ratio of 11.75 and a beta of 0.67. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.43. The company has a 50-day moving average price of $40.48 and a 200-day moving average price of $36.82.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The firm had revenue of $275.79 million for the quarter, compared to analysts’ expectations of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. Equities research analysts anticipate that WesBanco, Inc. will post 3.57 earnings per share for the current year.

WesBanco declared that its board has approved a stock repurchase program on Wednesday, May 20th that authorizes the company to repurchase 4,000,000 outstanding shares. This repurchase authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

WesBanco Dividend Announcement

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 given a $0.38 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.52 annualized dividend and a yield of 3.8%. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

Insider Buying and Selling at WesBanco

In other news, EVP Robert H. Friend sold 6,000 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $42.06, for a total value of $252,360.00. Following the completion of the sale, the executive vice president directly owned 17,361 shares in the company, valued at $730,203.66. This represents a 25.68% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the firm’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. This represents a 11.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 39,695 shares of company stock worth $1,630,995. Insiders own 2.07% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on WSBC shares. Piper Sandler boosted their price objective on shares of WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of WesBanco in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of WesBanco from a “sell” rating to a “hold” rating in a research note on Saturday, August 22nd. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Royal Bank Of Canada raised their price target on WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.20.

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.