Empowered Funds LLC Raises Stock Position in WesBanco, Inc. $WSBC

Empowered Funds LLC increased its position in shares of WesBanco, Inc. (NASDAQ:WSBC) by 8.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 390,094 shares of the financial services provider’s stock after acquiring an additional 31,455 shares during the period. Empowered Funds LLC owned approximately 0.41% of WesBanco worth $13,454,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of WSBC. Covestor Ltd increased its holdings in shares of WesBanco by 12,500.0% in the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 750 shares during the period. Hilton Head Capital Partners LLC bought a new stake in WesBanco during the fourth quarter valued at $29,000. GAMMA Investing LLC grew its position in WesBanco by 41.1% during the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock worth $37,000 after buying an additional 324 shares in the last quarter. First Horizon Corp grew its position in WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock worth $43,000 after buying an additional 464 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in 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 buying an additional 600 shares in the last quarter. 61.41% of the stock is owned by institutional investors.

Insider Activity at WesBanco

In related news, EVP Jan Pattishall-Krupinski sold 4,500 shares of WesBanco stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $36.71, for a total value of $165,195.00. Following the transaction, the executive vice president owned 35,924 shares in the company, valued at $1,318,770.04. This trade represents a 11.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Kimberly L. Griffith sold 6,875 shares of the business’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.20, for a total transaction of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares of the company’s stock, valued at $653,349.60. This represents a 30.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,125 shares of company stock worth $646,482 over the last three months. Insiders own 2.07% of the company’s stock.

WesBanco Price Performance

Shares of WesBanco stock opened at $41.90 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43. The firm has a market capitalization of $4.03 billion, a PE ratio of 12.18 and a beta of 0.67. The business’s 50-day moving average price is $37.66 and its 200-day moving average price is $35.85. WesBanco, Inc. has a 12 month low of $29.18 and a 12 month high of $42.21.

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

WesBanco declared that its board has approved a stock buyback 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. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

WesBanco Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders 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 3.6%. WesBanco’s dividend payout ratio (DPR) is 44.19%.

Analysts Set New Price Targets

Several analysts have weighed in on WSBC shares. DA Davidson set a $46.00 price target on WesBanco in a report on Thursday, July 23rd. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $42.00 target price on shares of WesBanco in a research note on Thursday, July 23rd. Finally, Piper Sandler lifted their target price on shares of WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, WesBanco presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.20.

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.