Creative Planning Sells 1,097 Shares of WesBanco, Inc. (NASDAQ:WSBC)

Posted by on Jun 6th, 2023

Creative Planning reduced its stake in WesBanco, Inc. (NASDAQ:WSBC – Get Rating) by 3.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,598 shares of the financial services provider’s stock after selling 1,097 shares during the quarter. Creative Planning owned 0.05% of WesBanco worth $1,168,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in WSBC. Raymond James & Associates lifted its position in WesBanco by 2.4% in the 1st quarter. Raymond James & Associates now owns 31,599 shares of the financial services provider’s stock valued at $1,086,000 after acquiring an additional 729 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its position in WesBanco by 423.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,671 shares of the financial services provider’s stock valued at $1,191,000 after acquiring an additional 28,046 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in WesBanco in the 1st quarter valued at $237,000. Bank of Montreal Can lifted its position in WesBanco by 2.3% in the 1st quarter. Bank of Montreal Can now owns 25,911 shares of the financial services provider’s stock valued at $905,000 after acquiring an additional 583 shares in the last quarter. Finally, MetLife Investment Management LLC lifted its position in WesBanco by 57.4% in the 1st quarter. MetLife Investment Management LLC now owns 33,178 shares of the financial services provider’s stock valued at $1,140,000 after acquiring an additional 12,095 shares in the last quarter. 58.78% of the stock is owned by institutional investors.

Insider Activity at WesBanco

In related news, Director Robert J. Fitzsimmons purchased 15,500 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average price of $23.10 per share, for a total transaction of $358,050.00. Following the purchase, the director now owns 46,908 shares in the company, valued at $1,083,574.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Robert J. Fitzsimmons purchased 15,500 shares of the firm’s stock in a transaction that occurred on Monday, May 8th. The shares were acquired at an average price of $23.10 per share, for a total transaction of $358,050.00. Following the purchase, the director now owns 46,908 shares in the company, valued at $1,083,574.80. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jeffrey H. Jackson purchased 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The stock was bought at an average price of $22.34 per share, for a total transaction of $111,700.00. Following the purchase, the chief operating officer now owns 17,627 shares in the company, valued at approximately $393,787.18. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 22,000 shares of company stock worth $504,875. Insiders own 3.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on WSBC shares. DA Davidson cut their price target on shares of WesBanco from $38.00 to $31.00 in a research report on Wednesday, April 26th. StockNews.com started coverage on shares of WesBanco in a research report on Thursday, May 18th. They set a “sell” rating on the stock. Piper Sandler cut their price target on shares of WesBanco from $34.00 to $29.00 in a research report on Monday, May 1st. Royal Bank of Canada cut their price target on shares of WesBanco from $36.00 to $32.00 in a research report on Wednesday, April 26th. Finally, Keefe, Bruyette & Woods cut their price target on shares of WesBanco from $40.00 to $35.00 and set a “market perform” rating on the stock in a research report on Thursday, April 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $31.57.

WesBanco Stock Down 2.8 %

Shares of WSBC stock opened at $25.56 on Tuesday. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.88 and a current ratio of 0.88. The firm’s 50-day moving average is $26.37 and its 200-day moving average is $33.04. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 8.44 and a beta of 0.90. WesBanco, Inc. has a 52-week low of $19.84 and a 52-week high of $41.37.

WesBanco (NASDAQ:WSBC – Get Rating) last issued its earnings results on Monday, April 24th. The financial services provider reported $0.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.77 by ($0.06). The firm had revenue of $151.99 million during the quarter, compared to the consensus estimate of $157.27 million. WesBanco had a net margin of 28.13% and a return on equity of 8.40%. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.70 earnings per share. Sell-side analysts predict that WesBanco, Inc. will post 2.74 EPS for the current year.

WesBanco Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, July 1st. Investors of record on Friday, June 9th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Thursday, June 8th. This represents a $1.40 dividend on an annualized basis and a yield of 5.48%. WesBanco’s dividend payout ratio (DPR) is currently 46.20%.

WesBanco Profile

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WesBanco, Inc is a bank holding company, which engages in the provision of financial services. It operates through the following segments: Community Banking, and Trust and Investment Services. The Community Banking segment delivers services traditionally offered by service commercial banks, including commercial demand, individual demand, and time deposit accounts, as well as commercial, mortgage, and individual installment loans, and certain non-traditional offerings, such as insurance and securities brokerage services.

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Institutional Ownership by Quarter for WesBanco (NASDAQ:WSBC)

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