ExodusPoint Capital Management LP Increases Stock Position in WesBanco, Inc. (NASDAQ:WSBC)

Posted by Defense World Staff on Jun 10th, 2023

ExodusPoint Capital Management LP raised its position in WesBanco, Inc. (NASDAQ:WSBC – Get Rating) by 17.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 46,318 shares of the financial services provider’s stock after buying an additional 7,014 shares during the period. ExodusPoint Capital Management LP owned about 0.08% of WesBanco worth $1,713,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of WSBC. Quadrant Capital Group LLC increased its stake in shares of WesBanco by 116.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 804 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 432 shares in the last quarter. Ancora Advisors LLC purchased a new stake in shares of WesBanco in the first quarter valued at approximately $43,000. EMC Capital Management acquired a new position in shares of WesBanco during the 4th quarter worth approximately $78,000. Global Wealth Management Investment Advisory Inc. purchased a new position in shares of WesBanco during the 1st quarter valued at approximately $94,000. Finally, Captrust Financial Advisors grew its stake in WesBanco by 144.6% in the 1st quarter. Captrust Financial Advisors now owns 3,442 shares of the financial services provider’s stock valued at $119,000 after acquiring an additional 2,035 shares during the period. Institutional investors and hedge funds own 58.78% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on WSBC. Royal Bank of Canada reduced their price objective on shares of WesBanco from $36.00 to $32.00 in a research report on Wednesday, April 26th. DA Davidson lowered their price objective on WesBanco from $38.00 to $31.00 in a report on Wednesday, April 26th. Stephens started coverage on WesBanco in a research note on Monday, April 3rd. They set an “equal weight” rating and a $28.00 price objective for the company. Piper Sandler decreased their target price on WesBanco from $34.00 to $29.00 in a research report on Monday, May 1st. Finally, StockNews.com initiated coverage on WesBanco in a research report on Thursday, May 18th. They set a “sell” rating for the company. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $31.57.

WesBanco Stock Performance

NASDAQ WSBC opened at $27.52 on Friday. WesBanco, Inc. has a fifty-two week low of $19.84 and a fifty-two week high of $41.37. 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 stock’s fifty day moving average is $26.12 and its two-hundred day moving average is $32.80. The firm has a market capitalization of $1.63 billion, a P/E ratio of 9.08 and a beta of 0.90.

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

WesBanco Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, July 1st. Shareholders of record on Friday, June 9th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, June 8th. This represents a $1.40 annualized dividend and a yield of 5.09%. WesBanco’s dividend payout ratio (DPR) is 46.20%.

Insider Buying and Selling at WesBanco

In other WesBanco news, Director Gregory S. Proctor, Jr. purchased 3,500 shares of the stock in a transaction dated Thursday, June 8th. The stock was acquired at an average cost of $28.08 per share, for a total transaction of $98,280.00. Following the acquisition, the director now owns 41,913 shares in the company, valued at approximately $1,176,917.04. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Gregory S. Proctor, Jr. acquired 3,500 shares of the stock in a transaction that occurred on Thursday, June 8th. The stock was purchased at an average price of $28.08 per share, with a total value of $98,280.00. Following the transaction, the director now owns 41,913 shares of the company’s stock, valued at approximately $1,176,917.04. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Robert J. Fitzsimmons bought 15,500 shares of the business’s stock in a transaction on Monday, May 8th. The stock was purchased at an average cost of $23.10 per share, for a total transaction of $358,050.00. Following the transaction, the director now owns 46,908 shares of the company’s stock, valued at $1,083,574.80. The disclosure for this purchase can be found here. Insiders have acquired 25,500 shares of company stock worth $603,155 over the last quarter. 3.07% of the stock is currently owned by company insiders.

WesBanco Company 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.