ProShare Advisors LLC boosted its position in WesBanco, Inc. (NASDAQ:WSBC – Free Report) by 14.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 267,974 shares of the financial services provider’s stock after buying an additional 33,374 shares during the period. ProShare Advisors LLC owned approximately 0.45% of WesBanco worth $8,227,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in WesBanco by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 5,973,790 shares of the financial services provider’s stock valued at $205,259,000 after buying an additional 75,273 shares in the last quarter. Dimensional Fund Advisors LP increased its position in WesBanco by 1.3% in the 1st quarter. Dimensional Fund Advisors LP now owns 4,668,134 shares of the financial services provider’s stock valued at $143,311,000 after buying an additional 61,437 shares in the last quarter. Macquarie Group Ltd. increased its position in WesBanco by 2.4% in the 1st quarter. Macquarie Group Ltd. now owns 1,868,806 shares of the financial services provider’s stock valued at $57,372,000 after buying an additional 44,630 shares in the last quarter. Geode Capital Management LLC increased its position in WesBanco by 4.7% in the 1st quarter. Geode Capital Management LLC now owns 1,173,450 shares of the financial services provider’s stock valued at $36,025,000 after buying an additional 53,191 shares in the last quarter. Finally, Bank of America Corp DE increased its position in WesBanco by 6.0% in the 1st quarter. Bank of America Corp DE now owns 1,116,413 shares of the financial services provider’s stock valued at $34,274,000 after buying an additional 62,971 shares in the last quarter. 59.34% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have issued reports on WSBC. Hovde Group upgraded WesBanco from a “market perform” rating to an “outperform” rating in a research note on Wednesday. StockNews.com upgraded WesBanco from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Piper Sandler lifted their price target on WesBanco from $26.00 to $30.00 and gave the company a “neutral” rating in a research note on Monday, July 31st. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $31.20.
WesBanco Price Performance
Shares of NASDAQ WSBC opened at $24.86 on Friday. WesBanco, Inc. has a twelve month low of $19.84 and a twelve month high of $41.37. The stock’s 50 day moving average price is $26.43 and its 200-day moving average price is $27.25. The company has a market capitalization of $1.48 billion, a PE ratio of 8.10 and a beta of 0.92. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.72.
WesBanco (NASDAQ:WSBC – Get Free Report) last announced its earnings results on Tuesday, July 25th. The financial services provider reported $0.71 earnings per share for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. WesBanco had a return on equity of 8.49% and a net margin of 26.04%. The firm had revenue of $153.41 million for the quarter, compared to the consensus estimate of $151.14 million. During the same quarter in the previous year, the business earned $0.67 EPS. The company’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts anticipate that WesBanco, Inc. will post 2.61 EPS for the current year.
WesBanco Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 8th will be paid a $0.35 dividend. The ex-dividend date is Thursday, September 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.63%. WesBanco’s payout ratio is presently 45.60%.
WesBanco Profile
WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, and mortgage banking and insurance services. The company operates in two segments, Community Banking, and Trust and Investment Services. It offers commercial demand, individual demand, and time deposit accounts; commercial, mortgage and individual installment loans; retail loans, such as residential real estate mortgage loans, home equity lines of credit, and loans for other consumer purposes; installment loans to finance the purchase of automobiles, trucks, motorcycles, boats, and other recreational vehicles, as well as home equity installment loans, unsecured home improvement loans, and revolving lines of credit; and various non-traditional offerings, such as insurance and securities brokerage services.
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