Brant Point Investment Management LLC Has $6.78 Million Stock Holdings in WesBanco, Inc. $WSBC

Brant Point Investment Management LLC cut its position in WesBanco, Inc. (NASDAQ:WSBC) by 30.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 204,105 shares of the financial services provider’s stock after selling 89,990 shares during the period. WesBanco comprises about 0.8% of Brant Point Investment Management LLC’s portfolio, making the stock its 14th largest position. Brant Point Investment Management LLC’s holdings in WesBanco were worth $6,784,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of WSBC. Royal Bank of Canada raised its holdings in WesBanco by 52.2% in the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock worth $1,858,000 after purchasing an additional 20,585 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in WesBanco by 56.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after purchasing an additional 18,347 shares during the period. Jones Financial Companies Lllp raised its holdings in WesBanco by 1,553.3% in the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,895 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of WesBanco by 179.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after acquiring an additional 991,584 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of WesBanco by 60.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock worth $6,704,000 after acquiring an additional 81,319 shares during the period. 61.41% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently commented on WSBC. Piper Sandler dropped their price objective on shares of WesBanco from $42.00 to $40.00 and set an “overweight” rating on the stock in a report on Thursday, April 23rd. DA Davidson restated a “buy” rating and set a $41.00 price objective on shares of WesBanco in a report on Wednesday, April 22nd. Raymond James Financial restated a “strong-buy” rating and set a $41.00 price objective on shares of WesBanco in a report on Thursday, March 12th. Zacks Research lowered shares of WesBanco from a “hold” rating to a “strong sell” rating in a report on Tuesday, April 28th. Finally, Weiss Ratings upgraded shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $39.50.

Insider Activity at WesBanco

In other WesBanco news, Director Lee J. Burdman bought 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The stock was acquired at an average price of $33.60 per share, with a total value of $100,800.00. Following the completion of the transaction, the director owned 46,772 shares in the company, valued at approximately $1,571,539.20. This trade represents a 6.85% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph R. Robinson bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 27th. The stock was acquired at an average cost of $34.54 per share, with a total value of $34,540.00. Following the transaction, the director owned 19,068 shares of the company’s stock, valued at $658,608.72. This represents a 5.53% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders acquired 7,940 shares of company stock valued at $267,299. Corporate insiders own 2.07% of the company’s stock.

WesBanco Trading Up 2.1%

Shares of NASDAQ:WSBC opened at $36.77 on Friday. WesBanco, Inc. has a 12 month low of $29.18 and a 12 month high of $38.10. The company has a quick ratio of 0.91, a current ratio of 0.92 and a debt-to-equity ratio of 0.33. The company’s fifty day simple moving average is $34.75 and its 200 day simple moving average is $34.60. The firm has a market cap of $3.54 billion, a price-to-earnings ratio of 11.86 and a beta of 0.68.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 EPS for the quarter, topping analysts’ consensus estimates of $0.86 by $0.05. The business had revenue of $257.23 million for the quarter, compared to analyst estimates of $264.52 million. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the business posted $0.66 earnings per share. As a group, research analysts forecast that WesBanco, Inc. will post 3.59 EPS for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 1st. Investors of record on Friday, June 5th will be given a $0.38 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a yield of 4.1%. WesBanco’s dividend payout ratio (DPR) is 49.03%.

WesBanco declared that its board has authorized a share repurchase plan on Wednesday, May 20th that allows the company to repurchase 4,000,000 shares. This repurchase authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

WesBanco 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.