Peregrine Capital Management LLC Lowers Stake in WesBanco, Inc. $WSBC

Peregrine Capital Management LLC cut its position in WesBanco, Inc. (NASDAQ:WSBC) by 8.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 151,621 shares of the financial services provider’s stock after selling 14,593 shares during the quarter. Peregrine Capital Management LLC owned 0.16% of WesBanco worth $5,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of WesBanco by 2.3% during the fourth quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider’s stock worth $326,399,000 after purchasing an additional 224,107 shares in the last quarter. Wesbanco Bank Inc. grew its holdings in shares of WesBanco by 5.5% in the fourth quarter. Wesbanco Bank Inc. now owns 1,570,275 shares of the financial services provider’s stock valued at $52,196,000 after purchasing an additional 81,974 shares in the last quarter. Citigroup Inc. increased its stake in WesBanco by 14.2% during the 3rd quarter. Citigroup Inc. now owns 162,667 shares of the financial services provider’s stock worth $5,194,000 after buying an additional 20,269 shares during the period. Gator Capital Management LLC purchased a new stake in WesBanco during the 4th quarter worth approximately $1,462,000. Finally, Aristotle Capital Boston LLC acquired a new stake in WesBanco during the 4th quarter worth approximately $11,279,000. Hedge funds and other institutional investors own 61.41% of the company’s stock.

WesBanco Price Performance

WSBC stock opened at $39.95 on Thursday. The company has a current ratio of 0.92, a quick ratio of 0.91 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $3.84 billion, a P/E ratio of 12.89 and a beta of 0.67. The business has a 50 day simple moving average of $35.19 and a 200-day simple moving average of $35.03. WesBanco, Inc. has a twelve month low of $29.18 and a twelve month high of $40.04.

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

WesBanco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid a dividend of $0.38 per share. This represents a $1.52 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Friday, June 5th. WesBanco’s dividend payout ratio is 49.03%.

WesBanco declared that its board has initiated a stock repurchase program on Wednesday, May 20th that permits the company to buyback 4,000,000 shares. This buyback authorization permits the financial services provider to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on WSBC shares. Raymond James Financial restated a “strong-buy” rating and issued a $41.00 price target on shares of WesBanco in a research note on Thursday, March 12th. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a report on Wednesday, May 6th. Piper Sandler increased their price target on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. Finally, DA Davidson reiterated a “buy” rating and issued a $41.00 price objective on shares of WesBanco in a research note on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, WesBanco presently has an average rating of “Moderate Buy” and a consensus target price of $40.25.

Insider Buying and Selling

In other news, Director Joseph R. Robinson acquired 1,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were purchased at an average cost of $34.54 per share, for a total transaction of $34,540.00. Following the transaction, the director directly owned 19,068 shares in the company, valued at approximately $658,608.72. This represents a 5.53% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lee J. Burdman acquired 3,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were purchased at an average price of $33.60 per share, with a total value of $100,800.00. Following the transaction, the director owned 46,772 shares in the company, valued at $1,571,539.20. The trade was a 6.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought 7,000 shares of company stock valued at $236,500 in the last ninety days. Company insiders own 2.07% of the company’s stock.

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.