UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 14,268 Shares of WesBanco, Inc. $WSBC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in WesBanco, Inc. (NASDAQ:WSBC) by 7.2% in the second quarter, Holdings Channel reports. The firm owned 212,072 shares of the financial services provider’s stock after purchasing an additional 14,268 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in WesBanco were worth $8,277,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Covestor Ltd boosted its holdings in shares of WesBanco by 12,500.0% in the 4th quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock worth $25,000 after buying an additional 750 shares during the last quarter. Hilton Head Capital Partners LLC purchased a new stake in WesBanco during the fourth quarter worth about $29,000. Federated Hermes Inc. increased its holdings in WesBanco by 71.9% during the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after buying an additional 600 shares during the last quarter. Strs Ohio raised its position in WesBanco by 54.5% in the fourth quarter. Strs Ohio now owns 1,700 shares of the financial services provider’s stock worth $57,000 after acquiring an additional 600 shares during the period. Finally, Public Employees Retirement System of Ohio purchased a new position in WesBanco in the second quarter valued at about $57,000. 61.41% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WSBC has been the subject of a number of research reports. Wall Street Zen raised shares of WesBanco from a “sell” rating to a “hold” rating in a research report on Saturday, August 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $42.00 price objective on shares of WesBanco in a report on Thursday, July 23rd. Piper Sandler raised their target price on WesBanco from $40.00 to $43.00 and gave the stock an “overweight” rating in a research report on Friday, June 26th. DA Davidson set a $46.00 target price on WesBanco in a research note on Thursday, July 23rd. Finally, Royal Bank Of Canada increased their price target on WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research note on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $43.20.

Insider Buying and Selling

In related news, EVP Kimberly Griffith sold 6,875 shares of the firm’s stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the sale, the executive vice president directly owned 15,858 shares of the company’s stock, valued at $653,349.60. This trade represents a 30.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Robert Friend sold 6,000 shares of WesBanco stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $42.06, for a total transaction of $252,360.00. Following the sale, the executive vice president owned 17,361 shares of the company’s stock, valued at approximately $730,203.66. The trade was a 25.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 39,695 shares of company stock valued at $1,630,995 in the last 90 days. 2.07% of the stock is owned by company insiders.

WesBanco Stock Performance

NASDAQ WSBC opened at $41.33 on Tuesday. The company’s 50 day simple moving average is $40.80 and its two-hundred day simple moving average is $36.98. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.93. WesBanco, Inc. has a 1 year low of $29.57 and a 1 year high of $43.02. The stock has a market capitalization of $3.96 billion, a PE ratio of 12.01 and a beta of 0.66.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.07. The firm had revenue of $275.79 million during the quarter, compared to analyst estimates of $267.71 million. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. Analysts predict that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. The ex-dividend date is Friday, September 4th. WesBanco’s dividend payout ratio is 44.19%.

WesBanco declared that its Board of Directors has authorized a share buyback plan on Wednesday, May 20th that permits the company to buyback 4,000,000 outstanding shares. This buyback authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is 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.