Watershed Asset Management L.L.C. Invests $229,000 in WesBanco, Inc. (NASDAQ:WSBC)

Watershed Asset Management L.L.C. purchased a new stake in WesBanco, Inc. (NASDAQ:WSBC – Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 7,445 shares of the financial services provider’s stock, valued at approximately $229,000.

Other large investors have also recently bought and sold shares of the company. Raymond James & Associates grew its position in WesBanco by 2.4% during the first quarter. Raymond James & Associates now owns 31,599 shares of the financial services provider’s stock worth $1,086,000 after buying an additional 729 shares during the period. Raymond James Financial Services Advisors Inc. grew its holdings in shares of WesBanco by 423.3% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,671 shares of the financial services provider’s stock worth $1,191,000 after acquiring an additional 28,046 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in WesBanco in the 1st quarter valued at approximately $237,000. Bank of Montreal Can raised its holdings in WesBanco by 2.3% during the first quarter. Bank of Montreal Can now owns 25,911 shares of the financial services provider’s stock worth $905,000 after purchasing an additional 583 shares during the last quarter. Finally, MetLife Investment Management LLC boosted its position in WesBanco by 57.4% during the first quarter. MetLife Investment Management LLC now owns 33,178 shares of the financial services provider’s stock worth $1,140,000 after purchasing an additional 12,095 shares in the last quarter. Hedge funds and other institutional investors own 57.96% of the company’s stock.

Wall Street Analyst Weigh In

WSBC has been the subject of several research reports. DA Davidson cut their price target on WesBanco from $38.00 to $31.00 in a research note on Wednesday, April 26th. Royal Bank of Canada decreased their price objective on WesBanco from $36.00 to $32.00 in a research note on Wednesday, April 26th. StockNews.com assumed coverage on WesBanco in a research report on Thursday, May 18th. They set a “sell” rating for the company. Keefe, Bruyette & Woods reduced their target price on shares of WesBanco from $40.00 to $35.00 and set a “market perform” rating on the stock in a report on Thursday, April 6th. Finally, Piper Sandler lifted their price target on shares of WesBanco from $26.00 to $30.00 and gave the stock a “neutral” rating in a report on Monday. One research analyst has rated the stock with a sell rating and five have given a hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $32.17.

View Our Latest Stock Report on WesBanco

Insider Activity at WesBanco

In related news, Director Gregory S. Proctor, Jr. acquired 3,500 shares of WesBanco stock in a transaction on Thursday, June 8th. The shares were bought at an average price of $28.08 per share, for a total transaction of $98,280.00. Following the completion of the purchase, the director now directly owns 41,913 shares in the company, valued at approximately $1,176,917.04. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other WesBanco news, Director Gregory S. Proctor, Jr. bought 3,500 shares of the business’s stock in a transaction on Thursday, June 8th. The shares were bought at an average cost of $28.08 per share, with a total value of $98,280.00. Following the transaction, the director now directly owns 41,913 shares in the company, valued at approximately $1,176,917.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jeffrey H. Jackson acquired 5,000 shares of the stock in a transaction that occurred on Tuesday, May 9th. The stock was purchased at an average cost of $22.34 per share, with a total value of $111,700.00. Following the completion of the acquisition, the chief operating officer now owns 17,627 shares of the company’s stock, valued at $393,787.18. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 25,000 shares of company stock worth $592,430. Company insiders own 3.07% of the company’s stock.

WesBanco Price Performance

WesBanco stock opened at $27.39 on Friday. WesBanco, Inc. has a 1 year low of $19.84 and a 1 year 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 firm has a 50 day moving average price of $26.49 and a 200 day moving average price of $29.71. The company has a market cap of $1.62 billion, a price-to-earnings ratio of 8.92 and a beta of 0.91.

WesBanco (NASDAQ:WSBC – Get Free Report) last released its quarterly earnings data on Tuesday, July 25th. The financial services provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.03. WesBanco had a return on equity of 8.52% and a net margin of 26.04%. The business had revenue of $153.41 million during the quarter, compared to the consensus estimate of $151.14 million. During the same period in the prior year, the firm posted $0.67 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts predict that WesBanco, Inc. will post 2.61 earnings per share for the current year.

WesBanco Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Saturday, July 1st. Stockholders of record on Friday, June 9th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 5.11%. The ex-dividend date of this dividend was Thursday, June 8th. WesBanco’s payout ratio is currently 45.60%.

About WesBanco

(Free Report)

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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