WesBanco, Inc. (WSBC) Holdings Lifted by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. boosted its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 76.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,029 shares of the financial services provider’s stock after acquiring an additional 8,236 shares during the quarter. PNC Financial Services Group Inc.’s holdings in WesBanco were worth $753,000 as of its most recent SEC filing.
A number of other institutional investors also recently added to or reduced their stakes in WSBC. BlackRock Inc. raised its stake in WesBanco by 25,298.2% during the first quarter. BlackRock Inc. now owns 2,653,602 shares of the financial services provider’s stock worth $101,129,000 after acquiring an additional 2,643,154 shares in the last quarter. Teachers Advisors LLC raised its stake in WesBanco by 386.8% during the second quarter. Teachers Advisors LLC now owns 345,534 shares of the financial services provider’s stock worth $13,662,000 after acquiring an additional 274,555 shares in the last quarter. Eaton Vance Management acquired a new position in WesBanco during the second quarter worth $9,783,000. Vanguard Group Inc. raised its stake in WesBanco by 4.6% during the first quarter. Vanguard Group Inc. now owns 3,461,403 shares of the financial services provider’s stock worth $131,915,000 after acquiring an additional 152,785 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in WesBanco by 4.2% during the first quarter. Dimensional Fund Advisors LP now owns 3,322,353 shares of the financial services provider’s stock worth $126,615,000 after acquiring an additional 132,877 shares in the last quarter. Hedge funds and other institutional investors own 57.72% of the company’s stock.
In other news, EVP Brent E. Richmond sold 1,440 shares of the company’s stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $36.83, for a total transaction of $53,035.20. Following the completion of the sale, the executive vice president now directly owns 22,701 shares in the company, valued at approximately $836,077.83. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 4.05% of the company’s stock.
Several research firms have issued reports on WSBC. Zacks Investment Research lowered WesBanco from a “buy” rating to a “hold” rating in a research note on Tuesday, July 25th. FBR & Co dropped their price objective on WesBanco from $44.00 to $40.00 and set a “mkt perform” rating for the company in a research note on Friday, July 21st. BidaskClub upgraded WesBanco from a “strong sell” rating to a “sell” rating in a research note on Friday, June 30th. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and set a $41.00 price objective on shares of WesBanco in a research note on Tuesday, October 3rd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $41.00.
Shares of WesBanco, Inc. (NASDAQ:WSBC) opened at 42.26 on Thursday. WesBanco, Inc. has a 52 week low of $32.06 and a 52 week high of $44.19. The stock has a 50 day moving average price of $39.06 and a 200-day moving average price of $38.69. The firm has a market capitalization of $1.86 billion, a price-to-earnings ratio of 19.31 and a beta of 0.96.
WesBanco (NASDAQ:WSBC) last released its earnings results on Wednesday, July 19th. The financial services provider reported $0.60 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.01). The company had revenue of $94.26 million for the quarter, compared to the consensus estimate of $96.70 million. WesBanco had a net margin of 23.44% and a return on equity of 7.55%. During the same quarter in the previous year, the company posted $0.58 earnings per share. On average, equities research analysts forecast that WesBanco, Inc. will post $2.45 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 8th were given a dividend of $0.26 per share. The ex-dividend date was Thursday, September 7th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.46%. WesBanco’s payout ratio is 47.71%.
WesBanco, Inc (WesBanco) is a bank holding company. The Company offers a range of financial services, including retail banking, corporate banking, personal and corporate trust services, brokerage services, mortgage banking and insurance. WesBanco offers its services through two segments: community banking, which offers services, such as commercial demand, individual demand and time deposit accounts, as well as commercial, mortgage and individual installment loans, and trust and investment services, which offers trust services, as well as various alternative investment products, including mutual funds.
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