Squarepoint Ops LLC Reduces Stock Position in WesBanco, Inc. $WSBC

Squarepoint Ops LLC trimmed its holdings in shares of WesBanco, Inc. (NASDAQ:WSBC) by 60.4% in the second quarter, Holdings Channel reports. The institutional investor owned 24,871 shares of the financial services provider’s stock after selling 37,927 shares during the period. Squarepoint Ops LLC’s holdings in WesBanco were worth $787,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp raised its position in shares of WesBanco by 0.4% during the 2nd quarter. State Street Corp now owns 3,663,315 shares of the financial services provider’s stock worth $117,109,000 after acquiring an additional 14,147 shares in the last quarter. Geode Capital Management LLC increased its stake in WesBanco by 7.8% in the second quarter. Geode Capital Management LLC now owns 2,389,477 shares of the financial services provider’s stock valued at $75,588,000 after purchasing an additional 172,276 shares during the last quarter. Earnest Partners LLC raised its holdings in WesBanco by 4.6% during the first quarter. Earnest Partners LLC now owns 1,859,436 shares of the financial services provider’s stock worth $57,568,000 after purchasing an additional 82,434 shares in the last quarter. Wesbanco Bank Inc. lifted its position in shares of WesBanco by 9.6% during the 2nd quarter. Wesbanco Bank Inc. now owns 1,565,869 shares of the financial services provider’s stock worth $49,528,000 after buying an additional 136,975 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of WesBanco by 179.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock valued at $47,779,000 after buying an additional 991,584 shares in the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Stock Performance

Shares of WSBC stock opened at $34.55 on Tuesday. The stock has a market capitalization of $3.32 billion, a PE ratio of 17.63 and a beta of 0.81. WesBanco, Inc. has a 52-week low of $26.42 and a 52-week high of $37.18. The stock’s 50-day moving average price is $32.05 and its 200 day moving average price is $31.91. The company has a quick ratio of 0.93, a current ratio of 0.93 and a debt-to-equity ratio of 0.44.

WesBanco (NASDAQ:WSBC) last posted its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.89 by $0.05. WesBanco had a return on equity of 8.28% and a net margin of 13.91%.The business had revenue of $261.58 million during the quarter, compared to analysts’ expectations of $263.38 million. During the same period last year, the firm earned $0.54 EPS. As a group, equities research analysts forecast that WesBanco, Inc. will post 3.24 EPS for the current year.

WesBanco Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Shareholders of record on Friday, December 5th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.4%. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Friday, December 5th. WesBanco’s dividend payout ratio is currently 77.55%.

Insiders Place Their Bets

In other news, Director Zahid Afzal purchased 3,321 shares of the business’s stock in a transaction dated Thursday, October 30th. The stock was acquired at an average price of $30.11 per share, with a total value of $99,995.31. Following the purchase, the director directly owned 13,223 shares of the company’s stock, valued at $398,144.53. This represents a 33.54% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director F Eric Nelson, Jr. sold 752 shares of the business’s stock in a transaction dated Wednesday, December 3rd. The stock was sold at an average price of $33.37, for a total transaction of $25,094.24. The SEC filing for this sale provides additional information. Company insiders own 2.80% of the company’s stock.

Wall Street Analysts Forecast Growth

WSBC has been the topic of several research analyst reports. Piper Sandler assumed coverage on shares of WesBanco in a research note on Wednesday, December 17th. They set an “overweight” rating and a $42.00 price target on the stock. Wall Street Zen cut WesBanco from a “buy” rating to a “hold” rating in a research report on Friday, September 26th. Royal Bank Of Canada boosted their target price on WesBanco from $34.00 to $36.00 and gave the company a “sector perform” rating in a report on Friday, October 10th. DA Davidson downgraded WesBanco from a “strong-buy” rating to a “hold” rating in a research note on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of WesBanco in a research report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

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.