The Manufacturers Life Insurance Company Invests $1.90 Million in WesBanco, Inc. $WSBC

The Manufacturers Life Insurance Company purchased a new stake in WesBanco, Inc. (NASDAQ:WSBC) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 48,580 shares of the financial services provider’s stock, valued at approximately $1,896,000. The Manufacturers Life Insurance Company owned 0.05% of WesBanco as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in WesBanco by 2.3% in the 4th quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider’s stock worth $326,399,000 after buying an additional 224,107 shares during the period. BlackRock Inc. bought a new stake in WesBanco during the 2nd quarter valued at $363,992,000. Dimensional Fund Advisors LP lifted its position in shares of WesBanco by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 5,451,344 shares of the financial services provider’s stock worth $188,013,000 after acquiring an additional 59,077 shares in the last quarter. State Street Corp lifted its position in shares of WesBanco by 0.4% during the second 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. Finally, Wellington Management Group LLP lifted its position in shares of WesBanco by 13.7% during the fourth quarter. Wellington Management Group LLP now owns 2,764,222 shares of the financial services provider’s stock worth $91,883,000 after acquiring an additional 332,585 shares in the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

WesBanco Stock Up 2.1%

WSBC opened at $41.31 on Friday. The firm has a market capitalization of $3.96 billion, a P/E ratio of 12.01 and a beta of 0.66. WesBanco, Inc. has a one year low of $29.57 and a one year high of $43.02. The company has a fifty day moving average price of $40.70 and a 200-day moving average price of $36.92. 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 (NASDAQ:WSBC) last issued its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. The company had revenue of $275.79 million for the quarter, compared to the consensus estimate of $267.71 million. WesBanco had a return on equity of 9.72% and a net margin of 23.35%. Equities research analysts expect that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Friday, September 4th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.52 annualized dividend and a dividend yield of 3.7%. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

WesBanco announced that its board has authorized a stock buyback plan on Wednesday, May 20th that authorizes the company to buyback 4,000,000 outstanding shares. This buyback authorization authorizes the financial services provider to buy shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

WSBC has been the subject of several recent research reports. Piper Sandler lifted 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. Zacks Research upgraded WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $42.00 target price on shares of WesBanco in a report on Thursday, July 23rd. DA Davidson set a $46.00 price target on WesBanco in a research report on Thursday, July 23rd. Finally, Wall Street Zen raised shares of WesBanco from a “sell” rating to a “hold” rating in a report on Saturday, August 22nd. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.20.

Insider Transactions at WesBanco

In related news, EVP Jayson M. Zatta sold 12,500 shares of the company’s stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $41.80, for a total value of $522,500.00. Following the transaction, the executive vice president directly owned 81,082 shares in the company, valued at approximately $3,389,227.60. This represents a 13.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kimberly L. 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 transaction of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares in the company, valued at $653,349.60. This represents a 30.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 39,695 shares of company stock worth $1,630,995. 2.07% of the stock is owned by insiders.

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.