WesBanco, Inc. $WSBC Shares Purchased by Rhino Investment Partners Inc

Rhino Investment Partners Inc increased its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 18.7% during the first quarter, Holdings Channel reports. The institutional investor owned 703,723 shares of the financial services provider’s stock after acquiring an additional 110,698 shares during the period. WesBanco comprises about 6.8% of Rhino Investment Partners Inc’s portfolio, making the stock its 2nd biggest position. Rhino Investment Partners Inc’s holdings in WesBanco were worth $24,271,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in WSBC. Covestor Ltd increased its holdings in WesBanco by 12,500.0% in the fourth quarter. Covestor Ltd now owns 756 shares of the financial services provider’s stock valued at $25,000 after buying an additional 750 shares in the last quarter. Hilton Head Capital Partners LLC purchased a new stake in shares of WesBanco during the 4th quarter worth approximately $29,000. GAMMA Investing LLC boosted its stake in shares of WesBanco by 41.1% during the 4th quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 324 shares in the last quarter. First Horizon Corp grew its holdings in shares of WesBanco by 55.4% in the 4th quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock worth $43,000 after acquiring an additional 464 shares during the period. Finally, Federated Hermes Inc. grew its holdings in shares of WesBanco by 71.9% in the 2nd quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 600 shares during the period. 61.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at WesBanco

In other news, EVP Kimberly L. Griffith sold 6,875 shares of the company’s stock in a transaction on Monday, July 27th. The stock was 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 in the company, valued at $653,349.60. This represents a 30.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jan Pattishall-Krupinski sold 4,500 shares of the stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $36.71, for a total value of $165,195.00. Following the sale, the executive vice president directly owned 35,924 shares in the company, valued at approximately $1,318,770.04. The trade was a 11.13% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 2.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on WSBC shares. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $42.00 target price on shares of WesBanco in a report on Thursday, July 23rd. Piper Sandler upped their target price on WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a report on Friday, June 26th. Weiss Ratings upgraded WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research report on Wednesday, May 6th. Finally, Royal Bank Of Canada lifted 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 research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $43.20.

WesBanco Stock Up 2.5%

WSBC stock opened at $42.01 on Wednesday. The company’s 50 day simple moving average is $37.51 and its 200-day simple moving average is $35.80. The firm has a market capitalization of $4.04 billion, a PE ratio of 12.21 and a beta of 0.67. WesBanco, Inc. has a 12 month low of $29.18 and a 12 month high of $42.05. 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 for the quarter, topping analysts’ consensus estimates of $0.85 by $0.07. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. The business had revenue of $275.79 million during the quarter, compared to analysts’ expectations of $267.71 million. Equities analysts expect that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco declared that its board has initiated a share buyback plan on Wednesday, May 20th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

WesBanco Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.52 annualized dividend and a yield of 3.6%. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

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.