Northwestern Mutual Wealth Management Co. Makes New $2.35 Million Investment in WesBanco, Inc. $WSBC

Northwestern Mutual Wealth Management Co. acquired a new stake in WesBanco, Inc. (NASDAQ:WSBC) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 60,108 shares of the financial services provider’s stock, valued at approximately $2,346,000. Northwestern Mutual Wealth Management Co. owned about 0.06% of WesBanco at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of the stock. Royal Bank of Canada lifted its position in WesBanco by 52.2% during the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock worth $1,858,000 after acquiring an additional 20,585 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of WesBanco by 56.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock worth $1,582,000 after purchasing an additional 18,347 shares during the period. Jones Financial Companies Lllp increased its stake in shares of WesBanco by 1,553.3% during the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock worth $62,000 after purchasing an additional 1,895 shares during the period. Goldman Sachs Group Inc. lifted its holdings in WesBanco by 179.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after purchasing an additional 991,584 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in WesBanco by 60.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock valued at $6,704,000 after purchasing an additional 81,319 shares during the period. Institutional investors and hedge funds own 61.41% of the company’s stock.

Analysts Set New Price Targets

WSBC has been the topic of several recent research reports. Royal Bank Of Canada increased their price objective on WesBanco from $41.00 to $44.00 and gave the stock a “sector perform” rating in a research report on Thursday, July 23rd. Piper Sandler upped their price target on shares of WesBanco from $40.00 to $43.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Zacks Research upgraded shares of WesBanco from a “strong sell” rating to a “hold” rating in a research note on Monday, June 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of WesBanco in a report on Monday, August 3rd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $42.00 price target on shares of WesBanco in a research report on Thursday, July 23rd. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, WesBanco currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.20.

WesBanco Trading Down 0.3%

Shares of WSBC stock opened at $40.73 on Tuesday. WesBanco, Inc. has a fifty-two week low of $29.57 and a fifty-two week high of $43.02. The stock’s fifty day moving average price is $40.13 and its two-hundred day moving average price is $36.74. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.93 and a current ratio of 0.94. The company has a market cap of $3.91 billion, a PE ratio of 11.84 and a beta of 0.67.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings data on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.07. The business had revenue of $275.79 million during 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 analysts predict that WesBanco, Inc. will post 3.57 EPS for the current fiscal year.

WesBanco Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, September 4th will be given a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 3.7%. The ex-dividend date is Friday, September 4th. WesBanco’s dividend payout ratio is currently 44.19%.

WesBanco declared that its board has initiated a stock buyback plan on Wednesday, May 20th that allows the company to buyback 4,000,000 shares. This buyback authorization allows the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Kimberly L. Griffith sold 6,875 shares of the firm’s stock in a transaction on Monday, July 27th. The stock was sold at an average price of $41.20, for a total transaction of $283,250.00. Following the sale, the executive vice president owned 15,858 shares of the company’s stock, valued at $653,349.60. This trade represents a 30.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of the stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $40.89, for a total value of $125,532.30. Following the completion of the transaction, the director owned 15,035 shares of the company’s stock, valued at $614,781.15. This represents a 16.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 39,695 shares of company stock worth $1,630,995 over the last 90 days. Insiders own 2.07% of the company’s stock.

About WesBanco

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.