Geode Capital Management LLC Has $75.59 Million Stake in WesBanco, Inc. $WSBC

Geode Capital Management LLC raised its position in shares of WesBanco, Inc. (NASDAQ:WSBC) by 7.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,389,477 shares of the financial services provider’s stock after acquiring an additional 172,276 shares during the quarter. Geode Capital Management LLC owned about 2.50% of WesBanco worth $75,588,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of WSBC. Vanguard Group Inc. lifted its stake in shares of WesBanco by 40.3% in the 1st quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider’s stock valued at $291,427,000 after purchasing an additional 2,702,469 shares during the period. Dimensional Fund Advisors LP grew its stake in WesBanco by 42.6% during the first quarter. Dimensional Fund Advisors LP now owns 5,793,319 shares of the financial services provider’s stock worth $179,358,000 after purchasing an additional 1,730,801 shares during the period. Wellington Management Group LLP increased its holdings in WesBanco by 35.2% in the first quarter. Wellington Management Group LLP now owns 2,456,454 shares of the financial services provider’s stock worth $76,052,000 after purchasing an additional 640,003 shares in the last quarter. Earnest Partners LLC increased its holdings in WesBanco by 4.6% in 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. Finally, Wesbanco Bank Inc. lifted its stake in WesBanco by 9.6% in the second quarter. Wesbanco Bank Inc. now owns 1,565,869 shares of the financial services provider’s stock valued at $49,528,000 after buying an additional 136,975 shares during the period. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Price Performance

Shares of NASDAQ:WSBC opened at $31.41 on Friday. WesBanco, Inc. has a twelve month low of $26.42 and a twelve month high of $37.36. The stock’s 50 day moving average is $31.50 and its 200-day moving average is $31.54. The company has a quick ratio of 0.93, a current ratio of 0.94 and a debt-to-equity ratio of 0.57. The firm has a market capitalization of $3.02 billion, a price-to-earnings ratio of 16.03 and a beta of 0.89.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings results on Wednesday, October 22nd. The financial services provider reported $0.94 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.05. WesBanco had a net margin of 13.91% and a return on equity of 8.55%. The business had revenue of $261.58 million during the quarter, compared to analyst estimates of $263.38 million. During the same quarter in the previous year, the business posted $0.54 EPS. Sell-side analysts forecast that WesBanco, Inc. will post 3.24 EPS for the current fiscal year.

WesBanco Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 5th will be given a $0.38 dividend. This represents a $1.52 annualized dividend and a yield of 4.8%. The ex-dividend date of this dividend is Friday, December 5th. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. WesBanco’s payout ratio is 75.51%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on WSBC. Royal Bank Of Canada raised their price objective on shares of WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research report on Friday, October 10th. Wall Street Zen lowered shares of WesBanco from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. DA Davidson cut shares of WesBanco from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of WesBanco in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $39.17.

Insider Buying and Selling at WesBanco

In related news, Director Todd Clossin bought 8,000 shares of the company’s stock in a transaction dated Wednesday, September 17th. The shares were bought at an average price of $25.00 per share, for a total transaction of $200,000.00. Following the completion of the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at $200,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Joseph R. Robinson purchased 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The shares were bought at an average price of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director directly owned 8,000 shares of the company’s stock, valued at $200,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last three months, insiders have acquired 52,921 shares of company stock worth $1,339,995. 2.80% of the stock is currently owned by corporate insiders.

WesBanco Profile

WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, mortgage banking, and insurance services to individuals and businesses in the United States. The company operates through two segments, Community Banking, and Trust and Investment Services.