Oppenheimer Asset Management Inc. Makes New Investment in WesBanco, Inc. $WSBC

Oppenheimer Asset Management Inc. bought a new position in shares of WesBanco, Inc. (NASDAQ:WSBC) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 67,105 shares of the financial services provider’s stock, valued at approximately $2,619,000. Oppenheimer Asset Management Inc. owned approximately 0.07% of WesBanco as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in WesBanco by 2.3% in the fourth quarter. Vanguard Group Inc. now owns 9,819,476 shares of the financial services provider’s stock valued at $326,399,000 after buying an additional 224,107 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in WesBanco by 5.5% during the 4th quarter. Wesbanco Bank Inc. now owns 1,570,275 shares of the financial services provider’s stock worth $52,196,000 after purchasing an additional 81,974 shares during the period. Hsbc Holdings PLC purchased a new position in WesBanco during the 4th quarter worth $1,492,000. Gator Capital Management LLC acquired a new position in WesBanco in the fourth quarter valued at $1,462,000. Finally, Edgestream Partners L.P. increased its stake in WesBanco by 65.0% in the first quarter. Edgestream Partners L.P. now owns 240,829 shares of the financial services provider’s stock valued at $8,306,000 after purchasing an additional 94,863 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at WesBanco

In related news, EVP Kimberly L. Griffith sold 6,875 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly 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 document filed with the SEC, which is available at this hyperlink. Also, EVP Jayson M. Zatta sold 12,500 shares of the firm’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 completion of the transaction, the executive vice president directly owned 81,082 shares of the company’s stock, valued at $3,389,227.60. The trade was a 13.36% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 36,625 shares of company stock worth $1,505,462. 2.07% of the stock is currently owned by insiders.

WesBanco Stock Down 0.0%

WSBC stock opened at $42.69 on Friday. The company has a market cap of $4.09 billion, a P/E ratio of 12.41 and a beta of 0.67. WesBanco, Inc. has a 52 week low of $29.57 and a 52 week high of $43.02. The company’s 50-day moving average price is $39.48 and its 200 day moving average price is $36.47. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.43.

WesBanco (NASDAQ:WSBC) last issued its earnings results 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. WesBanco had a net margin of 23.35% and a return on equity of 9.72%. The company had revenue of $275.79 million for the quarter, compared to analyst estimates of $267.71 million. On average, research analysts expect that WesBanco, Inc. will post 3.57 earnings per share for the current fiscal year.

WesBanco announced that its board has approved a stock repurchase program on Wednesday, May 20th that allows the company to repurchase 4,000,000 outstanding shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

WesBanco Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 1st. Stockholders of record on Friday, June 5th were paid 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 dividend yield of 3.6%. WesBanco’s payout ratio is 44.19%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on WSBC. Wall Street Zen downgraded shares of WesBanco from a “hold” rating to a “sell” rating in a research note on Saturday, August 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of WesBanco in a research note on Monday, August 3rd. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Royal Bank Of Canada upped 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. Finally, Piper Sandler boosted their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, WesBanco has an average rating of “Moderate Buy” and a consensus price target of $43.20.

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.