Sound Income Strategies LLC Raises Stake in WesBanco, Inc. $WSBC

Sound Income Strategies LLC raised its holdings in WesBanco, Inc. (NASDAQ:WSBC) by 42.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 143,059 shares of the financial services provider’s stock after acquiring an additional 42,428 shares during the quarter. Sound Income Strategies LLC owned 0.15% of WesBanco worth $5,287,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of WesBanco in the 2nd quarter worth approximately $363,992,000. Dimensional Fund Advisors LP lifted its stake in 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 valued at $188,013,000 after purchasing an additional 59,077 shares during the last quarter. Bank of America Corp DE bought a new stake in WesBanco during the second quarter worth approximately $84,562,000. Verition Fund Management LLC boosted its holdings in WesBanco by 1.2% during the fourth quarter. Verition Fund Management LLC now owns 1,872,132 shares of the financial services provider’s stock worth $62,230,000 after buying an additional 21,621 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in WesBanco in the second quarter worth approximately $36,433,000. Institutional investors own 61.41% of the company’s stock.

Insider Activity

In other news, EVP Kimberly L. Griffith sold 6,875 shares of the stock in a transaction that occurred on Monday, July 27th. The shares were sold at an average price of $41.20, for a total value of $283,250.00. Following the completion of the sale, the executive vice president directly owned 15,858 shares of the company’s stock, valued at $653,349.60. This represents a 30.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Denise H. Knouse-Snyder sold 3,070 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $40.89, for a total transaction of $125,532.30. Following the transaction, the director directly owned 15,035 shares in the company, valued at $614,781.15. The trade was a 16.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 35,195 shares of company stock worth $1,465,800. Corporate insiders own 2.07% of the company’s stock.

WesBanco Trading Down 1.0%

WesBanco stock traded down $0.37 during midday trading on Friday, reaching $36.59. The stock had a trading volume of 679,393 shares, compared to its average volume of 882,933. WesBanco, Inc. has a twelve month low of $29.57 and a twelve month high of $43.02. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.94 and a quick ratio of 0.93. The firm has a market cap of $3.51 billion, a price-to-earnings ratio of 10.64 and a beta of 0.69. The firm’s fifty day simple moving average is $40.14 and its two-hundred day simple moving average is $37.66.

WesBanco (NASDAQ:WSBC) last announced its earnings results on Tuesday, July 21st. The financial services provider reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 23.35% and a return on equity of 9.72%. Equities analysts anticipate that WesBanco, Inc. will post 3.57 EPS for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Friday, September 4th were given a dividend of $0.38 per share. The ex-dividend date was Friday, September 4th. This represents a $1.52 dividend on an annualized basis and a yield of 4.2%. WesBanco’s dividend payout ratio (DPR) is presently 44.19%.

Analysts Set New Price Targets

Several research firms have issued reports on WSBC. Piper Sandler dropped their price target on WesBanco from $46.00 to $45.00 and set a “neutral” rating on the stock in a report on Tuesday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $42.00 target price on shares of WesBanco in a research report on Thursday, July 23rd. Zacks Research raised WesBanco from a “strong sell” rating to a “hold” rating in a report on Monday, June 22nd. Raymond James Financial lowered WesBanco from a “strong-buy” rating to a “market perform” rating in a research report on Tuesday. Finally, Royal Bank Of Canada reissued a “sector perform” rating and issued a $44.00 price target on shares of WesBanco in a research note on Monday, September 14th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $43.60.

WesBanco Company Profile

WesBanco, Inc is a financial services holding company headquartered in Wheeling, West Virginia. Through its principal subsidiary, WesBanco Bank, the company provides banking and financial services to consumers, businesses, and organizations.

WesBanco’s offerings include checking and savings accounts, consumer and residential real estate loans, commercial lending, credit cards, online and mobile banking, and other deposit and treasury management services. The company also provides trust, investment management, brokerage, and insurance services through affiliated businesses and financial professionals.

Founded in 1870, WesBanco has developed a regional banking presence serving communities in West Virginia, Ohio, Pennsylvania, Kentucky, and Indiana.