Bank of New York Mellon Corp Increases Position in WesBanco, Inc. (NASDAQ:WSBC)

Bank of New York Mellon Corp increased its holdings in shares of WesBanco, Inc. (NASDAQ:WSBC) by 4.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 490,335 shares of the financial services provider’s stock after buying an additional 21,297 shares during the quarter. Bank of New York Mellon Corp’s holdings in WesBanco were worth $13,685,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Raymond James Trust N.A. grew its stake in WesBanco by 3.9% during the 2nd quarter. Raymond James Trust N.A. now owns 17,380 shares of the financial services provider’s stock worth $485,000 after buying an additional 647 shares during the last quarter. AMG National Trust Bank grew its stake in WesBanco by 31.7% during the 2nd quarter. AMG National Trust Bank now owns 14,535 shares of the financial services provider’s stock worth $406,000 after buying an additional 3,500 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in WesBanco by 64.0% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 12,193 shares of the financial services provider’s stock worth $340,000 after buying an additional 4,760 shares during the last quarter. Valeo Financial Advisors LLC purchased a new position in WesBanco during the 2nd quarter worth $402,000. Finally, Moody National Bank Trust Division grew its stake in WesBanco by 12.6% during the 2nd quarter. Moody National Bank Trust Division now owns 19,321 shares of the financial services provider’s stock worth $539,000 after buying an additional 2,156 shares during the last quarter. 61.41% of the stock is currently owned by hedge funds and other institutional investors.

WesBanco Price Performance

WSBC stock opened at $30.83 on Friday. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.94 and a quick ratio of 0.94. The business has a 50 day simple moving average of $30.79 and a 200-day simple moving average of $28.98. The firm has a market capitalization of $1.83 billion, a PE ratio of 12.85 and a beta of 0.83. WesBanco, Inc. has a 1 year low of $23.00 and a 1 year high of $34.85.

WesBanco (NASDAQ:WSBC) last released its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.49 EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.04). WesBanco had a net margin of 15.22% and a return on equity of 5.90%. The business had revenue of $234.35 million during the quarter, compared to analyst estimates of $148.40 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. Equities research analysts anticipate that WesBanco, Inc. will post 2.1 earnings per share for the current fiscal year.

WesBanco Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, September 6th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 4.67%. The ex-dividend date is Friday, September 6th. WesBanco’s dividend payout ratio is presently 60.00%.

Insiders Place Their Bets

In other WesBanco news, EVP Michael L. Perkins sold 5,363 shares of the company’s stock in a transaction on Tuesday, August 6th. The stock was sold at an average price of $30.19, for a total transaction of $161,908.97. Following the transaction, the executive vice president now directly owns 46,817 shares in the company, valued at $1,413,405.23. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.44% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on WSBC shares. Stephens boosted their target price on WesBanco from $27.00 to $34.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 6th. Keefe, Bruyette & Woods boosted their price objective on WesBanco from $30.00 to $34.00 and gave the company a “market perform” rating in a report on Thursday, August 1st. DA Davidson boosted their price objective on WesBanco from $35.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 29th. Hovde Group upped their price target on WesBanco from $34.00 to $38.00 and gave the stock an “outperform” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada boosted their price objective on WesBanco from $32.00 to $35.00 and gave the stock a “sector perform” rating in a research note on Monday, July 29th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $34.71.

About WesBanco

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.