Picton Mahoney Asset Management Invests $1.07 Million in WesBanco, Inc. (NASDAQ:WSBC)

Picton Mahoney Asset Management bought a new position in WesBanco, Inc. (NASDAQ:WSBC) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 34,722 shares of the financial services provider’s stock, valued at approximately $1,074,000.

Several other large investors have also recently modified their holdings of the business. LPL Financial LLC boosted its position in shares of WesBanco by 44.9% in the first quarter. LPL Financial LLC now owns 64,023 shares of the financial services provider’s stock valued at $1,982,000 after acquiring an additional 19,836 shares during the period. Inspire Advisors LLC boosted its position in shares of WesBanco by 26.9% in the first quarter. Inspire Advisors LLC now owns 80,204 shares of the financial services provider’s stock valued at $2,483,000 after acquiring an additional 17,020 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of WesBanco by 48.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 25,992 shares of the financial services provider’s stock valued at $805,000 after acquiring an additional 8,515 shares during the period. Cetera Investment Advisers boosted its position in shares of WesBanco by 707.6% in the first quarter. Cetera Investment Advisers now owns 49,694 shares of the financial services provider’s stock valued at $1,539,000 after acquiring an additional 43,541 shares during the period. Finally, Avantax Advisory Services Inc. boosted its position in shares of WesBanco by 9.7% in the first quarter. Avantax Advisory Services Inc. now owns 37,929 shares of the financial services provider’s stock valued at $1,174,000 after acquiring an additional 3,341 shares during the period. Hedge funds and other institutional investors own 61.41% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on WSBC. Piper Sandler began coverage on shares of WesBanco in a research report on Thursday, April 3rd. They issued an “overweight” rating and a $37.00 price objective for the company. Raymond James Financial cut their price objective on shares of WesBanco from $44.00 to $38.00 and set a “strong-buy” rating for the company in a research report on Wednesday, April 2nd. Royal Bank Of Canada cut their price objective on shares of WesBanco from $36.00 to $34.00 and set a “sector perform” rating for the company in a research report on Thursday, May 1st. Finally, Keefe, Bruyette & Woods cut their price objective on shares of WesBanco from $43.00 to $40.00 and set an “outperform” rating for the company in a research report on Monday, May 5th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $38.83.

WesBanco Trading Down 4.1%

Shares of WesBanco stock opened at $30.51 on Thursday. WesBanco, Inc. has a 1 year low of $26.42 and a 1 year high of $37.36. The firm has a market cap of $2.92 billion, a PE ratio of 18.38 and a beta of 0.85. The company has a debt-to-equity ratio of 0.50, a current ratio of 0.93 and a quick ratio of 0.91. The company has a 50 day simple moving average of $31.66 and a two-hundred day simple moving average of $31.88.

WesBanco (NASDAQ:WSBC) last announced its earnings results on Tuesday, July 29th. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.87 by $0.04. WesBanco had a net margin of 11.65% and a return on equity of 7.72%. The business had revenue of $260.73 million during the quarter, compared to analyst estimates of $261.14 million. During the same period in the previous year, the business posted $0.49 earnings per share. Analysts expect that WesBanco, Inc. will post 3.24 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Friday, June 6th were given a dividend of $0.37 per share. The ex-dividend date was Friday, June 6th. This represents a $1.48 annualized dividend and a yield of 4.85%. WesBanco’s payout ratio is presently 96.73%.

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.