Algebris UK Ltd. Makes New $19.86 Million Investment in WesBanco, Inc. $WSBC

Algebris UK Ltd. purchased a new position in shares of WesBanco, Inc. (NASDAQ:WSBC) during the 3rd quarter, Holdings Channel.com reports. The firm purchased 622,558 shares of the financial services provider’s stock, valued at approximately $19,863,000. WesBanco comprises approximately 2.2% of Algebris UK Ltd.’s investment portfolio, making the stock its 18th biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. purchased a new stake in WesBanco in the 2nd quarter valued at $26,000. First Horizon Corp purchased a new stake in shares of WesBanco in the third quarter valued at approximately $27,000. True Wealth Design LLC grew its stake in shares of WesBanco by 77.9% during the 3rd quarter. True Wealth Design LLC now owns 877 shares of the financial services provider’s stock worth $28,000 after purchasing an additional 384 shares during the period. Federated Hermes Inc. grew its position in WesBanco by 71.9% during the second quarter. Federated Hermes Inc. now owns 1,435 shares of the financial services provider’s stock worth $45,000 after buying an additional 600 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in WesBanco by 260.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,836 shares of the financial services provider’s stock valued at $58,000 after purchasing an additional 1,327 shares in the last quarter. Hedge funds and other institutional investors own 61.41% of the company’s stock.

WesBanco Stock Performance

NASDAQ:WSBC opened at $34.67 on Monday. WesBanco, Inc. has a 1-year low of $26.42 and a 1-year high of $37.18. The firm has a 50-day moving average of $33.59 and a two-hundred day moving average of $32.34. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.93. The stock has a market cap of $3.33 billion, a P/E ratio of 17.69 and a beta of 0.80.

WesBanco Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were given a dividend of $0.38 per share. The ex-dividend date of this dividend was Friday, December 5th. This is an increase from WesBanco’s previous quarterly dividend of $0.37. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.4%. WesBanco’s dividend payout ratio is 77.55%.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Weiss Ratings restated a “hold (c+)” rating on shares of WesBanco in a report on Monday, December 29th. Piper Sandler started coverage on WesBanco in a research report on Wednesday, December 17th. They set an “overweight” rating and a $42.00 target price on the stock. DA Davidson lowered shares of WesBanco from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Royal Bank Of Canada lifted their price objective on WesBanco from $34.00 to $36.00 and gave the company a “sector perform” rating in a research note on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.20.

Insider Activity

In other news, Director Zahid Afzal purchased 3,321 shares of the company’s stock in a transaction that occurred on Thursday, October 30th. The shares were acquired at an average cost of $30.11 per share, with a total value of $99,995.31. Following the transaction, the director owned 13,223 shares in the company, valued at approximately $398,144.53. The trade was a 33.54% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director F Eric Nelson, Jr. sold 752 shares of the stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $33.37, for a total transaction of $25,094.24. Additional details regarding this sale are available in the official SEC disclosure. 2.80% of the stock is currently owned by insiders.

WesBanco Company 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.