Brant Point Investment Management LLC Has $6.78 Million Stake in WesBanco, Inc. $WSBC

Brant Point Investment Management LLC trimmed its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 30.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 204,105 shares of the financial services provider’s stock after selling 89,990 shares during the period. WesBanco makes up about 0.8% of Brant Point Investment Management LLC’s investment portfolio, making the stock its 14th biggest position. Brant Point Investment Management LLC owned approximately 0.21% of WesBanco worth $6,784,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the stock. Bayview Asset Management LLC lifted its position in shares of WesBanco by 0.4% during the fourth quarter. Bayview Asset Management LLC now owns 80,300 shares of the financial services provider’s stock worth $2,669,000 after purchasing an additional 300 shares in the last quarter. GAMMA Investing LLC lifted its position in shares of WesBanco by 41.1% during the fourth quarter. GAMMA Investing LLC now owns 1,113 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 324 shares in the last quarter. IFP Advisors Inc lifted its position in shares of WesBanco by 1.6% during the third quarter. IFP Advisors Inc now owns 24,864 shares of the financial services provider’s stock worth $794,000 after purchasing an additional 385 shares in the last quarter. Signaturefd LLC lifted its position in shares of WesBanco by 9.4% during the fourth quarter. Signaturefd LLC now owns 5,011 shares of the financial services provider’s stock worth $167,000 after purchasing an additional 431 shares in the last quarter. Finally, First Horizon Corp lifted its position in shares of WesBanco by 55.4% during the fourth quarter. First Horizon Corp now owns 1,302 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 464 shares in the last quarter. 61.41% of the stock is currently owned by institutional investors and hedge funds.

WesBanco Price Performance

Shares of WSBC stock opened at $36.77 on Friday. WesBanco, Inc. has a 52-week low of $29.18 and a 52-week high of $38.10. The stock has a market cap of $3.54 billion, a PE ratio of 11.86 and a beta of 0.68. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.91 and a current ratio of 0.92. The firm’s 50 day moving average price is $34.75 and its two-hundred day moving average price is $34.60.

WesBanco (NASDAQ:WSBC) last announced its quarterly earnings data on Tuesday, April 21st. The financial services provider reported $0.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.05. WesBanco had a net margin of 21.12% and a return on equity of 9.76%. The firm had revenue of $257.23 million for the quarter, compared to analysts’ expectations of $264.52 million. During the same period last year, the firm earned $0.66 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, analysts forecast that WesBanco, Inc. will post 3.59 EPS for the current year.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Friday, June 5th will be paid a $0.38 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.52 dividend on an annualized basis and a yield of 4.1%. WesBanco’s dividend payout ratio (DPR) is presently 49.03%.

WesBanco announced that its board has authorized a stock buyback program on Wednesday, May 20th that permits the company to repurchase 4,000,000 outstanding shares. This repurchase authorization permits the financial services provider to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. DA Davidson reiterated a “buy” rating and set a $41.00 target price on shares of WesBanco in a research report on Wednesday, April 22nd. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $41.00 price objective on shares of WesBanco in a research note on Thursday, March 12th. Zacks Research cut shares of WesBanco from a “hold” rating to a “strong sell” rating in a research note on Tuesday, April 28th. Piper Sandler reduced their price objective on shares of WesBanco from $42.00 to $40.00 and set an “overweight” rating on the stock in a research note on Thursday, April 23rd. Finally, Weiss Ratings raised shares of WesBanco from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.50.

Insiders Place Their Bets

In other news, Director Lee J. Burdman bought 3,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were bought at an average cost of $33.60 per share, for a total transaction of $100,800.00. Following the completion of the acquisition, the director owned 46,772 shares in the company, valued at approximately $1,571,539.20. This trade represents a 6.85% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Louis Michael Altman bought 3,000 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was purchased at an average price of $33.72 per share, for a total transaction of $101,160.00. Following the completion of the acquisition, the director owned 33,164 shares of the company’s stock, valued at approximately $1,118,290.08. This trade represents a 9.95% increase in their position. The SEC filing for this purchase provides additional information. Over the last three months, insiders have bought 7,940 shares of company stock worth $267,299. Company insiders own 2.07% of the company’s stock.

About WesBanco

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.