Franklin Resources Inc. Purchases New Position in WesBanco, Inc. (NASDAQ:WSBC)

Franklin Resources Inc. bought a new stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 37,631 shares of the financial services provider's stock, valued at approximately $1,148,000. Franklin Resources Inc. owned approximately 0.06% of WesBanco at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of WSBC. Geode Capital Management LLC lifted its stake in shares of WesBanco by 2.4% in the 3rd quarter. Geode Capital Management LLC now owns 1,419,070 shares of the financial services provider's stock valued at $42,268,000 after purchasing an additional 32,879 shares during the last quarter. FMR LLC lifted its position in shares of WesBanco by 25.8% in the third quarter. FMR LLC now owns 695,487 shares of the financial services provider's stock worth $20,712,000 after buying an additional 142,597 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of WesBanco by 4.5% in the second quarter. Bank of New York Mellon Corp now owns 490,335 shares of the financial services provider's stock worth $13,685,000 after buying an additional 21,297 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of WesBanco during the 3rd quarter worth about $212,000. Finally, Cerity Partners LLC increased its holdings in shares of WesBanco by 3.0% during the 3rd quarter. Cerity Partners LLC now owns 30,049 shares of the financial services provider's stock valued at $895,000 after acquiring an additional 867 shares during the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at WesBanco

In other news, EVP Michael L. Perkins sold 1,125 shares of the firm's stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $34.87, for a total transaction of $39,228.75. Following the completion of the transaction, the executive vice president now directly owns 46,817 shares of the company's stock, valued at approximately $1,632,508.79. This trade represents a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.44% of the stock is owned by insiders.

WesBanco Stock Performance

WSBC stock traded down $0.62 on Friday, reaching $32.81. 247,592 shares of the company were exchanged, compared to its average volume of 271,577. The firm has a market capitalization of $2.19 billion, a PE ratio of 15.70 and a beta of 0.84. WesBanco, Inc. has a 12 month low of $25.56 and a 12 month high of $37.36. The stock's fifty day moving average price is $34.09 and its 200 day moving average price is $31.42. The company has a debt-to-equity ratio of 0.55, a current ratio of 0.93 and a quick ratio of 0.93.

WesBanco (NASDAQ:WSBC - Get Free Report) last posted its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.03. WesBanco had a net margin of 14.79% and a return on equity of 5.75%. The company had revenue of $243.34 million for the quarter, compared to the consensus estimate of $152.40 million. During the same quarter in the previous year, the firm posted $0.59 EPS. On average, research analysts anticipate that WesBanco, Inc. will post 2.14 EPS for the current fiscal year.

WesBanco Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a $0.37 dividend. The ex-dividend date is Friday, December 6th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 4.51%. This is an increase from WesBanco's previous quarterly dividend of $0.36. WesBanco's dividend payout ratio (DPR) is currently 70.81%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Raymond James raised WesBanco from an "outperform" rating to a "strong-buy" rating and upped their target price for the stock from $35.00 to $44.00 in a research report on Friday, December 6th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $35.00 target price on shares of WesBanco in a research note on Monday, September 9th. Finally, Stephens boosted their target price on shares of WesBanco from $33.00 to $34.00 and gave the stock an "equal weight" rating in a research report on Monday, October 28th. Three analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $37.83.

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.