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

Bank of New York Mellon Corp boosted its stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 4.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 490,335 shares of the financial services provider's stock after acquiring an additional 21,297 shares during the period. Bank of New York Mellon Corp owned 0.83% of WesBanco worth $13,685,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of WesBanco during the fourth quarter worth $8,620,000. Edgestream Partners L.P. acquired a new stake in WesBanco in the first quarter valued at $3,555,000. International Assets Investment Management LLC raised its position in WesBanco by 3,037.0% during the 4th quarter. International Assets Investment Management LLC now owns 102,549 shares of the financial services provider's stock worth $3,269,000 after purchasing an additional 99,280 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in WesBanco by 6.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 811,270 shares of the financial services provider's stock valued at $25,450,000 after purchasing an additional 48,304 shares during the period. Finally, State Board of Administration of Florida Retirement System increased its position in shares of WesBanco by 105.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 33,820 shares of the financial services provider's stock worth $1,038,000 after buying an additional 17,345 shares during the period. 61.41% of the stock is owned by institutional investors and hedge funds.

WesBanco Trading Down 0.5 %

NASDAQ WSBC traded down $0.16 during trading on Friday, hitting $30.83. The stock had a trading volume of 530,480 shares, compared to its average volume of 213,755. The company has a market capitalization of $1.83 billion, a PE ratio of 12.85 and a beta of 0.83. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.73. The firm has a 50 day moving average price of $30.79 and a 200 day moving average price of $28.98. WesBanco, Inc. has a twelve month low of $23.00 and a twelve month high of $34.85.

WesBanco (NASDAQ:WSBC - Get Free Report) last released its earnings results on Friday, July 26th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.53 by ($0.04). The company had revenue of $234.35 million during the quarter, compared to analyst estimates of $148.40 million. WesBanco had a net margin of 15.22% and a return on equity of 5.90%. During the same period in the previous year, the firm posted $0.71 EPS. As a group, equities research analysts forecast that WesBanco, Inc. will post 2.1 earnings per share for the current year.

WesBanco Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders 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 dividend yield of 4.67%. The ex-dividend date of this dividend is Friday, September 6th. WesBanco's payout ratio is currently 60.00%.

Insider Activity

In related 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 owns 46,817 shares of the company's stock, valued at $1,413,405.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 3.44% of the company's stock.

Wall Street Analyst Weigh In

WSBC has been the topic of a number of recent research reports. Hovde Group raised their price objective on shares of WesBanco from $34.00 to $38.00 and gave the company an "outperform" rating in a research note on Monday, July 29th. Stephens increased their price objective on shares of WesBanco from $27.00 to $34.00 and gave the company an "equal weight" rating in a research report on Tuesday, August 6th. DA Davidson lifted their price objective on shares of WesBanco from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Monday, July 29th. Royal Bank of Canada boosted their price target on shares of WesBanco from $32.00 to $35.00 and gave the stock a "sector perform" rating in a research report on Monday, July 29th. Finally, Keefe, Bruyette & Woods upped their price objective on shares of WesBanco from $30.00 to $34.00 and gave the stock a "market perform" rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $34.71.

WesBanco Profile

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.