Verition Fund Management LLC Makes New $12.33 Million Investment in WesBanco, Inc. (NASDAQ:WSBC)

Verition Fund Management LLC acquired a new stake in shares of WesBanco, Inc. (NASDAQ:WSBC - Free Report) during the third quarter, according to its most recent disclosure with the SEC. The fund acquired 414,123 shares of the financial services provider's stock, valued at approximately $12,333,000. Verition Fund Management LLC owned approximately 0.62% of WesBanco as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. F M Investments LLC purchased a new stake in WesBanco in the 3rd quarter worth $7,726,000. FMR LLC grew its position in shares of WesBanco by 25.8% during the third quarter. FMR LLC now owns 695,487 shares of the financial services provider's stock worth $20,712,000 after purchasing an additional 142,597 shares in the last quarter. Millennium Management LLC raised its stake in WesBanco by 466.7% during the 2nd quarter. Millennium Management LLC now owns 152,858 shares of the financial services provider's stock valued at $4,266,000 after purchasing an additional 125,883 shares during the period. International Assets Investment Management LLC lifted its holdings in WesBanco by 2,878.0% in the 3rd quarter. International Assets Investment Management LLC now owns 97,351 shares of the financial services provider's stock worth $2,899,000 after purchasing an additional 94,082 shares in the last quarter. Finally, Inspire Advisors LLC purchased a new position in WesBanco in the 2nd quarter worth approximately $1,416,000. 61.41% of the stock is currently owned by institutional investors.

WesBanco Price Performance

WSBC traded down $0.11 during trading hours on Friday, hitting $35.34. The company's stock had a trading volume of 213,081 shares, compared to its average volume of 366,056. WesBanco, Inc. has a 12 month low of $25.56 and a 12 month high of $37.36. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.55. The business's 50-day moving average price is $32.21 and its 200-day moving average price is $30.44. The stock has a market cap of $2.36 billion, a price-to-earnings ratio of 16.91 and a beta of 0.81.

WesBanco (NASDAQ:WSBC - Get Free Report) last announced its earnings results on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.03. The firm had revenue of $243.34 million for the quarter, compared to analysts' expectations of $152.40 million. WesBanco had a net margin of 14.79% and a return on equity of 5.75%. During the same period in the prior year, the company earned $0.59 EPS. Sell-side analysts expect that WesBanco, Inc. will post 2.14 earnings per share for the current fiscal year.

WesBanco Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Friday, December 6th will be paid a $0.37 dividend. This represents a $1.48 annualized dividend and a dividend yield of 4.19%. This is a positive change from WesBanco's previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Friday, December 6th. WesBanco's dividend payout ratio (DPR) is presently 68.90%.

Insider Activity

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 value of $39,228.75. Following the completion of the sale, the executive vice president now owns 46,817 shares in the company, 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 can be accessed through the SEC website. Corporate insiders own 3.44% of the company's stock.

Analysts Set New Price Targets

WSBC has been the topic of several recent analyst reports. Royal Bank of Canada reiterated a "sector perform" rating and set a $35.00 price objective on shares of WesBanco in a research report on Monday, September 9th. Stephens lifted their price target on shares of WesBanco from $33.00 to $34.00 and gave the company an "equal weight" rating in a report on Monday, October 28th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, WesBanco currently has an average rating of "Moderate Buy" and a consensus price target of $36.17.

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.