Wellington Management Group LLP Takes Position in WesBanco, Inc. (NASDAQ:WSBC)

Wellington Management Group LLP purchased a new position in WesBanco, Inc. (NASDAQ:WSBC - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 3,899,070 shares of the financial services provider's stock, valued at approximately $116,114,000. Wellington Management Group LLP owned about 5.83% of WesBanco at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State Street Corp boosted its stake in shares of WesBanco by 1.8% during the 3rd quarter. State Street Corp now owns 1,934,453 shares of the financial services provider's stock worth $58,313,000 after acquiring an additional 35,030 shares during the last quarter. FMR LLC grew its holdings in WesBanco by 25.8% during the third quarter. FMR LLC now owns 695,487 shares of the financial services provider's stock valued at $20,712,000 after purchasing an additional 142,597 shares during the period. New York State Common Retirement Fund raised its stake in WesBanco by 2.5% during the 3rd quarter. New York State Common Retirement Fund now owns 500,890 shares of the financial services provider's stock worth $14,917,000 after acquiring an additional 11,987 shares during the period. Bank of New York Mellon Corp boosted 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 purchasing an additional 21,297 shares during the period. Finally, Verition Fund Management LLC purchased a new stake in shares of WesBanco in the third quarter worth $12,333,000. Institutional investors own 61.41% of the company's stock.

Analysts Set New Price Targets

A number of research firms have commented on WSBC. Raymond James raised WesBanco from an "outperform" rating to a "strong-buy" rating and raised their price target for the company from $35.00 to $44.00 in a report on Friday. 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 report on Monday, October 28th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $35.00 price target on shares of WesBanco in a report on Monday, September 9th. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, WesBanco currently has a consensus rating of "Moderate Buy" and a consensus target price of $37.83.

Insider Buying and Selling at WesBanco

In related news, EVP Michael L. Perkins sold 1,125 shares of the business's stock in a transaction on Friday, November 8th. The stock was 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 owns 46,817 shares in the company, valued at $1,632,508.79. The trade was a 2.35 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 3.44% of the company's stock.

WesBanco Price Performance

Shares of NASDAQ:WSBC traded up $0.18 on Tuesday, reaching $35.62. The company's stock had a trading volume of 390,792 shares, compared to its average volume of 257,522. The company has a 50-day simple moving average of $32.93 and a 200 day simple moving average of $30.75. WesBanco, Inc. has a 52-week low of $25.56 and a 52-week high of $37.36. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.93 and a current ratio of 0.93. The company has a market cap of $2.38 billion, a P/E ratio of 16.94 and a beta of 0.84.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its quarterly earnings data on Wednesday, October 23rd. The financial services provider reported $0.54 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.03. The company had revenue of $243.34 million for the quarter, compared to analysts' expectations of $152.40 million. WesBanco had a return on equity of 5.75% and a net margin of 14.79%. During the same period in the previous year, the firm posted $0.59 earnings per share. As a group, equities 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 paid a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 4.15%. 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 payout ratio is presently 70.81%.

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.