State Street Corp Boosts Stake in WesBanco, Inc. (NASDAQ:WSBC)

State Street Corp raised its stake in WesBanco, Inc. (NASDAQ:WSBC - Free Report) by 1.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,934,453 shares of the financial services provider's stock after acquiring an additional 35,030 shares during the period. State Street Corp owned 2.89% of WesBanco worth $58,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in WSBC. Verition Fund Management LLC purchased a new position in WesBanco during the 3rd quarter worth approximately $12,333,000. F M Investments LLC acquired a new position in shares of WesBanco in the 3rd quarter valued at $7,726,000. FMR LLC raised its position in WesBanco by 25.8% in the 3rd 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 last quarter. Millennium Management LLC boosted 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 worth $4,266,000 after purchasing an additional 125,883 shares during the period. Finally, International Assets Investment Management LLC grew its position in WesBanco by 2,878.0% during 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 during the last quarter. Hedge funds and other institutional investors own 61.41% of the company's stock.

WesBanco Price Performance

Shares of WSBC traded down $0.10 during mid-day trading on Thursday, hitting $32.84. The company's stock had a trading volume of 584,686 shares, compared to its average volume of 264,081. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.55. WesBanco, Inc. has a 1-year low of $25.56 and a 1-year high of $37.36. The firm has a market capitalization of $2.20 billion, a P/E ratio of 15.71 and a beta of 0.84. The firm has a 50-day simple moving average of $33.82 and a 200 day simple moving average of $31.11.

WesBanco (NASDAQ:WSBC - Get Free Report) last issued its earnings results on Wednesday, October 23rd. The financial services provider reported $0.54 EPS 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 analyst estimates 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 previous year, the firm earned $0.59 EPS. Analysts predict that WesBanco, Inc. will post 2.14 EPS for the current fiscal year.

WesBanco Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, December 6th will be given a dividend of $0.37 per share. This is a positive change from WesBanco's previous quarterly dividend of $0.36. This represents a $1.48 annualized dividend and a yield of 4.51%. The ex-dividend date of this dividend is Friday, December 6th. WesBanco's dividend payout ratio is presently 70.81%.

Insider Buying and Selling at WesBanco

In other news, EVP Michael L. Perkins sold 1,125 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $34.87, for a total value 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. This trade represents a 2.35 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.44% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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