Commonwealth Financial Services LLC Lowers Stake in WesBanco, Inc. (NASDAQ:WSBC)

Commonwealth Financial Services LLC lowered its stake in shares of WesBanco, Inc. (NASDAQ:WSBC) by 8.7% in the third quarter, according to its most recent 13F filing with the SEC. The firm owned 10,470 shares of the financial services provider’s stock after selling 996 shares during the period. Commonwealth Financial Services LLC’s holdings in WesBanco were worth $302,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Quarry LP lifted its holdings in WesBanco by 215.3% during the 2nd quarter. Quarry LP now owns 1,337 shares of the financial services provider’s stock worth $37,000 after buying an additional 913 shares in the last quarter. Signaturefd LLC lifted its holdings in WesBanco by 214.5% during the 2nd quarter. Signaturefd LLC now owns 1,384 shares of the financial services provider’s stock worth $39,000 after buying an additional 944 shares in the last quarter. Innealta Capital LLC acquired a new stake in WesBanco during the 2nd quarter worth approximately $53,000. CWM LLC lifted its holdings in WesBanco by 175.2% during the 3rd quarter. CWM LLC now owns 2,072 shares of the financial services provider’s stock worth $62,000 after buying an additional 1,319 shares in the last quarter. Finally, nVerses Capital LLC acquired a new stake in WesBanco during the 3rd quarter worth approximately $80,000. Hedge funds and other institutional investors own 61.41% of the company’s stock.

Analyst Upgrades and Downgrades

WSBC has been the topic of a number of research reports. Keefe, Bruyette & Woods increased their target price on shares of WesBanco from $30.00 to $34.00 and gave the stock a “market perform” rating in a report on Thursday, August 1st. Royal Bank of Canada restated a “sector perform” rating and issued a $35.00 price objective on shares of WesBanco in a report on Monday, September 9th. Stephens raised their price objective on shares of WesBanco from $27.00 to $34.00 and gave the company an “equal weight” rating in a report on Tuesday, August 6th. DA Davidson raised their price objective on shares of WesBanco from $35.00 to $42.00 and gave the company a “buy” rating in a report on Monday, July 29th. Finally, 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 report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $34.71.

WesBanco Stock Down 0.7 %

NASDAQ:WSBC traded down $0.21 during midday trading on Thursday, hitting $30.55. 61,200 shares of the company were exchanged, compared to its average volume of 234,925. The company has a fifty day simple moving average of $30.63 and a 200 day simple moving average of $29.28. WesBanco, Inc. has a fifty-two week low of $23.00 and a fifty-two week high of $34.85. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.73. The company has a market capitalization of $2.04 billion, a PE ratio of 14.44 and a beta of 0.82.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Friday, July 26th. The financial services provider reported $0.49 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.04). WesBanco had a return on equity of 5.90% and a net margin of 15.22%. The business had revenue of $234.35 million for the quarter, compared to analysts’ expectations of $148.40 million. During the same period in the previous year, the business posted $0.71 earnings per share. As a group, equities analysts anticipate that WesBanco, Inc. will post 2.06 earnings per share for the current fiscal year.

WesBanco Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Shareholders of record on Friday, September 6th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 4.71%. The ex-dividend date was Friday, September 6th. WesBanco’s payout ratio is currently 67.61%.

Insiders Place Their Bets

In other WesBanco news, EVP Michael L. Perkins sold 5,363 shares of the firm’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $30.19, for a total transaction of $161,908.97. Following the transaction, the executive vice president now directly owns 46,817 shares of the company’s stock, valued at approximately $1,413,405.23. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 3.44% of the stock is currently owned by insiders.

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.