Principal Financial Group Inc. increased its stake in WesBanco, Inc. (NASDAQ:WSBC – Free Report) by 46.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 16,657 shares of the financial services provider’s stock after acquiring an additional 5,301 shares during the quarter. Principal Financial Group Inc.’s holdings in WesBanco were worth $407,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of WesBanco by 0.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 56,763 shares of the financial services provider’s stock valued at $2,099,000 after buying an additional 313 shares in the last quarter. UBS Group AG grew its holdings in shares of WesBanco by 2.4% during the second quarter. UBS Group AG now owns 13,774 shares of the financial services provider’s stock valued at $437,000 after buying an additional 322 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of WesBanco by 9.8% during the second quarter. Captrust Financial Advisors now owns 3,780 shares of the financial services provider’s stock valued at $120,000 after buying an additional 338 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of WesBanco by 1.7% during the fourth quarter. The Manufacturers Life Insurance Company now owns 22,791 shares of the financial services provider’s stock valued at $843,000 after buying an additional 389 shares in the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in shares of WesBanco by 8.9% during the second quarter. Ameritas Investment Partners Inc. now owns 4,768 shares of the financial services provider’s stock valued at $122,000 after buying an additional 389 shares in the last quarter. 59.34% of the stock is currently owned by institutional investors and hedge funds.
WesBanco Price Performance
WSBC opened at $29.42 on Tuesday. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of 11.72 and a beta of 0.87. WesBanco, Inc. has a 1 year low of $19.84 and a 1 year high of $37.85. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.61. The stock has a fifty day moving average price of $29.95 and a 200 day moving average price of $27.12.
WesBanco Increases Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Shareholders of record on Friday, December 8th were given a $0.36 dividend. The ex-dividend date was Thursday, December 7th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 4.89%. This is a boost from WesBanco’s previous quarterly dividend of $0.35. WesBanco’s payout ratio is currently 57.37%.
Analyst Ratings Changes
A number of research analysts have recently weighed in on WSBC shares. Raymond James upgraded WesBanco from a “market perform” rating to an “outperform” rating and set a $34.00 price target on the stock in a report on Friday, January 5th. Piper Sandler reduced their price objective on WesBanco from $27.00 to $26.00 and set a “neutral” rating for the company in a research report on Monday, October 30th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, WesBanco currently has a consensus rating of “Hold” and an average target price of $30.33.
WesBanco, Inc operates as the bank holding company for WesBanco Bank, Inc that provides retail banking, corporate banking, personal and corporate trust, brokerage, and mortgage banking and insurance services. The company operates in two segments, Community Banking, and Trust and Investment Services. It offers commercial demand, individual demand, and time deposit accounts; commercial, mortgage and individual installment loans; retail loans, such as residential real estate mortgage loans, home equity lines of credit, and loans for other consumer purposes; installment loans to finance the purchase of automobiles, trucks, motorcycles, boats, and other recreational vehicles, as well as home equity installment loans, unsecured home improvement loans, and revolving lines of credit; and various non-traditional offerings, such as insurance and securities brokerage services.
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