WesBanco (NASDAQ:WSBC) Shares Gap Down – Here’s What Happened

WesBanco, Inc. (NASDAQ:WSBC) shares gapped down before the market opened on Monday . The stock had previously closed at $36.17, but opened at $34.75. WesBanco shares last traded at $34.7960, with a volume of 10,556 shares changing hands.

Analyst Upgrades and Downgrades

WSBC has been the topic of a number of recent analyst reports. Royal Bank Of Canada boosted their price objective on WesBanco from $34.00 to $36.00 and gave the company a “sector perform” rating in a research note on Friday, October 10th. Piper Sandler started coverage on WesBanco in a report on Wednesday, December 17th. They issued an “overweight” rating and a $42.00 target price for the company. DA Davidson lowered shares of WesBanco from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Finally, Weiss Ratings restated a “hold (c+)” rating on shares of WesBanco in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $40.20.

WesBanco Trading Up 0.6%

The company has a debt-to-equity ratio of 0.44, a current ratio of 0.93 and a quick ratio of 0.93. The firm has a fifty day simple moving average of $33.59 and a two-hundred day simple moving average of $32.34. The firm has a market capitalization of $3.35 billion, a P/E ratio of 17.79 and a beta of 0.80.

WesBanco Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 2nd. Stockholders of record on Friday, December 5th were paid a $0.38 dividend. The ex-dividend date was Friday, December 5th. This is a positive change from WesBanco’s previous quarterly dividend of $0.37. This represents a $1.52 annualized dividend and a dividend yield of 4.4%. WesBanco’s dividend payout ratio is 77.55%.

Insider Buying and Selling

In other news, Director F Eric Nelson, Jr. sold 752 shares of the firm’s stock in a transaction on Wednesday, December 3rd. The stock was sold at an average price of $33.37, for a total value of $25,094.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Zahid Afzal acquired 3,321 shares of the firm’s stock in a transaction that occurred on Thursday, October 30th. The shares were bought at an average price of $30.11 per share, for a total transaction of $99,995.31. Following the completion of the purchase, the director owned 13,223 shares in the company, valued at $398,144.53. This trade represents a 33.54% increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada lifted its position in WesBanco by 52.2% during the first quarter. Royal Bank of Canada now owns 59,983 shares of the financial services provider’s stock valued at $1,858,000 after purchasing an additional 20,585 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in WesBanco by 56.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 51,100 shares of the financial services provider’s stock valued at $1,582,000 after acquiring an additional 18,347 shares during the last quarter. Jones Financial Companies Lllp raised its position in WesBanco by 1,553.3% during the first quarter. Jones Financial Companies Lllp now owns 2,017 shares of the financial services provider’s stock valued at $62,000 after purchasing an additional 1,895 shares in the last quarter. Goldman Sachs Group Inc. lifted its stake in WesBanco by 179.7% during the first quarter. Goldman Sachs Group Inc. now owns 1,543,243 shares of the financial services provider’s stock worth $47,779,000 after purchasing an additional 991,584 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of WesBanco by 60.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,545 shares of the financial services provider’s stock valued at $6,704,000 after buying an additional 81,319 shares in the last quarter. Hedge funds and other institutional investors own 61.41% of the company’s stock.

About WesBanco

WesBanco, Inc is a bank holding company headquartered in Wheeling, West Virginia, offering a full range of community banking services through its principal subsidiary, WesBanco Bank, Inc The company serves individual consumers, small‐ to mid‐sized businesses, nonprofit organizations and governmental entities with a relationship‐driven approach and an emphasis on local decision‐making. Through its diversified platform, WesBanco provides core banking functions such as deposit accounts, commercial and consumer lending, mortgage banking, treasury management and electronic banking services.

In addition to traditional banking products, WesBanco offers specialized services including trust and wealth management, investment advisory and insurance solutions.