Summit Investment Advisors Inc. Purchases 2,791 Shares of WesBanco, Inc. $WSBC

Summit Investment Advisors Inc. increased its position in shares of WesBanco, Inc. (NASDAQ:WSBC) by 48.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,528 shares of the financial services provider’s stock after purchasing an additional 2,791 shares during the period. Summit Investment Advisors Inc.’s holdings in WesBanco were worth $264,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in shares of WesBanco by 40.3% during the first quarter. Vanguard Group Inc. now owns 9,413,008 shares of the financial services provider’s stock worth $291,427,000 after buying an additional 2,702,469 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in WesBanco by 42.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 5,793,319 shares of the financial services provider’s stock worth $179,358,000 after purchasing an additional 1,730,801 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in WesBanco by 179.7% in the 1st 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 in the last quarter. Nuveen LLC bought a new stake in WesBanco in the 1st quarter valued at about $22,282,000. Finally, Wellington Management Group LLP grew its position in shares of WesBanco by 35.2% during the 1st quarter. Wellington Management Group LLP now owns 2,456,454 shares of the financial services provider’s stock worth $76,052,000 after purchasing an additional 640,003 shares in the last quarter. 61.41% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Wall Street Zen cut WesBanco from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. DA Davidson lowered WesBanco from a “strong-buy” rating to a “hold” rating in a report on Monday, October 20th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of WesBanco in a research note on Wednesday, October 8th. Finally, Royal Bank Of Canada increased their price objective on shares of WesBanco from $34.00 to $36.00 and gave the stock a “sector perform” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $39.17.

Insiders Place Their Bets

In other news, Director James W. Cornelsen bought 10,000 shares of the company’s stock in a transaction on Wednesday, September 17th. The stock was purchased at an average cost of $25.00 per share, for a total transaction of $250,000.00. Following the completion of the transaction, the director owned 10,000 shares of the company’s stock, valued at $250,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Joseph R. Robinson acquired 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 17th. The stock was acquired at an average price of $25.00 per share, with a total value of $200,000.00. Following the acquisition, the director owned 8,000 shares in the company, valued at $200,000. The trade was a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 52,921 shares of company stock worth $1,339,995. Company insiders own 2.80% of the company’s stock.

WesBanco Price Performance

WSBC stock opened at $31.17 on Friday. The stock has a market capitalization of $2.99 billion, a P/E ratio of 15.90 and a beta of 0.89. The company has a current ratio of 0.94, a quick ratio of 0.93 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $31.63 and a 200-day moving average price of $31.52. WesBanco, Inc. has a 12 month low of $26.42 and a 12 month high of $37.36.

WesBanco (NASDAQ:WSBC) last issued its quarterly earnings data on Wednesday, October 22nd. The financial services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.89 by $0.05. The business had revenue of $261.58 million during the quarter, compared to the consensus estimate of $263.38 million. WesBanco had a net margin of 13.91% and a return on equity of 8.55%. During the same quarter in the prior year, the firm earned $0.54 EPS. As a group, equities research analysts anticipate that WesBanco, Inc. will post 3.24 EPS for the current fiscal year.

WesBanco Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Friday, September 5th were given a dividend of $0.37 per share. The ex-dividend date was Friday, September 5th. This represents a $1.48 dividend on an annualized basis and a yield of 4.7%. WesBanco’s payout ratio is currently 75.51%.

WesBanco Company Profile

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.