Brandywine Global Investment Management LLC has revealed the extent to which it has expanded its holdings in WesBanco, Inc. According to the latest disclosure filed with the Securities and Exchange Commission (SEC), Brandywine Global Investment Management LLC has raised its market value by an impressive 43.0% during Q4 of 2020. This means that the institutional investor is now accountable for owning 113,719 shares of WesBanco stock, representing a significant increase following the acquisition of an additional 34,212 shares in this timeframe alone. The current market values these holdings at $4,205,000, positioning Brandywine as a major player within this rapidly developing financial sector.
WesBanco is recognized globally as one of the most important bank holding companies engaged in providing financial services through traditional and non-traditional channels alike. Dedicated to delivering excellence in service across two key business segments – Community Banking and Trust and Investment Services – WesBanco provides essential commercial banking services including individual demand accounts, time deposit accounts and certain types of loans such as commercial, mortgage and individual installment loans.
Other WesBanco announcements have also created a buzz among industry experts. It has been disclosed that Robert J Fitzsimmons (Director) acquired a staggering 15,500 shares from WesBanco’s stock offering on May 8th at an average price point of $23.10 per share. As a result, he now owns 46,908 shares at a total worth of $1,083,574.80 based on current stock value trends.
In addition to Fitzsimmon’s acquisition news was that COO Jeffrey H Jackson also purchased 5,000 shares within Tuesday’s transactions on May 9th at an average cost of $22.34 per share totaling a value worth $111,700 at today’s market prices; this led to him owning approximately $393k worth thereafter completing his purchase.
Since then, the SEC has released a file disclosing that insiders have taken part in acquisitions of over 22,000 shares of company stock in just the last 90 days. All these transactions point out a strong indication of what may be to come for WesBanco, particularly given its recent developments alongside those from both Brandywine Global Investment as well as its own Board Members. This creates an atmosphere of eager anticipation among the industry experts who will be watching with bated breath in the weeks ahead as WesBanco continues to make impressive strides in furthering their market leadership position.
Recent Institutional Activity and Mixed Analyst Ratings for WesBanco Inc.
WesBanco Inc. has recently received some attention from institutional investors and hedge funds, resulting in modifications of their holdings in the financial services provider’s stock. Raymond James & Associates, for instance, increased its holdings by 2.4% in Q1 to own 31,599 shares valued at $1,086,000. Other companies that modified their holdings included Cambridge Investment Research Advisors Inc., Bank of Montreal Can and MetLife Investment Management LLC.
Despite this recent activity, WesBanco has received mixed ratings from equity analysts recently. The consensus rating is “hold” with an average target price of $31.57. Stephens issued an “equal weight” rating with a $28 price objective on the company while Keefe, Bruyette & Woods reduced its projection for the stock from $40 to $35 but maintained a “market perform” rating on the shares.
The bank holding company based in West Virginia offers traditional community banking services such as commercial demand and individual deposit accounts along with mortgage loans and installment loans. It also provides non-traditional offerings including insurance and securities brokerage services.
WesBanco opened at $24.35 on Thursday May 25th and boasts a market capitalization of $1.44 billion with a P/E ratio of 8.04 and a beta of 0.90.
Despite missing consensus estimates ($0.77) during Q1 with earnings per share (EPS) at $0.71 , WesBanco still generated revenue that exceeded analyst predictions during the period; however it remains to be seen whether or not WesBanco will experience renewed interest as we move further into Q2 and beyond.
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