Hennion & Walsh Asset Management Inc. acquired a new position in Washington Trust Bancorp, Inc. (NASDAQ: WASH – Get a rating) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,199 shares of the financial services provider, valued at around $325,000.
Several other institutional investors have also recently changed their stake in the company. WASHINGTON TRUST Co increased its stake in Washington Trust Bancorp by 0.7% during the 4th quarter. WASHINGTON TRUST Co now owns 683,713 shares of the financial services provider valued at $38,541,000 after purchasing an additional 5,073 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Washington Trust Bancorp by 1.3% in the 4th quarter. JPMorgan Chase & Co. now owns 477,109 shares of the financial services provider valued at $26,894,000 after buying an additional 6,103 shares in the last quarter. Principal Financial Group Inc. increased its stake in Washington Trust Bancorp by 2.4% during the fourth quarter. Principal Financial Group Inc. now owns 416,047 shares of the financial services provider worth $23,196,000 after purchasing an additional 9,597 shares in the last quarter. Boston Trust Walden Corp increased its stake in Washington Trust Bancorp by 2.1% in the first quarter. Boston Trust Walden Corp now owns 323,337 shares of the financial services provider valued at $16,975,000 after buying an additional 6,652 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Washington Trust Bancorp by 12.2% during the 4th quarter. Victory Capital Management Inc. now owns 168,899 shares of the financial services provider valued at $9,521,000 after buying an additional 18,406 shares in the last quarter. Institutional investors and hedge funds hold 77.37% of the company’s shares.
Shares of WASH inventory opened at $47.86 on Friday. Washington Trust Bancorp, Inc. has a 52-week low of $45.60 and a 52-week high of $60.96. The stock has a market capitalization of $830.56 million, a price/earnings ratio of 11.50 and a beta of 0.74. The company has a debt ratio of 0.15, a quick ratio of 0.87 and a current ratio of 0.88. The company has a fifty-day moving average of $48.57 and a 200-day moving average of $52.23.
Washington Trust Bancorp (NASDAQ: WASH – Get a rating) last reported quarterly earnings data on Monday, April 25. The financial services provider reported earnings per share (EPS) of $0.94 for the quarter, beating consensus analyst estimates of $0.91 by $0.03. Washington Trust Bancorp had a net margin of 30.69% and a return on equity of 13.35%. The company posted revenue of $52.25 million in the quarter, compared to $53.40 million expected by analysts. In the same quarter a year earlier, the company posted EPS of $1.17. On average, sell-side analysts expect Washington Trust Bancorp, Inc. to post 3.82 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 8. Shareholders of record on Friday, July 1 received a dividend of $0.54. This represents a dividend of $2.16 on an annualized basis and a dividend yield of 4.51%. The ex-dividend date was Thursday, June 30. Washington Trust Bancorp’s dividend payout ratio is 51.92%.
Several research companies have recently commented on WASH. Piper Sandler cut Washington Trust Bancorp shares from an “overweight” rating to a “neutral” rating and set a target price of $56.00 for the company. in a research note on Thursday, April 7. StockNews.com cut Washington Trust Bancorp shares from a “hold” rating to a “sell” rating in a Friday, July 8 research note.
Profile of Washington Trust Bancorp (Get a rating)
Washington Trust Bancorp, Inc. operates as a bank holding company for The Washington Trust Company, of Westerly, which provides various banking and financial services to individuals and businesses. The Company operates in two segments, commercial banking services and wealth management services. The Commercial Banking segment offers various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages and construction loans; commercial and industrial loans; residential real estate loans which consist of homeowner mortgages and construction loans; and consumer loans including home equity loans and lines of credit, personal installment loans and personal loans secured by general aviation aircraft.
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