WASHINGTON TRUST Co Trims Stock Holdings in Washington Trust Bancorp, Inc. (NASDAQ:WASH)

WASHINGTON TRUST Co cut its holdings in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH) by 0.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 598,725 shares of the financial services provider’s stock after selling 2,500 shares during the period. WASHINGTON TRUST Co owned 3.51% of Washington Trust Bancorp worth $19,285,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the business. EntryPoint Capital LLC increased its position in Washington Trust Bancorp by 86.3% during the 1st quarter. EntryPoint Capital LLC now owns 1,585 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 734 shares during the period. CWM LLC grew its stake in shares of Washington Trust Bancorp by 29.9% during the 2nd quarter. CWM LLC now owns 3,146 shares of the financial services provider’s stock worth $86,000 after purchasing an additional 725 shares during the period. Barrett & Company Inc. grew its stake in shares of Washington Trust Bancorp by 20.1% during the 3rd quarter. Barrett & Company Inc. now owns 4,694 shares of the financial services provider’s stock worth $151,000 after purchasing an additional 787 shares during the period. Sanders Morris Harris LLC purchased a new position in shares of Washington Trust Bancorp in the 3rd quarter valued at about $206,000. Finally, IFG Advisory LLC acquired a new stake in shares of Washington Trust Bancorp in the second quarter valued at about $211,000. 65.81% of the stock is owned by institutional investors and hedge funds.

Washington Trust Bancorp Trading Up 1.9 %

Shares of WASH stock traded up $0.65 during mid-day trading on Wednesday, hitting $35.76. 181,888 shares of the company’s stock were exchanged, compared to its average volume of 92,323. The stock has a market cap of $609.85 million, a price-to-earnings ratio of 12.96 and a beta of 0.79. The stock has a 50-day simple moving average of $32.28 and a two-hundred day simple moving average of $29.13. Washington Trust Bancorp, Inc. has a fifty-two week low of $22.88 and a fifty-two week high of $36.09. The company has a quick ratio of 1.14, a current ratio of 1.15 and a debt-to-equity ratio of 3.34.

Washington Trust Bancorp (NASDAQ:WASH) last posted its earnings results on Monday, October 21st. The financial services provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.08. The business had revenue of $103.86 million during the quarter, compared to analyst estimates of $47.32 million. Washington Trust Bancorp had a return on equity of 9.71% and a net margin of 11.24%. During the same quarter last year, the firm earned $0.65 earnings per share. Equities analysts expect that Washington Trust Bancorp, Inc. will post 2.49 EPS for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Tuesday, October 1st were paid a dividend of $0.56 per share. The ex-dividend date was Tuesday, October 1st. This represents a $2.24 dividend on an annualized basis and a yield of 6.26%. Washington Trust Bancorp’s dividend payout ratio (DPR) is presently 82.66%.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised shares of Washington Trust Bancorp from an “underweight” rating to a “neutral” rating and increased their target price for the company from $30.00 to $34.00 in a report on Tuesday, October 22nd.

Washington Trust Bancorp Profile

Washington Trust Bancorp, Inc operates as the bank holding company for The Washington Trust Company, of Westerly that provides various banking and financial services to individuals and businesses. The company operates in two segments, Commercial Banking and Wealth Management Services. The Commercial Banking segment offers deposit accounts, including interest-bearing and noninterest-bearing demand deposits, NOW and savings accounts, money market and retirement deposit accounts, and time deposits; various commercial and retail lending products, such as commercial real estate loans, including commercial mortgages, and construction and development loans; commercial and industrial loans comprising working capital, equipment financing, and financing for other business-related purposes; residential real estate loans that consist of mortgage and homeowner construction loans; and consumer loans comprising home equity loans and lines of credit, personal installment loans, and loans to individuals secured by general aviation aircraft.