Nuveen LLC Invests $2.94 Million in Washington Trust Bancorp, Inc. $WASH

Key Points

• Nuveen LLC has acquired 95,410 shares of Washington Trust Bancorp, valued at approximately $2.94 million, representing about 0.49% of the company's ownership.
• Washington Trust Bancorp's recent earnings report showed earnings per share of $0.68, exceeding analysts' expectations of $0.63, and reporting revenues of $54.26 million.
• The company has declared a quarterly dividend of $0.56, yielding 7.4%, despite a negative dividend payout ratio of -148.34%.

Nuveen LLC acquired a new stake in Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 95,410 shares of the financial services provider's stock, valued at approximately $2,944,000. Nuveen LLC owned 0.49% of Washington Trust Bancorp as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of WASH. Vanguard Group Inc. raised its position in Washington Trust Bancorp by 8.3% in the 1st quarter. Vanguard Group Inc. now owns 1,119,395 shares of the financial services provider's stock valued at $34,545,000 after buying an additional 86,062 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Washington Trust Bancorp by 6.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 932,056 shares of the financial services provider's stock valued at $29,220,000 after purchasing an additional 58,176 shares during the period. The Manufacturers Life Insurance Company grew its stake in shares of Washington Trust Bancorp by 6,117.3% during the 4th quarter. The Manufacturers Life Insurance Company now owns 403,749 shares of the financial services provider's stock worth $12,658,000 after acquiring an additional 397,255 shares during the period. Invesco Ltd. grew its stake in shares of Washington Trust Bancorp by 39.3% during the 1st quarter. Invesco Ltd. now owns 295,462 shares of the financial services provider's stock worth $9,118,000 after acquiring an additional 83,311 shares during the period. Finally, Millennium Management LLC lifted its holdings in Washington Trust Bancorp by 3,240.0% during the 4th quarter. Millennium Management LLC now owns 226,355 shares of the financial services provider's stock worth $7,096,000 after purchasing an additional 219,578 shares in the last quarter. Institutional investors own 65.81% of the company's stock.

Washington Trust Bancorp Stock Down 0.3%

NASDAQ:WASH traded down $0.10 during trading hours on Wednesday, reaching $30.13. 21,817 shares of the company traded hands, compared to its average volume of 165,653. The business's 50-day moving average price is $28.62 and its two-hundred day moving average price is $28.80. The stock has a market capitalization of $577.14 million, a P/E ratio of -19.95, a P/E/G ratio of 0.86 and a beta of 0.94. Washington Trust Bancorp, Inc. has a 1 year low of $24.95 and a 1 year high of $40.59. The company has a current ratio of 1.05, a quick ratio of 1.04 and a debt-to-equity ratio of 1.94.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The financial services provider reported $0.68 earnings per share for the quarter, topping the consensus estimate of $0.63 by $0.05. Washington Trust Bancorp had a positive return on equity of 9.05% and a negative net margin of 6.10%.The firm had revenue of $54.26 million during the quarter, compared to analysts' expectations of $54.07 million. During the same quarter in the previous year, the business earned $0.63 earnings per share. Analysts predict that Washington Trust Bancorp, Inc. will post 2.76 earnings per share for the current year.

Washington Trust Bancorp Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 11th. Shareholders of record on Tuesday, July 1st were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 7.4%. The ex-dividend date of this dividend was Tuesday, July 1st. Washington Trust Bancorp's payout ratio is currently -148.34%.

Analyst Ratings Changes

WASH has been the topic of several recent analyst reports. Bank of America initiated coverage on Washington Trust Bancorp in a report on Wednesday, May 28th. They issued a "neutral" rating and a $28.00 price target on the stock. Piper Sandler cut Washington Trust Bancorp from a "neutral" rating to an "underweight" rating and set a $28.00 price target on the stock. in a report on Tuesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $29.00.

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.