Bank of America Corp DE Grows Position in Washington Trust Bancorp, Inc. $WASH

Bank of America Corp DE raised its stake in shares of Washington Trust Bancorp, Inc. (NASDAQ:WASH - Free Report) by 35.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 103,355 shares of the financial services provider's stock after purchasing an additional 27,080 shares during the period. Bank of America Corp DE owned 0.54% of Washington Trust Bancorp worth $3,458,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of WASH. Federated Hermes Inc. raised its stake in Washington Trust Bancorp by 24.6% during the 2nd quarter. Federated Hermes Inc. now owns 2,130 shares of the financial services provider's stock worth $60,000 after acquiring an additional 420 shares during the period. BNP Paribas Financial Markets increased its stake in shares of Washington Trust Bancorp by 11.7% in the third quarter. BNP Paribas Financial Markets now owns 5,030 shares of the financial services provider's stock worth $145,000 after purchasing an additional 526 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Washington Trust Bancorp by 114.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,015 shares of the financial services provider's stock worth $30,000 after purchasing an additional 542 shares in the last quarter. Brown Lisle Cummings Inc. increased its stake in shares of Washington Trust Bancorp by 1.3% in the first quarter. Brown Lisle Cummings Inc. now owns 47,098 shares of the financial services provider's stock worth $1,576,000 after purchasing an additional 620 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co raised its position in shares of Washington Trust Bancorp by 35.4% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 3,016 shares of the financial services provider's stock valued at $89,000 after purchasing an additional 789 shares during the period. Hedge funds and other institutional investors own 65.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on WASH. Keefe, Bruyette & Woods lifted their target price on shares of Washington Trust Bancorp from $33.00 to $36.00 and gave the company a "market perform" rating in a research note on Wednesday, July 22nd. Wall Street Zen upgraded Washington Trust Bancorp from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Piper Sandler raised their price target on Washington Trust Bancorp from $32.00 to $35.00 and gave the company a "neutral" rating in a report on Friday, June 26th. Zacks Research raised Washington Trust Bancorp from a "strong sell" rating to a "hold" rating in a research note on Thursday, July 23rd. Finally, Seaport Research Partners lowered Washington Trust Bancorp from a "buy" rating to a "neutral" rating in a research note on Wednesday, July 22nd. One investment analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $35.50.

Washington Trust Bancorp Stock Performance

Shares of WASH opened at $39.47 on Monday. The company's fifty day moving average is $37.95 and its 200 day moving average is $35.03. Washington Trust Bancorp, Inc. has a fifty-two week low of $25.23 and a fifty-two week high of $40.50. The stock has a market capitalization of $752.69 million, a PE ratio of 13.70, a P/E/G ratio of 0.90 and a beta of 0.72. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.97 and a current ratio of 0.97.

Washington Trust Bancorp (NASDAQ:WASH - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The financial services provider reported $0.83 EPS for the quarter, beating the consensus estimate of $0.77 by $0.06. Washington Trust Bancorp had a net margin of 14.50% and a return on equity of 10.18%. The business had revenue of $60.47 million during the quarter, compared to analyst estimates of $59.91 million. Sell-side analysts expect that Washington Trust Bancorp, Inc. will post 3.2 earnings per share for the current fiscal year.

Washington Trust Bancorp Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Wednesday, July 1st were issued a $0.56 dividend. The ex-dividend date was Wednesday, July 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 5.7%. Washington Trust Bancorp's payout ratio is 77.78%.

Washington Trust Bancorp Company Profile

Washington Trust Bancorp, Inc is the bank holding company for The Washington Trust Company, a community bank headquartered in Westerly, Rhode Island. Through its subsidiary, the company operates a network of branch offices across Rhode Island and southeastern Connecticut, serving individuals, small businesses and municipalities with a full suite of financial services.

The company's core business activities encompass retail and commercial banking, including checking and savings accounts, consumer and commercial loans, mortgage financing, and cash management solutions.

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